November 2015 showed a very respectable performance for home sales in the Waxhaw area of the Charlotte metro area (the 28173 zip code--encompassing Waxhaw, Weddington, and Marvin). The average sale price of Waxhaw area homes increased by 9.0% to just over $401,000 versus November 2014.
Median days on market for property listings dropped by 15 days to 37 days, a 28.8% improvement over the same period last year.
Price per square foot also increased by 6.4% to $117/square foot during November 2015 versus November 2014.
Closed sales in Waxhaw/Weddington/Marvin areas decreased 10.5% in November 2015. Pending sales were also down versus November 2014 with 32 fewer homes going under contract.
With new listings down 5.3% on top of a 3.6% and 7% decrease in the two prior months, it's likely the lack of inventory contributed to the drop in November sales. Lots of buyers in the Waxhaw area looking for homes priced under $300,000 and they are proving hard to find (as evidenced by the continue increase of average sales prices to over $400,000). This, too, is likely to be causing a drop in sales as many buyers are not finding anything to buy.
The average percent of original list price that sellers received for their homes was 95.1%, showing minimal negotiating room on Waxhaw area homes for a second year in a row.
The Waxhaw area's months supply of homes was down 9.7% to 5.6 months with new listings down 5.3% versus November 2014, mirroring the overall metro Charlotte area's continued trend of a seller's market more than a buyer's market.
Waxhaw/Weddington/Marvin Area Local Market Update - November 2015
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Previous Waxhaw Area Housing Market Updates:
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October 2015: http://activerain.com/blogsview/4775576/what-happened-in-charlotte-area-s-waxhaw-housing-market
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September 2015: http://activerain.com/blogsview/4757319/what-happened-in-charlotte-area-s-waxhaw-housing-market-in-sept-2015-
- August 2015: http://activerain.com/blogsview/4738380/what-s-happening-in-charlotte-s-waxhaw-area-housing-market-august-2015
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July 2015: http://activerain.com/blogsview/4717107/july-2015-charlotte-housing-market-update-waxhaw-weddington-marvin
- June 2015: http://activerain.com/blogsview/4698877/june-2015-charlotte-housing-market-update-waxhaw-weddington-marvin
- April 2015: http://activerain.com/blogsview/4661764/april-2015-charlotte-housing-market-update-waxhaw-area
- March 2015: http://activerain.com/blogsview/4642388/march-2015-charlotte-housing-market-update-waxhaw-area
- February 2015: http://activerain.com/blogsview/4619808/february-2015-charlotte-housing-market-update-waxhaw-area
- January 2015: http://activerain.com/blogsview/4598840/january-2015-charlotte-housing-market-update---waxhaw-area
- December 2014: http://activerain.com/blogsview/4581457/december-2014-charlotte-housing-market-update---waxhaw-area
- November 2014: http://activerain.com/blogsview/4556811/november-2014-charlotte-housing-market-update---waxhaw-area
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