Ballantyne real estate May 2020 kept the Ballantyne area a home seller’s market. The months supply of inventory was sharply down to 1.2 months (-47.8%) compared with May 2019. Housing inventory was down 47.1% 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 May 2020.
BALLANTYNE REAL ESTATE MAY 2020 HIGHLIGHTS
Average Ballantyne home sale prices increased 6.9% in May 2020 compared with the same month one year ago. Median home sale prices increased 15.6% in May 2020. Home sellers received 98.6% of list price in final sale price (up almost a full percent year-over-year). Not much room for Ballantyne home buyers to negotiate on price.
Ballantyne homes continued to sell quickly with Median Days on Market just 7 days, down 9 days compared with one year ago. Average Days on Market were 26 days, down 19 days year-over-year. Average Price Per Square Foot increased by $15/square foot to $162/square foot in May 2020 compared with one year ago.
Closed sales decreased 50.6%, while pending sales decreased 9.2% in May year-over-year in the Ballantyne area. Some of the decrease in fewer pending sales can be attributed to low inventory and part to the impact from shelter-at-home orders, which went into effect in the third week of March, prohibiting in-person home showings in Charlotte until late May. These same restrictions clearly affected closed sales, as well.
Ballantyne home showings increased to 2,891 in May 2020 compared with only 789 showings in April 2020. While showings were still lower than in May 2019 (3,772 showings), the May 2020 showings were a significant improvement month-over-month.
Ballantyne’s months supply of homes remained razor-thin at 1.2 months (down from 2.3 months one year ago). This coupled with a 47.1% drop in housing inventory and a drop of 31.1% in new listings in May, kept Charlotte’s Ballantyne area/28277 zip code a seller’s market.
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This Charlotte, North Carolina update for Ballantyne real estate May 2020 is provided byNina Hollander with Coldwell Banker Realty, Ballantyne area specialist and Greater Charlotte residential real estate expert. I’ve been opening doors for Ballantyne area home buyers and sellers since 1999 and have been a Ballantyne resident since 2001.
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