July home sales in the Ballantyne area of Charlotte, North Carolina (28277 zip code) held their own in the in the first month of the third quarter of 2016 .
The average sale price of Ballantyne area homes increased by 3.3% to just under $340,000 as compared with the same period one year ago.
Median days on market for property listings dropped to 14 days from 20 days just one year ago--a 30% improvement over the same period last year. Average days on market also dropped by 22.2% to 35 days in July 2016.
Average price per square foot increased by 4.8% to $130/square foot in July 2016 versus the same period in 2015. Pending sales were marginally up at 1.1% in July versus the same month last year, while July closed sales were down 3.4%. The lack of inventory (new listings declined 3% in July) has definitely impacted contracts and closed sales this spring/summer season.
The median percent of original list price that sellers received for their homes was up .05% compared with last year at 97.6%, showing how little negotiating room there is in the 28277 zip code for Ballantyne area homes.
New listings decreased by 3% versus July 2015 ~ adding additional strain to a high demand market starved of available inventory. The Ballantyne area's months supply of homes stood at 2.0 months overall (down 25.9% versus July 2015).
Without doubt, it's a true seller's market in the 28277 zip code and very competitive, with many homes selling within days of being listed for sale.
The strong housing market we saw in Ballantyne area the first quarter and second quarters of this year continued into the start of the third quarter of 2016, as Ballantyne area homes continued to sell, sell faster, and sell for more money. The underlying issue to maintaining the pace of 2016 year-to-date will be to have homes to sell as we enter August (although it's reasonable to assume homes will continue to sell for more and sell more quickly without an increase in inventory).
Ballantyne Area Local Market Update - July 2016
SEARCH ALL BALLANTYNE AREA HOMES PRICED FROM $100,000-$250,000
SEARCH ALL BALLANTYNE AREA HOMES PRICED FROM $251,000-$500,000
SEARCH ALL BALLANTYNE AREA HOMES PRICED FROM $501,000-$1,000,000
SEARCH ALL BALLANTYNE AREA HOMES PRICED OVER $1,000,000
SEARCH ALL BALLANYNE AREA TOWNHOMES FOR SALE
BECOME A BALLANTYNE AREA MARKET INSIDER FOR FREE
WONDERING WHAT YOUR BALLANTYNE AREA HOME IS WORTH?
Want to stay on top of the market trends in your Ballantyne or Charlotte metro neighborhood?
Sign up for your FREE Market Snapshot. You'll recieve the latest trends for your neighborhood for sold homes, properties for sale, inventory counts, and even "days-on-market". You can also view information regarding schools and community.
Previous Ballantyne Area Housing Market Updates:
- June 2016: http://activerain.com/blogsview/4909977/what-happened-in-ballantyne-s-housing-market-in-charlotte-nc-june-2016
-
May 2016: http://activerain.com/blogsview/4896108/what-happened-in-ballantyne-s-housing-market-in-charlotte-in-may-2016
-
April 2016: http://activerain.com/blogsview/4876926/what-happened-in-charlotte-s-ballantyne-housing-market-in-april-2016-
- March 2016: http://activerain.com/blogsview/4860234/what-happened-in-charlotte-s-ballantyne-housing-market-in-march-2016
- February 2016: http://activerain.com/blogsview/4844553/what-happened-in-charlotte-s-ballantyne-housing-market-in-feb-2016
-
January 2016: http://activerain.com/blogsview/4825184/what-happened-in-charlotte-s-ballantyne-housing-market-in-jan-2016-
-
December 2015 - http://activerain.com/blogsview/4808360/what-happened-in-charlotte-s-ballantyne-housing-market-in-dec-2015
-
November 2015 - http://activerain.com/blogsview/4791635/what-happened-in-charlotte-s-ballantyne-housing-market-in-nov-2015-
-
October 2015 - http://activerain.com/blogsview/4774971/what-happened-in-charlotte-s-ballantyne-area-housing-market-oct-2015
- September 2015 - http://activerain.com/blogsview/4757280/what-happened-in-charlotte-s-ballantyne-housing-market-sept-2015-
- August 2015 - http://activerain.com/blogsview/4737411/what-s-happening-in-charlotte-s-ballantyne-housing-market-august-2015
- July 2015 - http://activerain.com/blogsview/4717100/july-2015-charlotte-housing-market-update-ballantyne-area
Comments(10)