February 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)--continued 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 was just over $437,000.
Average days on market for property listings dropped by 3 days to 63 days, a 4.5% improvement over the same period last year. Median days on market were 29.
Average price per square foot increased by 1.6% to $129/square foot during February 2018 versus February 2017.
Closed sales in Waxhaw/Weddington/Marvin areas increased 4.4% in February 2018 as compared with February 2017. Closed sales of new construction were essentially flat versus a 5.7% increase in resale homes in February 2018 compared with February 2017. Pending sales were up 12.3% versus February 2017 with new construction pending sales up 17.4% and resale pending sales up 9.3%. 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 96.1%, 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 5.8% to 4.9 months with new listings up 5.2% versus February 2017. Factoring out new construction, the month's supply of homes is only 3.5 months versus February 2017.
Average sale prices for new construction were just under $485,000 in February 2018. The average sale price of a new construction home was about $41,000 higher than that of a resale home in February 2018. Average price of a resale home was up 2.5% in February 2018 as compared with one year ago.
Waxhaw/Weddington/Marvin Area Local Market Update - February 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 residential real experts and Waxhaw area specialists.
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