Ballantyne Real Estate Report: February 2021
Ballantyne remained a seller’s market in February 2021. Months supply of inventory was down (54.5%) compared with February 2020 to 0.5 months supply. Housing inventory was down 59.2% year-over-year, resulting in lower days on market, higher median home prices with sellers receiving a median 100% of asking price in final sale price.
Ballantyne (28277 Zip Code) Home Sales Report: February 2021
Latest news on the Ballantyne real estate market and what it means for you…
Ballantyne remained a seller’s market in February 2021 due to the continued lack of inventory. Months supply of inventory was down (-59.2%) compared with February 2020 to 0.5 months of housing supply. The 59.2% drop in housing inventory year-over-year resulted in considerably lower days on market, an increase in closed sales, but a decrease in pending sales.
Average Ballantyne home sale prices decreased 3.6% to $412,392 in February 2021 compared with the same month one year ago. This drop in average sale price should not be attributed to a diminution in home values. It’s more likely the price mix of homes listed and sold that caused the decrease. Median home sale prices increased 0.6% to $382,775 in February 2021. Home sellers received a median 100% of list price in final sale price (up 2.2% year-over-year).
Ballantyne homes continue to sell quickly with Median Days on Market at just 3 days, down 20 days compared with one year ago. Average Days on Market were 30 days, down 13 days year-over-year. Average Price Per Square Foot increased to $174/square foot in February 2021, up $14/square foot versus one year ago.
Closed sales increased 11.8%, while pending sales decreased 23.5% in February year-over-year in the Ballantyne area. Historically low interest rates continue to generate immense buyer demand. The drop in pending sales is not reflective of a lack of demand for Ballantyne area homes. It’s reflective of the lack of inventory. New listings decreased 22.4% year-over-year.
Ballantyne’s months supply of homes remained razor-thin at 0.5 months (down 54.5% from 1.1 months one year ago). This coupled with a 59.2% drop in housing inventory in February, kept Charlotte’s Ballantyne area/28277 zip code a home seller’s market.
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This Charlotte, North Carolina real estate monthly update for Ballantyne is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, your Ballantyne area specialists and neighbors and Charlotte metro area residential real estate experts. We’ve been opening doors for Ballantyne home buyers and sellers for 20+ years.
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