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Did COVID Impact Waxhaw | Weddington | Marvin Home Sales In May 2020?

By Nina Hollander, Broker

Real Estate Agent with Coldwell Banker Realty 179530

June 15, 2020 05:49 AM

Waxhaw | Weddington | Marvin (28173 Zip Code)

Real Estate Report/Housing Market Snapshot: May 2020

Latest news on how Covid-19 impacted the Waxhaw area real estate market in May 2020 and what it means for you...

The Waxhaw area of the Charlotte, North Carolina metro area (28173 zip code–encompassing the three towns of Waxhaw, Marvin and Weddington) continued to see tight inventory (dropping 30.5% year-over-year). COVID-19 restrictions impacted inventory, closed sales, new listings -- all of which were down significantly in May. With less inventory, home sale prices increased, days on market decreased, and the percent of asking price that home sellers remained high. Pending sales increased slightly.

New listings decreased 12.8% year-over-year in May. No doubt a significant part of this decrease in May stemmed from COVID-19 stay-at-home restrictions which were in full force in North Carolina in May.

Average days on market decreased 24 days to 39 days year-over-year and decreased 4 days month-over-month. Median days on market were 10 days in May, down 8 days year-over-year.

Continued tight inventory and a months supply of homes of 3 months (a 1.4 month's drop from 4.4 months one year ago), kept the Waxhaw area a seller’s market. Resale inventory dropped 35.1% to just 2.2 months from 3.4 months one year ago; new construction inventory dropped 37.9% in May to 1.9 months of inventory from 2.9 months one year ago.

With home sellers receiving 98.9% of list price, there was minimal room for home buyers to negotiate in May 2020 for homes in the Waxhaw, Weddington, and Marvin areas.

Home sale prices (median [$417,500] and average [$496,164]) in May increased 15.1% on average and 8.4% for median home prices year-over-year. Price per square foot increased 9.5% to $150/square foot (up $13/square foot) in May versus the same month one year ago.

Home showings increased substantially in May 2020 compared with the prior month of April with 2,636 showings in May versus 1,057 showings in April. May 2020 showings just about caught up with May 2019 showings (2,790).

Closed sales decreased 34.9% and pending sales increased 3.5% in May 2020 compared with the same month one year ago. It's not unreasonable to assume this was due to COVID-19 restrictions on real estate activities and stay-at-home orders coupled with lack of inventory.

Want to know what this would mean for your family if you decide to buy or sell a Waxhaw area home?

We can help.

Call us today at 704-779-0813 or contact us here.

There’s absolutely NO OBLIGATION. A consultation with Carolinas Realty Partners is FREE.

MORE INFORMATION ABOUT THE WAXHAW HOUSING MARKET'S PERFORMANCE IN MAY 2020

MORE INFOMATION ABOUT THE WEDDINGTON HOUSING MARKET'S PERFORMANCE IN MAY 2020

MORE INFORMATION ABOUT THE MARVIN HOUSING MARKET'S PERFORMANCE IN MAY 2020

Waxhaw Area Housing Market Highlights:

May 2020 versus May 2019

FIND OUT MORE ABOUT THE WAXHAW | WEDDINGTON | MARVIN AREAS AND WHY PEOPLE LOVE LIVING THERE

Did You Know...

Weddington is ranked as the 4th best suburb to live in in Charlotte metro area and the 10th best suburb in North Carolina?

Marvin is ranked as the 8th best suburb to live in in Charlotte metro area and the 16th best suburb in North Carolina?

Waxaw is ranked as the 12th best suburb to live in in Charlotte metro area and the 24th best suburb in North Carolina?

... So why not check out...

THE 13 HOTTEST SELLING NEIGHBORHOODS IN THE WAXHAW AREA

SEARCH ALL WAXHAW | WEDDINGTON | MARVIN AREA HOMES

FREE Home Buyer Guide: “Things To Consider When Buying A Home,”

WONDERING WHAT YOUR WAXHAW AREA HOME IS WORTH?

FREE Home Seller Guide: “Things To Consider When Selling Your House,”

THINKING OF SELLING YOUR HOME? CHECK OUT THE COLDWELL BANKER MARKETING ADVANTAGE

Median Home Price Trends In Waxhaw | Weddington | Marvin

This Charlotte, North Carolina monthly real estate update for Waxhaw, Weddington, Marvin is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, your Charlotte metro area residential real experts and Waxhaw/Weddington/Marvin area specialists. We've been opening doors for Waxhaw area home buyers and sellers for 20+ years.

If you're considering selling or purchasing a home in the Waxhaw area or anywhere in the Charlotte metro area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you how:

"The Right Broker Makes All The Difference."

Previous Waxhaw |Weddington |Marvin Housing Market Updates:

Waxhaw/Weddington/Marvin Housing Market Update: April 2020

Waxhaw/Weddington/Marvin Housing Market Update: March 2020

Waxhaw/Weddington/Marvin Housing Market Update: February 2020

Waxhaw/Weddington/Marvin Housing Market Update: January 2020

Waxhaw/Weddington/Marvin Housing Market Update: December 2019

Waxhaw/Weddington/Marvin Housing Market Update: November 2019

Waxhaw/Weddington/Marvin Housing Market Update: October 2019

Waxhaw/Weddington/Marvin Housing Market Update: September 2019

Waxhaw/Weddington/Marvin Housing Market Update: August 2019

Waxhaw/Weddington/Marvin Housing Market Update: July 2019

Waxhaw/Weddington/Marvin Housing Market Update: June 2019

Waxhaw/Weddington/Marvin Housing Market Update: May 2019

Original blog post can be read at: https://www.GreatHomesInCharlotte.com

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Comments(28)

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Brian England

Ambrose Realty Management LLC - Gilbert, AZ

MBA, GRI, REALTOR® Real Estate in East Valley AZ

When anyone wants to know what is going on in Waxhaw, they can trust that you will shoot them straight.

Jun 15, 2020 07:20 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Brian England good mornimg, Brian... you got that right! No reason to be anything but straight with people.

Jun 15, 2020 07:27 AM

Roy Kelley

Retired - Gaithersburg, MD

Thank you very much, Nina, for sharing your outstanding local real estate reports.

Jun 15, 2020 08:03 AM

Ron and Alexandra Seigel

Napa Consultants - Carpinteria, CA

Luxury Real Estate Branding, Marketing & Strategy

Nina,

It seems to me that regardless of the recent circumstances, people are reluctant to list their homes or unwilling to move...And this was happening before this latest health issue. Wishing you an outstanding week. A

Jun 15, 2020 08:41 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Ron and Alexandra Seigel hi Alexandra... people were reluctant to list before the pandemic for fear of not finding a new home to buy. Now that fear is on steroids!

Jun 15, 2020 09:02 AM

Patricia Feager, MBA, CRS, GRI,MRP

DFW FINE PROPERTIES - Flower Mound, TX

Selling Homes Changing Lives

Nina Hollander - your thorough research into the inventory in your area is worth paying attention to for so many obvious reasons to me. I know you will guide buyers and sellers and give them great information they wouldn't know if they hired someone else.

All the best to you!

Jun 15, 2020 09:03 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Roy Kelley thank you, Roy, and thank you for stopping by today. Wishing you a great afternoon.

Jun 15, 2020 09:03 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Patricia Feager, MBA, CRS, GRI,MRP hi Patricia... I'm from the school of thought that if you are going to do market reports, they need to have meat! Wishing you a good week to come.

Jun 15, 2020 09:04 AM

Sheri Sperry - MCNE®

Coldwell Banker Realty - Sedona, AZ

(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Nina Hollander - I like the way you include the rankings...nice touch!

Jun 15, 2020 10:04 AM

Kathy Streib

Cypress, TX

Home Stager/Redesign

Hi Nina- you certainly know the housing market in Waxhaw, Weddington, and Marvin! Any buyer or seller should contact you.

Jun 15, 2020 10:17 AM

Nick Vandekar, 610-203-4543

Realty ONE Group Advocates 484-237-2055 - Downingtown, PA

Selling the Main Line & Chester County

What seems amazing is how robust the housing market remains. Even with the pandemic, the low interest rates seem to be motivating buyers to purchase homes.

Jun 15, 2020 11:33 AM

Paul S. Henderson, REALTOR®, CRS

Fathom Realty Washington LLC - Tacoma, WA

South Puget Sound Washington Agent/Broker!

And now the national news says you are being hit with another wave; say it's not so...

Happy Monday evening Nina Hollander

Jun 15, 2020 09:40 PM

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Nina, you sure did show COVID did impact sales in the Waxhaw/Weddington and Marvin areas, but back on it again this month!

Jun 16, 2020 08:23 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Sheri Sperry - MCNE® hi Sheri... those rankings are huge "sellers" for these towns so I use them in my marketing material.

Jun 16, 2020 10:10 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Kathy Streib hi Kathy... I've been selling in the Waxhaw area since before many agents knew how to spell the name or find it on the map. I love selling these towns.

Jun 16, 2020 10:10 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Nick Vandekar, 610-203-4543 hi Nick... we had pent up demand before the pandemic... now it's only magnified.

Jun 16, 2020 10:11 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Paul S. Henderson, REALTOR®, CRS hi Paul... I have no idea what's happening with the virus... I don't trust any of the news reporting. I just put one foot in front of the other each day and do what needs doing.

Jun 16, 2020 10:12 AM

Nina Hollander, Broker

Coldwell Banker Realty - Charlotte, NC

Your Greater Charlotte Realtor

Joan Cox hi Joan... showings are back to fairly normal levels but there's so little inventory it's like a free for all out there.

Jun 16, 2020 10:13 AM

Jeff Dowler, CRS

eXp Realty of California, Inc. - Carlsbad, CA

The Southern California Relocation Dude

Hi Nina:

There is a wealth of information here and clearly the pandemic has been having an impact. Now to sort out what this means for buying and selling decisions buyers and sellers need to get in touch!

Jeff

Jun 17, 2020 08:07 AM