Waxhaw Housing Market Update for December 2018. home sales in the Waxhaw area of the Charlotte, North Carolina metro area (the 28173 zip code–encompassing the three towns of Waxhaw, Marvin and Weddington) continued the trends we’ve seen all year. Home prices increased in December. Inventory remains low, especially in affordable homes. New listings were down double digits in December. New construction sales remain a driving force in the Waxhaw area housing market.
Video Update For The Waxhaw Housing Market: December 2018
Waxhaw, NC Remained A Seller’s Market in December 2018
Average sale price of Waxhaw area homes increased in December 2018 by 2.7% to just over $433,000 compared with the same period one year ago.
Median sale price for Waxhaw area homes in December 2018 decreased by 3.2% versus one year ago to $370,000.
Average days on market for property listings in Waxhaw were 79 days (up 4 days compared with one year ago).
Median days on market stood at 41 days in December 2018 (down 2 days compared with one year ago).
Average price per square foot for Waxhaw area homes increased 8.5% to $140/square foot in December 2018 versus the same period in 2017. The average price per square foot was also up by $5/square foot compared with the previous month (November 2018).
Pending salesin Waxhaw area decreased 19.7% in December 2018 versus the same month last year.
Closed sales in Waxhaw area decreased 36.9% in December compared with the same month one year ago. Lack of affordable inventory no doubt contributed to this drop.
New listings in Waxhaw area decreased 20.4% versus December 2017.
Months supply of inventoryremained low at 3.5 months, down 14.6%. Resale inventory was down 13.8%, which more than likely helped increase average resale prices by 11.7% to almost $466,000 versus one year ago. Overall inventory was down 15.5% year-over-year.
Median percent of original list price sellers received for their homes was 96.4%, showing relatively little negotiating room in the 28173 zip code for Waxhaw/Weddington/Marvin homes.
Average sale price for new construction homes in the Waxhaw area was $472,218. Average sale price of new construction homes was only about $7,000 higher than that of a resale home in December 2018 — probably the smallest margin we’ve seen in a very long time. But resale inventory remains very tight and was down 13.8% in December 2018 and pushed home prices up.
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This Charlotte, North Carolina real estate monthly update for Waxhaw is brought to you by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Waxhaw/Weddington/Marvinspecialists and Charlotte metro area residential real estate experts. We’ve been opening doors for Waxhaw, Weddington, and Marvin home buyers and sellers for 20+ years.
If you’re considering selling or purchasing a home in the Waxhaw/28173 zip code area, I’d love an opportunity to earn your business, exceed your expectations, and to show you how: