February 2017 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 saw as the year began with home prices up, closed and pending sales up by double digits, and days on market down.
The average sale price of Waxhaw area homes increased in February 2017 by 9.1% to just under $440,000 versus February 2016. Average sale prices were also up versus January 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 10 days to 27, a 27.0% improvement in February 2017.
Average price per square foot increased by 6.7% to $127/square foot during February 2017 versus February 2016.
Closed sales in Waxhaw/Weddington/Marvin areas increased double digits by 15.5% in February 2017 as compared with February 2016. Pending sales were up 7.7% versus February 2016 with a 27.4% increase in new construction pending sales versus a 7.6% increase in pending sales of resale homes. Clearly, new construction remains very much a driving force in Waxhaw area home sales.
The average percent of original list price that sellers received for their homes was 96.8%, showing little negotiating room for Waxhaw area homes for a third year in a row.
The Waxhaw area's months supply of homes was down 13.8% to 5 months with new listings up 6.2% versus February 2016. If you factor out new construction, the month's supply of homes is only 3.4 months, down 17.1% versus February 2016. It's also worth pointing out that new listings of resale homes were up less than 1%, so virtually all the new inventory is new construction (up 25.4% over the prior year), where average sale prices were just under $508,000 in February 2017. The average sale price of a new construction home was about $73,634 higher than than of a resale home in February 2017.
Waxhaw/Weddington/Marvin Area Local Market Update -
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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, your Charlotte metro area real estate consultants.
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