November 2016 home sales in Indian Trail, North Carolina area (28079 zip code), which also includes the Towns of Stallings, Hemby, Lake Park continued the positive trends of the year to-date with sale prices increasing, days on market decreasing, available inventory tightening.
The average sale price of Indian Trail area homes increased by 9.8% to just under $244,000 as compared with the same period one year ago. Average sale price also increased over that of October 2016.
Average days on market for property listings dropped by 14 days to 44 days from 58 days just one year ago--a 24.1% improvement over the same period last year. Median days on market also dropped by 44.4% to 15 days in November 2016.
Average price per square foot increased by 7.3% to $103/square foot in November 2016 versus the same period in 2015. Pending sales increased 5.3% in November versus the same month last year, while November closed sales increased 6.8%.
During November 2016, the number of showings until pending contract per listing averaged 18 showings (up 12.5% versus November 2015) and the number of showings per listing averaged 6.4 showings (a 20.8% improvement 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 more "traffic" prior to going under contract.
The median percent of original list price that sellers received for their homes was up 1.1% compared with last year at 98.2%, showing minimal negotiating room for Indian Trail/Stallings area homes.
New listings increased by 3.9% versus November 2015, which will hopefully relieve some of the strain to a high demand market hungry for more inventory. Indian Trail area's months supply of homes stood at 2.6 months overall (down 18.8% versus November 2015).
Without doubt, it continues to be a true seller's market in the 28079 zip code and a very competitive environment for home buyers in the Indian Trail/Stallings areas. The underlying issue to maintaining the pace of 2016 year-to-date will be to have homes to sell as we enter the last month of 2016 (although it's reasonable to assume homes will continue to sell for more and sell more quickly without an increase in inventory).
Indian Trail/Stallings Local Market Update - November 2016
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This Charlotte, North Carolina real estate monthly update for Indian Trail and Stallings, NC in the 28079 zip code is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive Realty, your Charlotte metro area real estate consultants and Indian Trail area specialists.
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