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 (35%) in March 2020. Resale inventory was also significantly down (22.5%) in March year-over-year. Both average and median home sale prices decreased in February year-over-year, as did closed and pending sales. Days on market were sharply down.
Waxhaw Area Real Estate Report: March 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 March 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 24.4% year-over-year). New listings increased slightly by 4.1% year-over-year in March.
Average days on market decreased 13 days to 57 days year-over-year and decreased 24 days month-over-month. Median days on market were 13 days in March, down 14 days year-over-year and down 28 days month-over-month.
Continued tight inventory and a months supply of homes of 3 months (a 1.2 month’s drop from 4.2 months one year ago), kept the Waxhaw area a seller’s market. Resale inventory dropped in March 22.5%; new construction inventory dropped 35%.
With home sellers receiving 98.4% of list price (up 1% year-over-year) there was less room for home buyers to negotiate in March 2020 than in the previous year and the previous month.
Home sale prices (median [$351,835] and average [$385,078]) in March decreased 7.4% on average and 5.9% for median home prices year-over-year. Price per square foot increased 2.3% to $136/square foot (up $3/square foot) in March versus the same month one year ago. The average price of new construction homes sold in March was approximately $90,000 higher than for resale homes. In fact, new construction home sale prices increased 19.9% on average.
Closed sales decreased 7.7% and pending sales increased 9.1% in March 2020 compared with the same month one year ago.
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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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