November 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 the continuing lack of inventory.
The average sale price of Indian Trail area homes increased by 2.2% to just over $252,000 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 26.7% to 11 days in November 2017.
Average price per square foot increased by 5.8% to $110/square foot in November 2017 versus the same period in 2016. Pending sales decreased 8.2% in November versus the same month last year, while November closed sales decreased by 8.1%. No doubt the lack of inventory contributed to the decrease in pending and closed sales in November 2017.
During November 2017, the number of showings until pending contract per listing averaged 16 showings (down 15.8% versus November 2016) and the number of showings per listing averaged 7.9 showings (up 2.6% versus the same time frame 2016, giving credence to continue buyer demand for homes). Given the reduced number of available homes for sale, it's not surprising that homes for sale receive 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 10.8% versus November 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 November 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. And this would not appear poised for change as we enter the last month of 2017.
Indian Trail/Stallings Local Housing Market Update - November 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 by Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area residential real estate experts and Indian Trail specialists.
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