May 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 3.8% to just over $320,000 as compared with the same period one year ago.
Meanwhile, median days on market for property listings dropped to 22 days from 44 days just one year ago--a 50% improvement over the same period last year. Average days on market also dropped by 22% in May 2015.
Average price per square foot also increased by 4.4% to $119/square foot in May 2015 versus the same period in 2014. Pending sales were up 12.3% in May versus the same period last year.
The median percent of original list price that sellers received for their homes was essentially flat compared with last year, but at 97.1%, it shows how little negotiating room there is in the 28277 zip code on Ballantyne area homes.
Clearly, Ballantyne area homes are selling, selling faster, selling for more money.
New listings increased neglibly by 1.3% versus May 2014. Nonetheless, every little bit helps as we are still in the height of our spring selling season. 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 with many homes selling within a day or two of listing, often with multiple offers.
Ballantyne Area Local Market Update - May 2015
Previous Ballantyne Area Housing Market Updates: