January 2018 home sales in the Ballantyne area of Charlotte, North Carolina (28277 zip code) began 2018 as they ended 2017 -- with home prices up, inventory tightening, pending and closed sales struggling to hold on due to the lack of inventory.
The average sale price of Ballantyne area homes increased by 6.1% to just under $369,000 as compared with the same period one year ago. (Median sale price in January 2018 was also up 11.7% versus one year ago.)
Average days on market for property listings dropped to 31 days from 32 days one year ago--a 3.1% improvement over the same period last year. Median days on market also dropped by 25.0% to 9 days in January 2018.
Average price per square foot increased by 6.8% to $142/square foot in January 2018 versus the same period in 2017. Pending sales were down 4.6% in January versus the same month last year. January 2018 closed sales were down 2.1%. It's not unreasonable to assume that both pending and closed sales would have been higher if there had been more inventory, which was down almost 3.9% in January 2018 versus the prior year.
The number of showings per listing and the number of showings until pending contract per listing also dropped. During January 2018, listed homes averaged 9.8 showings (down 7.5% versus January 2017) and 21 showings until pending contract (down 12.5% versus the same time period one year ago). Given the tight inventory of available homes for sale, it's not surprising that listed homes get less "foot traffic" prior to going under contract, while showings until pending contracts decrease as homes sell more quickly.
The median percent of original list price that sellers received for their homes was up 0.5% compared with last year at 98.4%, showing how little negotiating room there is in the 28277 zip code for Ballantyne area homes.
New listings decreased 1.1% versus January 2017, contributing to the strain of a high demand market starved of available inventory. The Ballantyne area's months supply of homes remains at below two months at 1.8 months (down 5.3% versus January 2017).
Without doubt, Ballantyne's housing market in 2018 began as the prior year ended... as a seller's market in the 28277 zip code and very competitive, with many homes selling within days of being listed for sale.
The strong housing market we saw in Ballantyne throughout 2016 and 2017 seems intent on continuing in 2018, as Ballantyne area homes continue to sell, to sell faster, and to sell for more money.
Ballantyne Area Local Market Update - January 2018
Previous Ballantyne Area Housing Market Updates:
This Charlotte, North Carolina real estate monthly update for Ballantyne is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Ballantyne area neighbors and Charlotte metro area real estate consultants.
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