November 2017 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 year-to-date with home prices up, closed and pending sales up, and days on market down. New construction sales remain a driving force in the Waxhaw area market.
The average sale price of Waxhaw area homes increased in November 2017 by 2.4% to just over $440,000 versus November 2016.
Average days on market for property listings dropped by 2 days to 65 days, a 3.0% improvement over the same period last year. Median days on market also dropped 1 day to 27, a 3.6% improvement in November 2017.
Average price per square foot increased by 1.6% to $128/square foot during November 2017 versus November 2016.
Closed sales in Waxhaw/Weddington/Marvin areas increased 5.8% in November 2017 as compared with November 2016. Closed sales of new construction continued to increase at a high rate -- 17.5% versus a 2.3% increase in resale homes in November 2017 compared with November 2016. Pending sales were up 9.1% versus November 2016 with a 16.5% increase in new construction pending sales versus a 6.3% increase in pending sales of resale homes. Clearly, new construction remains 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 relatively little negotiating room for Waxhaw area homes for a third year in a row.
The Waxhaw area's months supply of homes was down 5.7% to 5 months with new listings up 7.5% versus November 2016. Factoring out new construction, the month's supply of homes is only 3.6 months, essentially flat versus November 2016.
Average sale prices for new construction were just over $486,000 in November 2017. The average sale price of a new construction home was about $41,302 higher than that of a resale home in November 2017. Average price of a resale home was up 4.6% in November 2017 as compared with one year ago.... a testament to the shortage of resale homes for sale.
Waxhaw/Weddington/Marvin Area Local Market Update -
You might also want to check out 10 of the hottest selling neighborhoods to watch in Union County in 2017.
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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, your Charlotte metro area real estate consultants and Waxhaw area specialists.
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