January 2018 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)--began the new year on a strong note with closed and pending sales up, and days on market down. New construction sales remain a driving force in the Waxhaw area market.
The average sale price of Waxhaw area homes remained flat in January 2018 at just under $439,000 versus January 2017.
Average days on market for property listings dropped by 3 days to 64 days, a 4.5% improvement over the same period last year.
Average price per square foot increased by 0.8% to $128/square foot during January 2018 versus January 2017.
Closed sales in Waxhaw/Weddington/Marvin areas increased 6.1% in January 2018 as compared with January 2017. Closed sales of new construction increased by 6.3% versus a 6.1% increase in resale homes in January 2018 compared with January 2017. Pending sales were up 8.9% versus January 2017 compared with resale homes at 6.4%. 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 96.2%, showing relatively little negotiating room for Waxhaw area homes for a third year in a row.
The Waxhaw area's months supply of homes was down 3.8% to 5 months with new listings up 4.4% versus January 2017. Factoring out new construction, the month's supply of homes is only 3.6 months, up 2.9% versus January 2017.
Average sale prices for new construction were just under $483,000 in January 2018. The average sale price of a new construction home was about $37,978 higher than that of a resale home in January 2018. Average price of a resale home was up 3.1% in January 2018 as compared with one year ago.... a testament to the shortage of resale homes for sale. By the same token, with more inventory available, in general, home prices remained flat in January 2018.
Waxhaw/Weddington/Marvin Area Local Market Update - January 2018
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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 and Waxhaw area specialists.
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