December 2017 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)--ended the year on the strong path we've seen year-to-date with home prices up, closed and pending sales up, and days on market down. New construction sales remain a driving force in the Waxhaw area market.
The average sale price of Waxhaw area homes increased in December 2017 by 0.3% to just over $436,000 versus December 2016.
Average days on market for property listings dropped by 3 days to 64 days, a 4.5% improvement over the same period last year.
Average price per square foot increased by 0.8% to $128/square foot during December 2017 versus December 2016.
Closed sales in Waxhaw/Weddington/Marvin areas increased 4.2% in December 2017 as compared with December 2016. Closed sales of new construction continued to increase at a high rate -- 7.0% versus a 3.7% increase in resale homes in December 2017 compared with December 2016. Pending sales were up 6.7% versus December 2016. Clearly, new construction remains very much a driving force in Waxhaw area home sales.
The average percent of original list price that sellers received for their homes was 96.2%, showing relatively little negotiating room for Waxhaw area homes for a third year in a row.
The Waxhaw area's months supply of homes was down 3.8% to 5 months with new listings up 4.6% versus December 2016. Factoring out new construction, the month's supply of homes is only 3.6 months, essentially flat versus December 2016.
Average sale prices for new construction were just over $481,000 in December 2017. The average sale price of a new construction home was about $38,158 higher than that of a resale home in December 2017. Average price of a resale home was up 3.6% in December 2017 as compared with one year ago.... a testament to the shortage of resale homes for sale.
Waxhaw/Weddington/Marvin Area Local Market Update - December 2017
You might also want to check out 10 of the hottest selling neighborhoods to watch in Union County
Previous Waxhaw |Weddington |Marvin Area Housing Market Updates:
This Charlotte, North Carolina real estate monthly update for Waxhaw, Weddington, Marvin is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area real estate consultants and Waxhaw area specialists.
If you are considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, exceed your expectations, and to prove to you that: