March 2017 home sales in Indian Trail, North Carolina area (28079 zip code), which also includes the Towns of Stallings, Hemby, and Lake Park in Union County, continued the positive trends of the first two months of 2017 with sale prices increasing, days on market substantially decreasing, available inventory decreasing, and both pending and closed sales increasing.
The average sale price of Indian Trail area homes increased by 8.5% to just over $247,000 as compared with the same period one year ago.
Average days on market for property listings dropped by 9 days to 44 days from 53 days just one year ago--a 17.0% improvement over the same period last year. Median days on market also dropped by 44.0% to 14 days in March 2017.
Average price per square foot increased by 8.2% to $106/square foot in March 2017 versus the same period in 2016. Pending sales increased 3.1% in March versus the same month last year, while March closed sales increased 14.1%. No doubt that the lack of inventory contributed to the relatively low pending sale increase in March 2017.
During March 2017, the number of showings until pending contract per listing averaged 17 showings (flat versus March 2016) and the number of showings per listing averaged 6.1 showings (a 5.2% improvement versus the same time period one year ago). Given the reduced number of available homes for sale, it's not surprising that those homes listed get more " foot traffic" prior to going under contract.
The median percent of original list price that sellers received for their homes was up 1.2% compared with last year at 98.5%, showing minimal negotiating room for Indian Trail/Stallings area homes.
New listings decreased 0.9% versus March 2016 adding additional strain to a high demand market hungry for more inventory. Indian Trail area's months supply of homes stood at 2.4 months overall (down 17.2% versus March 2016).
Without doubt, it continues to be very much a seller's market in the 28079 zip code and a very competitive environment for home buyers in the Indian Trail area. The underlying issue to maintaining the pace of 2016 and the first quarter of 2017 throughout the rest of this year, will be to have homes to sell (and it's reasonable to assume homes will continue to sell for more and sell more quickly without an increase in inventory).
Indian Trail/Stallings Local Housing Market Update - March 2017
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PREVIOUS INDIAN TRAIL, NORTH CAROLINA HOUSING MARKET UPDATES:
Indian Trail Housing Market Update: February 2017
Indian Trail Housing Market Update: January 2017
Indian Trail Housing Market Update: December 2016
Indian Trail Housing Market Update: November 2016
Indian Trail Housing Market Update: October 2016
Indian Trail Housing Market Update: September 2016
This Charlotte, North Carolina real estate monthly update for Indian Trail and Stallings, NC in the 28079 zip code is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area real estate consultants and Indian Trail area specialists.
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