Ballantyne Real Estate April 2020 remained a seller’s market. Months supply of inventory was sharply down (by 42.9%) compared with April 2019 to 1.2 months. Housing inventory was down 41.4% year-over-year, resulting in much lower days on market and higher home prices. COVID-19 restrictions contributed to lack of inventory and lower closed and pending sales in April.
BALLANTYNE REAL ESTATE APRIL 2020: Latest news and what it means for you…
Average Ballantyne home sale prices increased 9.5% in April 2020 compared with the same month one year ago. Median home sale prices increased 9.8% in April. Home sellers received 98.9% of list price in final sale price (up 1.4% year-over-year).
Ballantyne homes continue to sell quickly with Median Days on Market at just 5 days, down 10 days compared with one year ago and down month-over-month. Average Days on Market were 22 days, down 30 days year-over-year and also down 14 days month-over-month. Average Price Per Square Foot increased by $10/square foot to $162/square foot in April 2020 compared with one year ago.
Closed sales decreased 27.7%, while pending sales decreased 48.4% in April year-over-year in the Ballantyne area. Some of the decrease in lower pending sales can be attributed to low inventory and part to the impact from shelter-at-home orders which came into effect in the third week of March, prohibiting in-person home showings in Charlotte. Ballantyne home showings slowed down to 789 showings in April 2020 compared with 3,280 showings in April 2019.
Ballantyne’s months supply of homes remained razor-thin at 1.2 months (down from 2.1 months one year ago). This coupled with a 41.4% drop in housing inventory and a drop of 48.3% in new listings in April due to COVID-19 restrictions, kept Charlotte’s Ballantyne area/28277 zip code a seller’s market.
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This Charlotte, North Carolina real estate monthly update for Ballantyne is brought to you byNina Hollander with Coldwell Banker Realty, Ballantyne area specialist and neighbor and Greater Charlotte residential real estate expert. I’ve been opening doors for Ballantyne area home buyers and sellers since 1999 and have been your Ballantyne neighbor since 2001.
If you’re considering selling or purchasing a home in the Charlotte metro area, I’d love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how: