January 2018 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 saw throughout 2017 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 3.1% to just under $257,000 as compared with the same period one year ago.
Average days on market for property listings dropped by 9 days to 36 days from 45 days just one year ago--a 20.0% improvement over the same period last year. Median days on market also dropped by 33.3% to 10 days in January 2018.
Average price per square foot increased by 4.8% to $110/square foot in January 2018 versus the same period in 2017. Pending sales decreased 8.8% in January versus the same month last year, while January closed sales decreased by 11.8%. No doubt the lack of inventory, which was only 2.3 months, contributed to the decrease in pending and closed sales in January 2018.
During January 2018, the number of showings until pending contract per listing averaged 16 showings (down 11.1% versus January 2017) and the number of showings per listing averaged 8 showings. 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 98.6%, showing minimal negotiating room for Indian Trail/Stallings area homes.
New listings decreased 7.3% versus January 2017 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 8.0% versus January 2017).
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 new year.
Indian Trail/Stallings Local Housing Market Update - January 2018
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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 area specialists.
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