November 2014 showed a solid performance for home sales in the Waxhaw area of the Charlotte metro area (28173 zip code--encompassing Waxhaw, Weddington, Marvin). The average sale price of Waxhaw area homes increased by 5.2% to just under $369,000, while days on market for property listings dropped to 83 days, a 17% improvement over the same period last year. Price per square foot also increased by 4.8% to $110/square foot during November versus the same period in 2013. There is quite a bit of new construction happening in Waxhaw and it's worth pointing out that new construction homes sold in November 2014 at an average price of just over $414,000 (a 21% increase over the same period last year).
Closed sales in Waxhaw increased in November 2014 by 9.3%, while pending sales increased by 4.4% (augering a good sales month for December 2014).
The average percent of original list price that sellers received for their homes was flat compared with last year, but at a 95.5% figure, it shows how little negotiating room there is on Waxhaw area homes.
The Waxhaw area's months supply of homes stands at 6 months--indicating a balanced market for buyers and sellers, but it is worth pointing out that the spate of new construction may be increasing the month's supply of homes (new construction listings were up over 7% in November). Months supply of resale homes is 5 months in Waxhaw.
Waxhaw Area Local Market Update - November 2014