May 2017 home sales in Indian Trail, North Carolina area (28079 zip code), which also includes the Towns of Stallings, Hemby, and Lake Park in Union County, continued the positive trends of the first four months of 2017 with sale prices increasing, days on market substantially decreasing, available inventory decreasing, closed sales increasing. but pending sales decreasing due to lack of inventory and new listings.
The average sale price of Indian Trail area homes increased by 8.9% to just over $249,000 as compared with the same period one year ago.
Average days on market for property listings dropped by 6 days to 44 days from 50 days just one year ago--a 12% improvement over the same period last year. Median days on market also dropped by 33.3% to 14 days in May 2017.
Average price per square foot increased by 8.1% to $107/square foot in May 2017 versus the same period in 2016. Pending sales decreased 2.9% in May versus the same month last year, while May closed sales increased 2.1%. No doubt that the lack of inventory contributed to the decrease in pending sales in May 2017 as well as the relatively low increase in closed sales during May.
During May 2017, the number of showings until pending contract per listing averaged 16 showings (down 15.8% versus May 2016) and the number of showings per listing averaged 6 showings Given the reduced number of available homes for sale, it's not surprising that those homes listed get less "foot traffic" prior to going under contract as homes are selling so much more quickly.
The median percent of original list price that sellers received for their homes was up 0.7% compared with last year at 98.4%, showing minimal negotiating room for Indian Trail/Stallings area homes.
New listings decreased 6.3% versus May 2016 adding additional strain to a high demand market hungry for more inventory. Indian Trail area's months supply of homes stood at 2.4 months overall (down 14.3% versus May 2016).
Without doubt, it continues to be very much a seller's market in the 28079 zip code and a very competitive environment for home buyers in the Indian Trail area. The underlying issue to maintaining the pace of 2016 and the first five months of 2017 throughout the rest of this year, will be to have homes to sell (and 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 Housing Market Update - May 2017
SEARCH ALL INDIAN TRAIL, NORTH CAROLINA HOMES HERE
WONDERING WHAT YOUR INDIAN TRAIL/STALLINGS HOME IS WORTH?
PREVIOUS INDIAN TRAIL, NORTH CAROLINA HOUSING MARKET UPDATES:
Indian Trail Housing Market Update: April 2017
Indian Trail Housing Market Update: March 2017
Indian Trail Housing Market Update: February 2017
Indian Trail Housing Market Update: January 2017
Indian Trail Housing Market Update: December 2016
Indian Trail Housing Market Update: November 2016
Indian Trail Housing Market Update: October 2016
Indian Trail Housing Market Update: September 2016
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, your Charlotte metro area real estate experts and Indian Trail specialists.
If you are considering selling or purchasing a home in the Charlotte metro area, I would love an opportunity to earn your business, exceed your expectations, and to prove to you that:
"The Right Broker Makes All The Difference."
)
Comments(8)