March 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 as the year began with home prices up, closed up by double digits, and days on market down.
The average sale price of Waxhaw area homes increased in March 2017 by 9.3% to just over $441,000 versus March 2016. Average sale prices were also up versus February 2016.
Average days on market for property listings dropped by 6 days to 66 days, a 8.3% improvement over the same period last year. Median days on market also dropped 9 days to 27, a 25.0% improvement in March 2017.
Average price per square foot increased by 5.8% to $127/square foot during March 2017 versus March 2016.
Closed sales in Waxhaw/Weddington/Marvin areas increased double digits by 19.1% in March 2017 as compared with March 2016. Pending sales were up 7.7% versus March 2016 with a 34.2% increase in new construction pending sales versus a 0.4% decrease 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 98.7%, 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 10.5% to 5.1 months with new listings up 9.3% versus March 2016. Factoring out new construction, the month's supply of homes is only 3.5 months, down 12.5% versus March 2016. It's also worth pointing out that new listings of resale homes were up 5.9%, so virtually all the new inventory is new construction (up 23.2% over the prior year), where average sale prices were just under $508,000 in March 2017. The average sale price of a new construction home was about $75,562 higher than than of a resale home in March 2017. Average price of a resale home was up 8.6% in March 2017 as compared with one year ago... a testament to the shortage of resale homes for sale.
Waxhaw | Weddington | Marvin Area Local Market Update: March 2016
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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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