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 May impacted inventory, closed sales, new listings — all of which were down significantly in May. With less inventory, home sale prices increased, days on market decreased, and the percent of asking price that home sellers remained high. Pending sales increased slightly.
Waxhaw Area Real Estate Report: May 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 May 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 30.5% year-over-year). New listings decreased 12.8% year-over-year in May. No doubt a significant part of this decrease in May stemmed from COVID-19 stay-at-home restrictions which were in full force in North Carolina in May.
Average days on market decreased 24 days to 39 days year-over-year and decreased 4 days month-over-month. Median days on market were 10 days in May, down 8 days year-over-year.
Continued tight inventory and a months supply of homes of 3 months (a 1.4 month’s drop from 4.4 months one year ago), kept the Waxhaw area a seller’s market. Resaleinventory dropped 35.1% to just 2.2 months from 3.4 months one year ago; new construction inventory dropped 37.9% in May to 1.9 months of inventory from 2.9 months one year ago.
With home sellers receiving 98.9% of list price there was minimal room for home buyers to negotiate in May 202.
Home sale prices (median [$417,500] and average [$496,164]) in May increased 15.1% on average and 8.4% for median home prices year-over-year. Price per square foot increased 9.5% to $150/square foot (up $13/square foot) in May versus the same month one year ago.
Home showings increased substantially in May 2020 compared with the prior month of April with 2,636 showings in May versus 1,057 showings in April. May 2020 showings just about caught up with May 2019 showings (2,790).
Closed sales decreased 34.9% and pending sales increased 3.5% in May 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 coupled with lack of inventory.
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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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