February 2017 home sales in the Ballantyne area of Charlotte, North Carolina (28277 zip code) continued the strong start of the new year with home prices up, inventory down, pending and closed sales up.
The average sale price of Ballantyne area homes increased by 4.3% to just under $349,000 as compared with the same period one year ago. (Median price in February 2017 was also up 5.6% versus one year ago.)
Average days on market for property listings dropped to 31 days from 41 days just one year ago--a 24.4% improvement over the same period last year. Median days on market also dropped by 31.3% to 11 days in February 2017.
Average price per square foot increased by 5.5% to $134/square foot in February 2017 versus the same period in 2016. Pending sales were up 7.8% in February versus the same month last year, while February 2017 closed sales were up 2.8%.
The number of showings per listing and the number of showings until pending contract per listing also improved or remained flat. During February 2017, listed homes averaged 10 showings (up 5.3% versus February 2016) and 24 showings until pending contract (flat versus the same time period one year ago). Given the tight inventory of available homes for sale, it's not surprising that listed homes get considerable "foot traffic" prior to going under contract.
The median percent of original list price that sellers received for their homes was up 0.7% compared with last year at 98.0%, showing how little negotiating room there is in the 28277 zip code for Ballantyne area homes.
New listings increased 7.8% versus February 2016, but still hardly relieving the strain to a high demand market starved of available inventory. The Ballantyne area's months supply of homes remains at below two months at 1.9 months (down 13.6% versus February 2016).
Without doubt, it continues to be a seller's market in the 28277 zip code and very competitive, with many homes selling within days of being listed for sale, and with little indication that this will change any time soon in 2017.
The strong housing market we saw in the Ballantyne area throughout 2016 continues into the first months of 2017, as Ballantyne homes continue to sell faster and to sell for more mone
Ballantyne Area Local Market Update - February 2017
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This Charlotte, North Carolina real estate monthly update for Ballantyne 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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