Ballantyne remained a seller’s market in March 2020. Months supply of inventory was sharply down (by 50%) compared with March 2019 to 1.1 months. Housing inventory was down 46.1% year-over-year, resulting in lower days on market and higher home prices. While closed sales increased, pending sales decreased, no doubt at least partially due to the lack of inventory.
Ballantyne Real Estate Report: March 2020
Latest news on the Ballantyne real estate market and what it means for you…
Average Ballantyne home sale prices increased 5.2% in March 2020 compared with the same month one year ago. Median home sale prices increased 2.6% in March. Home sellers received 98.8% of list price in final sale price (up 1.5% year-over-year).
Ballantyne homes continue to sell quickly with Median Days on Market at 8 days, down 17 days compared with one year ago and down 13 days month-over-month. Average Days on Market were 36 days, down 51 days year-over-year and also down 7 days month-over-month. Average Price Per Square Foot increased 8% to $162/square foot in March 2020 compared with one year ago.
Closed sales increased 6.1%, while pending sales decreased 21.4% in March year-over-year in the Ballantyne area. Some of the decrease in lower pending sales can be attributed to low inventory and part, possibly, to the first glimmers of impact from shelter-at-home orders which came into effect in the third week of March.
Ballantyne’s months supply of homes remained low at 1.1 months (down from 2.2 months one year ago). This coupled with a 46.1% drop in housing inventory and a drop of 13.3% in new listings in March, kept Charlotte’s Ballantye 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 and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Ballantyne area specialists and neighbors and Charlotte metro area residential real estate experts. We’ve been opening doors for Ballantyne area home buyers and sellers for 20+ years and have been your Ballantyne neighbors since 2001.
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