What Happened In Charlotte Area's Waxhaw Housing Market In Dec 2016

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Real Estate Agent with RE/MAX Executive | Charlotte, NC

Waxhaw, North CarolinaDecember 2016 home sales in the Waxhaw area of the Charlotte, North Carolina  metro area (the 28173 zip code--encompassing the three towns of Waxhaw, Marvin and Weddington)--continued on the strong path we've seen all year long with both closed and pending sales up by double digits in December 2016, closing the year out on a high note.

 

The average sale price of Waxhaw area homes increased in December 2016 by 8.1% to just under $434,000 versus December 2015. Average sale price was also up versus November 2016.

 

Average days on market for property listings dropped by 5 days to 67 days, a 6.9% improvement over the same period last year.  Median days on market also dropped 9 days to 27, a 28.9% improvement in December 2016.

 

Average price per square foot increased by 7.6% to $127/square foot during December 2016 versus December 2015.

 

Closed sales in Waxhaw/Weddington/Marvin areas increased double digits by 16.0% in December 2016 as compared with December 2015.  Pending sales were up 17.9% versus December 2015 with a huge 83.0% increase in new construction pending sales versus a 2.3% increase in pending sales of resale homes. Clearly, new construction is very much a driving force in Waxhaw area home sales.

 

The average percent of original list price that sellers received for their homes was 96.2%, showing little negotiating room for Waxhaw area homes for a second year in a row.

 

The Waxhaw area's months supply of homes was down 12.1% to 5.1 months with new listings  up 12.6% versus December 2015. If you factor out new construction, the month's supply of homes is only 3.4 months, down 19.0% versus December 2015. It's also worth pointing out that new listings of resale homes were down 1.4%, so virtually all the new inventory is new construction (up 68.0% over the prior year), where average sale prices were just over $513,000 in December 2016. The average sale price of a new construction home was about $85,625 higher than than of a resale home in December 2016. December 2016 new construction homes sold at $5,258 higher than just the previous month.

 

Waxhaw/Weddington/Marvin Area Local Market Update -

December 2016

 

 

 

 

 

 

 

 

 

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Previous Waxhaw/Weddington/Marvin Area Housing Market Updates:

 

This Charlotte, North Carolina real estate monthly update for Waxhaw, Weddington, Marvin is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive Realty, your Charlotte metro area real estate consultants. 

 

If you are considering selling or purchasing a home in the Charlotte metro area, I would love an opportunity to earn your business, exceed your expectations, and to prove to you that:

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Dreaming of a different neighborhood in Waxhaw? Get neighborhood reports here

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Nina Hollander, Broker, Realtor / REMAX / Carolinas Realty Partners / Ph: 704.779.0813 / F: 704.341.3346 / E: Nina@NinaHollander.com / W: www.GreatHomesInCharlotte.com

Nina Hollander
Broker, Realtor, MBA, CRS, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with RE/MAX Executive
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From Charlotte/Ballantyne/Waxhaw/Fort Mill
Search For All Charlotte Area Homes: www.GreatHomesInCharlotte.com 

2007 - 2017 Charlotte Magazine 5-Star Customer Satisfaction Award Winner

 

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

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Rainmaker
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Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

Another great market report, Nina. sounds like a hot, hot, hot market.   I also like the links to previous reports.

Jan 02, 2017 01:56 PM #1
Rainmaker
2,447,744
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Carol Williams ~ thanks, Carol. I figure I just keep linking them back to my site so they "can't escape."

Jan 02, 2017 01:58 PM #2
Rainmaker
2,017,361
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

What a comprehensive market report on Waxhaw and other communites near Charlotte, North Carolina. Everything seems to be going up and up. One thing I've noticed with reduced inventory is the rising prices make up for the loss of sales income wise, too.

Jan 02, 2017 02:00 PM #3
Rainmaker
2,447,744
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents ~ that's true up to a point, Elizabeth... but in a region where the median price of a home is still only about $220,000, agents are struggling to get sales because many of the buyers just don't go to that half million price point.

Jan 02, 2017 02:07 PM #4
Rainmaker
438,146
Alexander- Slocum
Premiere Property Group, LLC - Vancouver Washington - Vancouver, WA
Realty Team- Vancouver WA Real Estate

Great report Nina - and your most recent comment as well.  In our Vancouver WA market the average sales price went above $300k; with most now-home buyers wanting to be below $220k.  Your 5.1 months of supply also looks much better than our 1.3 months.   Best of success in 2017!  John and Kat

Jan 02, 2017 02:56 PM #5
Ambassador
3,492,246
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nina I hope the market in your area continues to be as strong in 2017 as it was in 2016

Jan 02, 2017 04:14 PM #6
Ambassador
3,728,211
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

You still have a vibrant market and inventory and days on the market are shrinking.

Jan 02, 2017 08:20 PM #7
Rainmaker
2,863,301
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

Consumers are going to like reading all the positive stats for this area!

Jan 03, 2017 03:14 AM #8
Rainmaker
2,447,744
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 ~ good morning, Sheila and Larry... almost didn't recognize you with the new photo! 

Jan 03, 2017 03:50 AM #9
Rainmaker
2,447,744
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Debbie Reynolds ~ hi Debbie... indications were that nationally pending sales dropped in December... not yet seeing that in Charlotte area. We'll see what happens in January...

Jan 03, 2017 03:51 AM #10
Rainmaker
2,447,744
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

George Souto ~ good morning, George...here's hoping and fingers and toes all crossed for a good market.

Jan 03, 2017 03:51 AM #11
Rainmaker
2,447,744
Nina Hollander
RE/MAX Executive | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Alexander- Slocum ~ good morning, John and Kat... this 5.1 months of inventory is only in this one section of our market where there's a lot of new construction... much of the rest of our market is just under 2 months these days... which is really affecting sales.

Jan 03, 2017 03:53 AM #12
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Rainmaker
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