March 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 and in the first two months of 2018 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 4.0% to just under $258,000 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 15.9% improvement over the same period last year. Median days on market also dropped by 21.4% to 11 days in March 2018.
Average price per square foot increased by 5.7% to $112/square foot in March 2018 versus the same period in 2017. Pending sales decreased 5.9% in March versus the same month last year, while March closed sales decreased by 16.1%. This is the third month in a row with closed sales down by double digits. No doubt the lack of inventory, which was only 2.4 months, contributed to the decrease in pending and closed sales in March 2018.
During March 2018, the number of showings until pending contract per listing averaged 16 showings (down 11.1% versus March 2017) and the number of showings per listing averaged 7.8 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 98.5%, showing minimal negotiating room for Indian Trail/Stallings area homes.
New listings decreased 8.2% versus March 2017 adding additional strain to a high demand market hungry for more inventory. Indian Trail area's months supply of homes stood at 2.4 months (down 4.0% versus March 2017). Overall, housing inventory was down 10.1% in March 2018 compared with the same month one year ago.
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 height of our spring selling season.
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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 residential real estate consultants.experts and Indian Trail experts.
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