May 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 May 2017 by 5.9% to just over $439,000 versus May 2016.
Average days on market for property listings dropped by 4 days to 66 days, a 5.7% improvement over the same period last year. Median days on market also dropped 7 days to 27, a 20.6% improvement in May 2017.
Average price per square foot increased by 4.1% to $127/square foot during May 2017 versus May 2016.
Closed sales in Waxhaw/Weddington/Marvin areas increased double digits by 12.5% in May 2017 as compared with May 2016. Pending sales were also up double digits 10.3% versus May 2016 with a 29.4% increase in new construction pending sales versus a 3.9% 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 98.4%, showing little negotiating room for Waxhaw area homes for a third year in a row. Median percent of original list price came in at 100%!
The Waxhaw area's months supply of homes was down 10.7% to 5 months with new listings up an anemic 3.8% versus May 2016. Factoring out new construction, the month's supply of homes is only 3.5 months, down 10.3% versus May 2016. It's also worth pointing out that new listings of resale homes were up 5.1%, while new listings of new construction were up 5.9% compared with one year ago. This is the first time in recent memory that listings of new construction homes were not multiples of resale homes.
Average sale prices for new construction were just over $511,000 in May 2017. The average sale price of a new construction home was about $80,726 higher than than of a resale home in May 2017. Average price of a resale home was up 4.3% in May 2017 as compared with one year ago and as compared to a 2.9% increase for new construction... a testament to the shortage of resale homes for sale.
Waxhaw/Weddington/Marvin Area Local Market Update - May 2017
And by the way, 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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