December 2016 home sales in Matthews, North Carolina (28105 zip code) ended the year on a high note with sale prices increasing, days on market decreasing, available inventory tightening, pending and closed sales increasing.
The average sale price of Matthews homes increased by 6.3% to just under $262,000 as compared with the same period one year ago. Average sale price is also up versus the most recent previous month, November 2016.
Average days on market for property listings dropped by 11 days to 31 days from 42 days just one year ago--a 26.2% improvement over the same period last year. Median days on market also dropped by 52.6% to 10 days in December 2016.
Average price per square foot increased by 8.7% to $113/square foot in December 2016 versus the same period in 2015. Pending sales increased 3.1% in December versus the same month last year, while December closed sales slightly increased 0.7%, no doubt mostly due to lack of inventory to sell.
During December 2016, the number of showings until pending contract per listing averaged 22 showings (up 10% versus December 2015) and the number of showings per listing averaged 8.7 showings (a 17.6% 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 1.0% compared with last year at 98.4%, showing virtually no negotiating room for homes in Matthews, North Carolina.
New listings increased a very anemic 0.9% versus December 2015, adding additional strain to a high demand market hungry for more inventory. Matthew area's months supply of homes stood at 2.1 months overall (down 22.2% versus December 2015).
Without doubt, it continues to be a true seller's market in the 28105 zip code and a very competitive environment for home buyers in Matthews, North Carolina. The underlying issue to maintaining the pace of 2016 into 2017 will be to have homes to sell.
Matthews Local Market Update - December 2016
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This Charlotte, North Carolina real estate monthly update for Matthews, NC 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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