Latest news on the Waxhaw | Weddington | Marvin, NC real estate markets in April 2022...
What you need to know...
What it means for you...
While we've heard lots of talk about housing markets showing signs of slowing down and inventory gradually increasing in April to benefit home buyers, we saw NO SLOWDOWN in Charlotte's Waxhaw area where average days on market continued to drop, home prices continued to increase, inventory continued to decrease. Home sellers continued to received a substantial amount over asking price in final sale price.
The Waxhaw area of the Charlotte, North Carolina metro area (the 28173 zip code–encompassing the three towns of Waxhaw, Marvin and Weddington) saw continued significant declines in inventory, declines in pending and closed sales, declines in new listings, declines in days on market in April 2022 versus April 2021. The only thing that increased were home prices, which increased 36.7% year-over-year, on average. Lack of inventory is clearly impacting sales volume and home prices in the 28173 zip code.
Waxhaw Area Housing Market Highlights
April 2022 Versus April 2021
Average days on market decreased 12 days (down 42.9%) to 16 days year-over-year from 28 days one year ago. Average days on market were down 28 days compared with April 2020. Average days on market were also down 14 days month-over-month. Median days on market were 3 days in April, down one day year-over-year and down five days from two years ago in April.
Continued tight inventory and a months supply of homes of 0.7 months (a 0.3 month's drop from 1.0 months one year ago and a 2.8 month's drop from 3.5 months in April 2020), kept the Waxhaw area a home seller’s market in April 2022. New construction inventory, down 63% year-over-year, and long a staple of Waxhaw's housing market, was at some of its lowest levels in 15+ years, contributing to the lack of inventory and low months supply of homes in April 2022.
With home sellers receiving a median 104.3% of list price in final sale price (up 2.98% year-over-year and month-over-month), there was virtually no room for home buyers to negotiate in April 2022.
One indicator of demand for homes is the number of showings per listed property. In April 2022, the average Waxhaw area home had 18.3 showings. It's a case of more buyers chasing fewer listings.
Home sale prices increased 36.7%, on average, in April 2022 compared with the same month one year ago. The average sale price was $719,068. Month-over-month, home prices increased about $45,000, on average. The median home sale price was $619,000, up 45.6% year-over-year. Month-over-month, median home prices increased about $79,000. Price per square foot increased 25.7% to $215/square foot in April 2022 versus the same month one year ago, setting a new record for price per square foot in the Waxhaw area for a third consecutive month.
Closed sales decreased 18.9% while pending sales decreased 17.8% in April 2022 compared with the same month one year ago. The decrease in closed and pending sales can be attributed to lack of inventory (down 47.6%) and fewer new listings, which dropped 20.6% compared with April 2021.
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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?
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Waxhaw is ranked as the 12th best suburb to live in in Charlotte metro area and the 24th best suburb in North Carolina?
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This Charlotte, North Carolina real estate monthly update for Waxhaw, Weddington, Marvin is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, Greater Charlotte 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 Greater Charlotte area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how:
"The Right Broker Makes All The Difference."
Read the original post at www.GreatHomesInCharlotte.com
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