July 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.
The average sale price of Waxhaw area homes increased in July 2017 by 3.7% to just over $440,000 versus July 2016 (and also up versus the previous month of June 2017).
Average days on market for property listings dropped by 3 days to 66 days, a 4.3% improvement over the same period last year. Median days on market also dropped 4 days to 27, an 12.9% improvement in July 2017.
Average price per square foot increased by 43.2% to $128/square foot during July 2017 versus July 2016.
Closed sales in Waxhaw/Weddington/Marvin areas increased double digits by 15.4% in July 2017 as compared with July 2016. Closed sales of new construction increased an astonishing 58.4% versus a 2.0% increase in resale homes in July 2017 compared with July 2016. Pending sales were up 8.2% versus July 2016 with a 22.0% increase in new construction pending sales versus a 4.0% 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 96.2%, showing little negotiating room for Waxhaw area homes for a third year in a row. Median percent of original list price came in at 97.5%.
The Waxhaw area's months supply of homes was down 10.7% to 5 months with new listings up 4.4% versus July 2016. Factoring out new construction, the month's supply of homes is only 3.5 months, down 7.9% versus July 2016.
Average sale prices for new construction were just over $495,000 in July 2017. The average sale price of a new construction home was about $56,174 higher than that of a resale home in July 2017. Average price of a resale home was up 4.8% in July 2017 as compared with one year ago.... a testament to the shortage of resale homes for sale.
Waxhaw/Weddington/Marvin Area Local Market Update - July 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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