It’s still tight inventory in the Waxhaw area, encompassing the towns of Waxhaw, Weddington, and Marvin in the 28173 zip code. New construction inventory was significantly down (almost 54%) in January 2020. Resale inventory was also significantly down (almost 28%) in January year-over-year. The months supply of homes was down to 2.8 months and average days on market were down by 9 days. Lack of inventory impacted closed sales negatively in the first month of the new year.
Waxhaw Area Real Estate Report: January 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 January 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 razor-thin, tight inventory (dropping 26.2% year-over-year). New listings also dropped 19.3% year-over-year in January.
Average days on market decreased 9 days to 63 days year-over-year. Median days on market were 53 days in January 2020.
Continued tight inventory and a months supply of homes of 2.8 months ( a 1.2 month’s drop from 4 months one year ago), kept the Waxhaw area a seller’s market.
With home sellers receiving 96.3% of list price there was some room for home buyers to negotiate in January 2020.
Home sale prices (median [$343,500] and average [$391,812]) in January were down 1.6% on average and up 2.5% for median home prices year-over-year. Price per square foot increased 3.1% to $135/square foot in January versus the same month one year ago. The slight drop in average home prices in January should not be seen as a drop in Waxhaw area home values… rather it’s more a reflection of the price point of homes sold in the month.
Closed sales decreased 6.8% and pending sales increased 9.2% in January 2020 compared with the same month one year ago. The drop in closed sales can be attributed to the lack of inventory. Resale inventory dropped in January by 27.6%; new construction inventory dropped 53.8%.
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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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