Indian Trail area (28079 zip code), which includes the towns of Indian Trail, Stallings, Hemby Bridge, continued to feel the impact of the corona virus pandemic in May 2020 . Housing inventory, months supply of homes, new listings, home showing, and closed and pending sales all were down significantly. Meantime home prices continued to increase.
Indian Trail (28079 Zip Code) Real Estate Report: May 2020
Latest news on the Indian Trail real estate market and what it means for you…
Indian Trail real estate report for May 2020. The Indian Trail, NC area includes the towns of Stallings, Hemby Bridge, and Lake Park in Union County in the 28079 zip code. Corona virus restrictions impacted the Indian Trail housing market in May as evidenced by lower inventory, fewer months supply of inventory, fewer new listings. Closing and pending sales also dropped.
Average home prices increased 10% to $307,962 in May 2020 compared with the same month one year ago and also rose month-over-month. Median home prices were increased 7.5% year-over-year to $299,950 and also increased month-over-month. Price per square foot averaged $138 (up $15/square foot), increasing 12.2% year-over-year.
The months supply of homes for sale dropped to 1.6 months (down 38.5% from 2.6 months in May 2019). Inventory of homes also dropped 36% compared with the same month one year ago. New listings decreased in May — by 30.3% compared with the same time frame one year ago. May would typically be a month when we see these numbers go up for the spring selling season.
Closed sales in May decreased 44.2% year-over-year, while pending sales decreased 10.5%. While home showings in May improved over April’s showings (836 showings versus 415 in April 2020), they were still lower than the 1,116 showings in May 2019. Between the lack of inventory and lower showings, it’s not surprising that sales were down.
Average days on market were 55 (up 22 days year-over-year). Median days on market were 16 (up 7 days year-over-year) in May.
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Whether You’re Buying Or Selling An Indian Trail Home…
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This Charlotte, North Carolina real estate monthly update for Indian Trail is provided byNina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Indian Trail area specialists and Charlotte metro area residential real estate experts. We’ve been opening doors for Indian Trail area home buyers and sellers for 20+ years.
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