It’s still tight inventory in the Waxhaw area, encompassing the towns of Waxhaw, Weddington, and Marvin in the 28173 zip code. COVID-19 restrictions in April impacted inventory, closed and pending sales, new listings, home showings — all of which were down significantly in April. With less inventory, home sale prices increased, days on market decreased, and the percent of asking price that home sellers realized increased.
Waxhaw Area Real Estate Report: April 2020
Latest news on the Waxhaw area real estate market and what it means for you…
Waxhaw area (28173 zip code) real estate report for April 2020. The Waxhaw area of the Charlotte, North Carolina metro area (28173 zip code–encompassing the three towns of Waxhaw, Marvin and Weddington) continued to see tight inventory (dropping 29.4% year-over-year). New listings decreased 31.6% year-over-year in April. No doubt a significant part of this decrease in April stemmed from COVID-19 restrictions which were in full force in North Carolina in April.
Average days on market decreased 46 days to 43 days year-over-year and decreased 14 days month-over-month. Median days on market were 7 days in April, down 20 days year-over-year and down 6 days month-over-month. Home showings in April 2020 were considerably lower at 1,054 showings compared with 2,973 in April 2019 due to COVID-19 restrictions and stay-at-home orders.
Continued tight inventory and a months supply of homes of 3 months (a 1.3 month’s drop from 4.3 months one year ago), kept the Waxhaw area a seller’s market. Resale inventory dropped 37.7% to just 1.9 months; new construction inventory dropped 37.3% in April.
With home sellers receiving 98.9% of list price (up 1.7% year-over-year) there was less room for home buyers to negotiate in April 2020 than in the previous year and the previous month.
Home sale prices (median [$465,000] and average [$537,759]) in April increased 12% on average and 18.3% for median home prices year-over-year. Price per square foot increased 7.2% to $148/square foot (up $10/square foot) in April versus the same month one year ago.
Closed sales decreased 34.4% and pending sales decreased 21.7% in April 2020 compared with the same month one year ago. It’s not unreasonable to assume this was due to COVID-19 restrictions on real estate activities and stay-at-home orders.
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This Charlotte, North Carolina real estate monthly update for Waxhaw, Weddington, and Marvin is provided byNina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Waxhaw area specialists and Charlotte metro area residential real estate experts. We’ve been opening doors for Waxhaw area home buyers and sellers for 20+ years.
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