October 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)--continued 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 October 2017 by 3.4% to just under $443,000 versus October 2016.
Average days on market for property listings dropped by 2 days to 65 days, a 3.0% improvement over the same period last year. Median days on market also dropped 3 days to 26, a 10.3% improvement in October 2017.
Average price per square foot increased by 2.4% to $128/square foot during October 2017 versus October 2016.
Closed sales in Waxhaw/Weddington/Marvin areas increased 9.1% in October 2017 as compared with October 2016. Closed sales of new construction continued to increase at a high rate -- 38.6% versus a 3.7% increase in resale homes in October 2017 compared with October 2016. Pending sales were up 5.2% versus October 2016 with a 13.6% increase in new construction pending sales versus a 2.8% increase in pending sales of resale homes. 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 98.2%, showing little negotiating room for Waxhaw area homes for a third year in a row.
The Waxhaw area's months supply of homes was down 5.7% to 5 months with new listings up 7.5% versus October 2016. Factoring out new construction, the month's supply of homes is only 3.6 months, down 2.7% versus October 2016.
Average sale prices for new construction were just over $492,000 in October 2017. The average sale price of a new construction home was about $46,325 higher than that of a resale home in October 2017. Average price of a resale home was up 4.7% in October 2017 as compared with one year ago.... a testament to the shortage of resale homes for sale.
Waxhaw/Weddington/Marvin Area Local Market Update - October 2017
You might also want to check out 10 of the hottest selling neighborhoods to watch in Union County in 2017.
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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.
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