December 2016 home sales in the Waxhaw area of the Charlotte, North Carolina metro area (the 28173 zip code--encompassing the three towns of Waxhaw, Marvin and Weddington)--continued on the strong path we've seen all year long with both closed and pending sales up by double digits in December 2016, closing the year out on a high note.
The average sale price of Waxhaw area homes increased in December 2016 by 8.1% to just under $434,000 versus December 2015. Average sale price was also up versus November 2016.
Average days on market for property listings dropped by 5 days to 67 days, a 6.9% improvement over the same period last year. Median days on market also dropped 9 days to 27, a 28.9% improvement in December 2016.
Average price per square foot increased by 7.6% to $127/square foot during December 2016 versus December 2015.
Closed sales in Waxhaw/Weddington/Marvin areas increased double digits by 16.0% in December 2016 as compared with December 2015. Pending sales were up 17.9% versus December 2015 with a huge 83.0% increase in new construction pending sales versus a 2.3% increase in pending sales of resale homes. Clearly, new construction is very much a driving force in Waxhaw area home sales.
The average percent of original list price that sellers received for their homes was 96.2%, showing little negotiating room for Waxhaw area homes for a second year in a row.
The Waxhaw area's months supply of homes was down 12.1% to 5.1 months with new listings up 12.6% versus December 2015. If you factor out new construction, the month's supply of homes is only 3.4 months, down 19.0% versus December 2015. It's also worth pointing out that new listings of resale homes were down 1.4%, so virtually all the new inventory is new construction (up 68.0% over the prior year), where average sale prices were just over $513,000 in December 2016. The average sale price of a new construction home was about $85,625 higher than than of a resale home in December 2016. December 2016 new construction homes sold at $5,258 higher than just the previous month.
Waxhaw/Weddington/Marvin Area Local Market Update -
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Previous Waxhaw/Weddington/Marvin Area Housing Market Updates:
November 2016: http://activerain.com/blogsview/4989808/what-happened-in-charlotte-s-waxhaw-area-housing-market-in-nov--2016-
October 2016: http://activerain.com/blogsview/4974775/what-happened-in-charlotte-s-waxhaw-area-housing-market-in-oct--2016-
September 2016: http://activerain.com/blogsview/4958017/what-happened-in-charlotte-s-waxhaw-area-housing-market-in-sept--2016-
August 2016: http://activerain.com/blogsview/4941809/what-happened-in-charlotte-s-waxhaw-area-housing-market-in-aug--2016-
- July 2016: http://activerain.com/blogsview/4926735/what-happened-in-charlotte-s-waxhaw-area-housing-market-in-july-2016-
- June 2016: http://activerain.com/blogsview/4909988/what-happened-in-charlotte-s-waxhaw-area-housing-market-in-june-2016-
- May 2016: http://activerain.com/blogsview/4896373/what-happened-in-charlotte-s-waxhaw-area-housing-market-in-may-2016-
April 2016: http://activerain.com/blogsview/4876942/what-happened-in-charlotte-s-waxhaw-area-housing-market-in-april-2016-
- March 2016: http://activerain.com/blogsview/4860238/what-happened-in-charlotte-s-waxhaw-area-housing-market-in-march-2016-
February 2016: http://activerain.com/blogsview/4844586/what-happened-in-charlotte-s-waxhaw-area-housing-market-in-feb-2016-
January 2016: http://activerain.com/blogsview/4825220/what-happened-in-charlotte-area-s-waxhaw-housing-market-in-jan-2016-
December 2015: http://activerain.com/blogsview/4808366/what-happened-in-charlotte-area-s-waxhaw-housing-market-in-dec-2015-
This Charlotte, North Carolina real estate monthly update for Waxhaw, Weddington, Marvin is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive Realty, your Charlotte metro area real estate consultants.
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