February 2018 home sales in the Ballantyne area of Charlotte, North Carolina (28277 zip code) saw the same trends of January -- with home prices up, inventory tightening, pending and closed sales struggling to hold on due to the lack of inventory.
The average sale price of Ballantyne area homes increased by 5.7% to just under $369,000 as compared with the same period one year ago. (Median sale price in February 2018 was also up 10.1% versus one year ago.)
Average days on market for property listings remained somewhat flat and increased by one versus one year ago. Median days on market, however, dropped by 18.2% to 9 days in February 2018.
Average price per square foot increased by 6.0% to $142/square foot in February 2018 versus the same period in 2017. Pending sales were down 4.2% in February versus the same month last year. February 2018 closed sales were down 2.6%. It's not unreasonable to assume that both pending and closed sales would have been higher if there had been more inventory, which was down almost 5.3% in February 2018 versus the prior year.
The number of showings per listing and the number of showings until pending contract per listing also dropped. During February 2018, listed homes averaged 9.8 showings (down 6.7% versus February 2017) and 22 showings until pending contract (down 8.3% versus the same time period one year ago). Given the tight inventory of available homes for sale, it's not surprising that listed homes get less "foot traffic" prior to going under contract, while showings until pending contracts decrease as homes sell more quickly.
The median percent of original list price that sellers received for their homes was up 0.4% compared with last year at 98.4%, showing how little negotiating room there is in the 28277 zip code for Ballantyne area homes.
New listings decreased 3.2% versus February 2017, contributing to the strain of a high demand market starved of available inventory. The Ballantyne area's months supply of homes remains at below two months at 1.8 months (down 5.3% versus February 2017).
Without doubt, Ballantyne's housing market in 2018 continues as the prior year ended... as a seller's market in the 28277 zip code and very competitive, with many homes selling within days of being listed for sale.
The strong housing market we saw in Ballantyne area throughout 2016 and 2017 seems intent on continuing in 2018, as Ballantyne area homes continue to sell, sell faster, and sell for more money.
Ballantyne Area Local Market Update - February 2018
Previous Ballantyne Area Housing Market Updates:
This Charlotte, North Carolina real estate monthly update for Ballantyne is brought to you courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Ballantyne area neighbors and Charlotte metro area real estate consultants.
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