March 2015 showed a continued solid performance for home sales in the Ballantyne area of Charlotte (28277 zip code). The average sale price of Ballantyne area homes increased by 3.4% to just under $318,000 as compared with the same period one year ago.
Meanwhile, median days on market for property listings dropped to 27 days from 46 days just one year ago--a 41.3% improvement over the same period last year. Average price per square foot also increased by 3.5% to $118/square foot in March 2015 versus the same period in 2014. Pending sales were up 5.5% in March versus the same period last year. Clearly, Ballantyne area homes are selling, selling faster, selling for more money.
The median percent of original list price that sellers received for their homes was essentially flat compared with last year, but at 97%, it shows how little negotiating room there is in the 28277 zip code on Ballantyne area homes.
New listings increased by 3.3% versus March 2014. While this is by no means a "flood" of new inventory, every little bit helps as we begin our spring selling season in earnest. The Ballantyne area's months supply of homes remains under 3 months overall and at just 1.6 months for foreclosure homes--a true seller's market in the 28277 zip code and very competitive.
Ballantyne Area Local Market Update - March 2015
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