February 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 and new listings decreasing, causing a decrease in closed and pending sales.
The average sale price of Indian Trail area homes increased by 3.6% to just under $256,000 as compared with the same period one year ago.
Average days on market for property listings dropped by 7 days to 37 days from 44 days just one year ago--a 16.9% improvement over the same period last year. Median days on market also dropped by 26.7% to 11 days in February 2018.
Average price per square foot increased by 5.7% to $111/square foot in February 2018 versus the same period in 2017. Pending sales decreased 9.5% in February versus the same month last year, while February closed sales decreased by 13.5%. This is the second month in a row with closed sales down by double digits. No doubt the lack of inventory, which was only 2.3 months, contributed to the decrease in pending and closed sales in February 2018.
During February 2018, the number of showings until pending contract per listing averaged 16 showings (down 11.1% versus February 2017) and the number of showings per listing averaged 7.9 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 average percent of original list price that sellers received for their homes was up 0.4% compared with last year at 98.0%, showing minimal negotiating room for Indian Trail/Stallings area homes.
New listings decreased 7.3% versus February 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 February 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 - February 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 courtesy of Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area real estate consultants.
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