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What Happened In The Ballantyne Housing Market In January 2018?

 
January 2018 home sales in the Ballantyne area of Charlotte, North Carolina (28277 zip code) began 2018 as they ended 2017 -- with home prices up, inventory tightening, pending and closed sales struggling to hold on due to the lack of inventory.
 
The average sale price of Ballantyne area homes increased by 6.1% to just under $369,000 as compared with the same period one year ago. (Median sale price in January 2018 was also up 11.7% versus one year ago.)
 
Average days on market for property listings dropped to 31 days from 32 days one year ago--a 3.1% improvement over the same period last year. Median days on market also dropped by 25.0% to 9 days in January 2018.  
 
Average price per square foot increased by 6.8% to $142/square foot in January 2018 versus the same period in 2017. Pending sales were down 4.6% in January versus the same month last year. January 2018 closed sales  were down 2.1%. It's not unreasonable to assume that both pending and closed sales would have been higher if there had been more inventory, which was down almost 3.9% in January 2018 versus the prior year. 
 
The number of showings per listing and the number of showings until pending contract per listing also dropped. During January 2018, listed homes averaged 9.8 showings (down 7.5% versus January 2017) and 21 showings ... more

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