November 2016 home sales in the Ballantyne area of Charlotte, North Carolina (28277 zip code) continued the positive trends of the year-to-date with sale prices increasing and inventory and days on market decreasing.
The average sale price of Ballantyne area homes increased by 4.3% to just under $347,000 as compared with the same period one year ago.
Average days on market for property listings dropped to 32 days from 43 days just one year ago--a 25.6% improvement over the same period last year. Median days on market also dropped by 33.3% to 12 days in November 2016.
Average price per square foot increased by 5.6% to $133/square foot in November 2016 versus the same period in 2015. Pending sales were up 1.2% in November versus the same month last year, while November closed sales were up a scant 0.3%. The lack of inventory (new listings were up slightly at 2.3% in November) has definitely impacted contracts and closed sales.
Two interesting statistics now available to us about the Ballantyne market are about the number of showings per listing and the number of showings until pending contract per listing. During November 2016, listed homes averaged 10 showings (up 9.9% versus November 2015) and 17 showings until pending contract (no change versus the same time period one year ago). Given the reduced number of available homes for sale, it's not surprising that those homes listed get considerable "traffic" prior to going under contract.
The median percent of original list price that sellers received for their homes was up 0.5% compared with last year at 97.8%, showing how little negotiating room there is in the 28277 zip code for Ballantyne area homes.
New listings increased marginally by 2.3% versus November 2015 ~ barely relieving the strain to a high demand market starved of available inventory. The Ballantyne area's months supply of homes remains at below two months at 1.9 months (down 20.8% versus November 2015).
Without doubt, it continues to be 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 through the first three quarters of 2016 has continued into the fourth quarter, as Ballantyne area homes continued to sell, sell faster, and sell for more money.
Ballantyne Area Local Market Update - November 2016
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Previous Ballantyne Area Housing Market Updates:
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October 2016: http://activerain.com/blogsview/4974353/what-happened-in-ballantyne-s-housing-market-in-charlotte-nc-oct--2016
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September 2016: http://activerain.com/blogsview/4957900/what-happened-in-ballantyne-s-housing-market-in-charlotte-nc-sept-2016
- August 2016: http://activerain.com/blogsview/4941788/what-happened-in-ballantyne-s-housing-market-in-charlotte-nc-aug-2016
- July 2016: http://activerain.com/blogsview/4926729/what-happened-in-ballantyne-s-housing-market-in-charlotte-nc-july-2016
- June 2016: http://activerain.com/blogsview/4909977/what-happened-in-ballantyne-s-housing-market-in-charlotte-nc-june-2016
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May 2016: http://activerain.com/blogsview/4896108/what-happened-in-ballantyne-s-housing-market-in-charlotte-in-may-2016
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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
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January 2016: http://activerain.com/blogsview/4825184/what-happened-in-charlotte-s-ballantyne-housing-market-in-jan-2016-
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December 2015 - http://activerain.com/blogsview/4808360/what-happened-in-charlotte-s-ballantyne-housing-market-in-dec-2015
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November 2015 - http://activerain.com/blogsview/4791635/what-happened-in-charlotte-s-ballantyne-housing-market-in-nov-2015-
This Charlotte, North Carolina real estate monthly update for Ballantyne 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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