September 2017 home sales in the Ballantyne area of Charlotte, North Carolina (28277 zip code) continued the trends we've seen all year as we close out the third quarter with home prices up, inventory tight, pending and closed sales up.
The average sale price of Ballantyne area homes increased by 4.1% to just under $360,000 as compared with the same period one year ago. (Median sale price in September 2017 was also up 8.0% versus one year ago.)
Average days on market for property listings dropped to 31 days from 33 days one year ago--a 6.1% improvement over the same period last year. Median days on market also dropped by 30.8% to 9 days in September 2017.
Average price per square foot increased by 5.3% to $139/square foot in September 2017 versus the same period in 2016. Pending sales were up 1.7% in September versus the same month last year, September 2017 closed sales were up 2.5%. It's not unreasonable to assume that both pending and closed sales would have been higher if there had been more inventory in September.
The number of showings per listing and the number of showings until pending contract per listing also dropped. During September 2017, listed homes averaged 9.9 showings (down 4.8% versus September 2016) and 22 showings until pending contract (down 8.3% versus the same time period one year ago). Given the tight inventory of available homes for sale, it's not surprising that listed homes get considerable "foot traffic" prior to going under contract, while showings until pending contracts decrease as homes sell 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 how little negotiating room there is in the 28277 zip code for Ballantyne area homes.
New listings increased an anemic 2.1% versus September 2016, 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 1.8 months (down 10.0% versus September 2016).
Without doubt, it continues to be a seller's market in the 28277 zip code and very competitive, with many homes selling within days of being listed for sale, and with little indication that this will change any time soon in 2017.
The strong housing market we saw in Ballantyne area throughout 2016 continued through the nine months to-date of 2017, as Ballantyne area homes continue to sell, sell faster, and sell for more money.
Ballantyne Area Local Market Update - September 2017
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Previous Ballantyne Area Housing Market Updates:
Ballantyne Housing Market Update: August 2017
Ballantyne Housting Market Update: July 2017
Ballantyne Housing Market Update: June 2017
Ballantyne Housing Market Update: May 2017
Ballantyne Housing Market Update: April 2017
Ballantyne Housing Market Update: March 2017
Ballantyne Housing Market Update: February 2017
Ballantyne Housing Market Update: January 2017
Ballantyne Housing Market Update: December 2016
Ballantyne Housing Market Update: November 2016
Ballantyne Housing Market Update: October 2016
Ballantyne Housing Market Update: September 2016
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 Ballantyne area neighbors and Charlotte metro area real estate consultants.
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."
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