November 2014 showed a solid performance for home sales in the Ballantyne area of Charlotte (28277 zip code). The average sale price of Ballantyne area homes increased by 3.9% to just under $315,000, while days on market for property listings dropped to 52 days, a 24+% improvement over the same period last year. Price per square foot also increased by 4.5% to $117/square foot during November versus the same period in 2013.
The average percent of original list price that sellers received for their homes was flat compared with last year, but at a 96.5% figure, it shows how little negotiating room there is on Ballantyne area homes.
New listings dropped slightly by 1.5% in November 2014 and the lack of inventory may just explain the 4.5% drop in closed sales and the drop in pending sales of 6.9% during November. The Ballantyne area's months supply of homes is under 3 months--a true seller's market in the 28277 zip code.
Ballantyne Area Local Market Update - November 2014