March 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 trends of the new year to-date on a strong note with closed and pending sales up, and average 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 $438,000.
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 28.
Average price per square foot increased by 0.8% to $122/square foot during March 2018 versus March 2017.
Closed sales in Waxhaw/Weddington/Marvin areas increased 3.7% in March 2018 as compared with March 2017. Closed sales of new construction were essentially flat versus a 4.1% increase in resale homes in March 2018 compared with March 2017. Pending sales were up 11.4% versus March 2017 with new construction pending sales up 11.8% and resale pending sales up 10.3%. New construction remains very much a driving force in Waxhaw area home sales.
The median percent of original list price that sellers received for their homes was 97.1%, 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 7.7% to 4.8 months with new listings up 3.4% versus March 2017. Factoring out new construction, the month's supply of homes is only 3.4 months versus March 2017.
Average sale prices for new construction were just under $485,000 in March 2018. The average sale price of a new construction home was about $36,500 higher than that of a resale home in March 2018. Average price of a resale home was up 3.0% in March 2018 as compared with one year ago.
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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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