October 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 trends we've seen throughout the year with sale prices increasing, days on market decreasing, available inventory decreasing, closed and pending sales decreasing due to lack of inventory.
The average sale price of Indian Trail area homes increased by 5.0% to just under $255,000 as compared with the same period one year ago.
Average days on market for property listings dropped by 4 days to 40 days from 44 days just one year ago--an 9.1% improvement over the same period last year. Median days on market also dropped by 20.0% to 12 days in October 2017.
Average price per square foot increased by 6.8% to $110/square foot in October 2017 versus the same period in 2016. Pending sales decreased 6.1% in October versus the same month last year, while October closed sales decreased by 4.7%. No doubt the lack of inventory contributed to the decrease in pending and closed sales in October 2017.
During October 2017, the number of showings until pending contract per listing averaged 16 showings (down 15.8% versus October 2016) and the number of showings per listing averaged 8.0 showings (down 3.9% versus the same time frame 2017). Given the reduced number of available homes for sale, it's not surprising that those homes listed get less "foot traffic" prior to going under contract as homes are selling so much more quickly.
The median percent of original list price that sellers received for their homes was up 0.3% compared with last year at 98.5%, showing minimal negotiating room for Indian Trail/Stallings area homes.
New listings decreased 7.0% versus October 2016 adding additional strain to a high demand market hungry for more inventory. Indian Trail area's months supply of homes stood at 2.3 months (down 11.5% versus October 2016).
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 increasing sales and prices throughout the last two months of this year, will be to have homes (inventory) 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 - October 2017
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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.
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