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What Happened In The Indian Trail, NC Housing Market In May 2017?

 
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 ... more

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