Charlotte, NC's Ballantyne Area Home Sales: January 2014 Update

Charlotte, NC's Ballantyne Area Home Sales:
January 2014 Update

Charlotte, NC's popular Ballantyne area home sales continued their positive trend as of January 2014 compared with the same period one year ago. When measured against all the key criteria--average sale prices, months of inventory, distressed sales versus non-distressed sales, days on market, etc., the Ballantyne area performed well.

Average Sale Price: increased by almost 3% versus the same rolling 12 month period of one year ago (which had seen an almost 5% increase in average sale versus versus the prior year). And the percent of original list price received in a sale increased to almost 97%. Clearly, good news for home sellers; not so good for buyers who had very little negotiating leverage on price during 2013.

Days On Market: along with the higher prices and decrease in negotiating factor, Ballantyne area homes have sold much faster in the past 12 months versus the prior 12 months--26 days faster, in fact. This means sellers needed to be ready to close and move more quickly, while buyers needed to act more quickly in making offers. Houses have not just been sitting on the market waiting for buyers.

Months Supply of Homes For Sale: the Ballantyne area and 28277 zip code where it's located is experiencing a severe housing shortage with just 2.6 months of inventory. This part of Charlotte, NC is truly in a seller's market, which means buyers are no longer "steering the ship" in terms of purchasing a home with respect to price, conditions, etc. Nor are buyers finding lots of selection.

Distressed Property Sales versus "Traditional" Home Sales:

What is really "telling" about the Ballantyne area of Charlotte, NC housing market is the degree to which distressed properties (foreclosures and short sales) are essentially a non-factor.

Distressed Properties For Sale in Ballantyne Area: as this chart shows,  the number of distressed property homes available for sale as of the end of January 2014 is at extremely low levels. Only six foreclosure homes were available and 24 short sale homes, representing a drop of almost 41% and 53% respectiely over the same time frame just one year ago.  Buyers looking for a "great deal" on a distressed property are bound to be disappointed with the "slim pickings" in the Ballantyne area of Charlotte, NC.

% of Original List Price Received for Distress Properties in Ballantyne Area: As this chart shows, the banks are not negotiating a lot off of their asking prices for foreclosed and short sale homes--about 6%. Buyers looking for a great "deal" on a distressed property thinking they can negotiate 10, 20, 30% off of the asking price are bound to be disappointed. With the overall inventory shortage, banks have no real incentive to negotiate a lot off of their asking prices.

Closed Sales of Distressed Properties In Ballantyne Area As A Perecent of Total Sales: Foreclosed and short sale properties represented less than 5% of total sales in the 12 month period ending January 2014. As a percent of total sales this is almost half the sales of the prior 12 months ended January 2013. No wonder those Ballantyne area buyers looking for a great "deal" didn't find one easily in 2013. And there are no indications that finding a great "deal" in the Ballantyne area will be any easier in 2014.

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This update for Charlotte, NC's Ballantyne area home sale trends as of January 2014 indicates all housing factors continue to move in the right direction.