April 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 saw through the first quarter with home prices up, closed and pending sales up, and days on market down.
The average sale price of Waxhaw area homes increased in April 2017 by 7.6% to just over $441,000 versus April 2016.
Average days on market for property listings dropped by 2 days to 68 days, a 2.9% improvement over the same period last year. Median days on market also dropped 7 days to 28, a 20.0% improvement in April 2017.
Average price per square foot increased by 5.0% to $127/square foot during April 2017 versus April 2016.
Closed sales in Waxhaw/Weddington/Marvin areas increased double digits by 12.9% in April 2017 as compared with April 2016. Pending sales were up 9.6% versus April 2016 with a 27.8% increase in new construction pending sales versus a 10.1% 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 96.4%, 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 8.9% to 5.1 months with new listings up 9.3% versus April 2016. Factoring out new construction, the month's supply of homes is only 3.5 months, down 10.3% versus April 2016. It's also worth pointing out that new listings of resale homes were up 10.2%, while new listings of new construction were up 12.1% compared with one year ago. Average sale prices for new construction were just under $510,000 in April 2017. The average sale price of a new construction home was about $74,899 higher than than of a resale home in April 2017. Average price of a resale home was up 7.5% in April 2017 as compared with one year ago and as compared to a 0.9% increase for new construction... a testament to the shortage of resale homes for sale.
Waxhaw | Weddington | Marvin Area Local Market Update: April 2017
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.
If you are considering selling or purchasing a home in the Charlotte metro area, I would love an opportunity to earn your business, exceed your expectations, and to prove to you that:
"The Right Broker Makes All The Difference."