In April, 62 single family homes closed in Waxhaw, nearly doubling April 2009's production and exceeding the 60 homes closed in April 2007. Of the homes that closed, six were at prices exceeding $600,000, mostly from the Providence Downs and Providence Downs South neighborhoods. Of all of the sales, only 27% were bank owned or short sale; great news for sellers.
The average sales price in Waxhaw declined by 10.9% to $323,527, a symptom of the increased volume of sales and the average lower priced of the sales. The more accurate barometer of sales prices in the area is the dollar per square foot price in comparison to last year. Not surprising, the average price per square foot for all sales declined from $102.06 in April '09 to $92 April 10. The luxury homes averaged only $113.80; a mere shadow of their 2007 peak.
In keeping with the rest of the Charlotte area, sellers received 90.44% of their original asking price, while luxury home sellers received only 81%. The most significant reduction was 6028 Oxfordshire Road in the Stratford on Providence neighborhood. In 2006, the previous owners purchased the 8,500 sq. ft. home for $1,108,500 before it was foreclosed up in 2009 for $825,000. The bank listed the home for $1,155,000, then reduced the home to $699,900 over the course of 261 days. In April, this mansion closed for $625,000 or $72.84 per square foot.
162 new listings were added to the market in April, bringing the total inventory in Waxhaw as of this post to 586 a 9.45 month supply of homes. Bank owned foreclosures and short sales currently account for 67 of the active inventory with only 35 new Notices of Default for the 28173 zip.
I am encouraged by these numbers as any seller should be given the market. While the luxury home market is still in shambles, that more than a few properties closed over $600,000 is encouraging and is a sign that the Jumbo mortgage market is starting to open up. This time last year, most of my group's luxury sales were all cash, which limits significantly the pool of available buyers. While bargains still remain in the luxury market, they are coming to the market in fewer numbers with a larger pool of available buyers, making competition fierce for some properties.
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