Ballantyne, NC (28277 Zip Code) Housing Market Update/Video - May 2018

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Real Estate Agent with Coldwell Banker Residential Brokerage | Charlotte, NC

 

Ballantyne May 2018 Housing Market Update/Video

 

May 2018 home sales in the Ballantyne area of Charlotte, North Carolina (28277 zip code) saw the same trends we've seen year-to-date with home prices up, inventory tightening, pending and closed sales diminishing due to the lack of inventory.

 

 

 

 

The average sale price of Ballantyne area homes increased by 2.1% to just over $367,000 as compared with the same period one year ago. (Median sale price in May was also up 6.3% versus one year ago.)

 

Average days on market for property listings were flat at 31 days versus one year ago. Median days on market, however, dropped by 10.0% to 9 days in May 2018.  

 

Average price per square foot increased by 5.1% to $144/square foot in May 2018 versus the same period in 2017. Pending sales were down 6.1% in May versus the same month last year. May 2018 closed sales  were down 6.7%. 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 13.2% in May 2018 versus the prior year. 

 

The number of showings per listing and the number of showings until pending contract per listing also dropped. During May 2018, listed homes averaged 9.7 showings (down 7.6% versus May 2017) and 21 showings until pending contract (down 8.7% 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 98.4%, showing little negotiating room in the 28277 zip code for Ballantyne area homes.

New listings decreased 3.1% versus May 2017, contributing to the strain of a high demand market starved of available inventory. The Ballantyne area's months supply of homes was 3.5 months (2.1 months lower than in May 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've seen in the Ballantyne area throughout 2016 and 2017 continues in 2018, as Ballantyne area homes continue to sell, sell faster, and sell for more money. 

 

  

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WONDERING WHAT YOUR BALLANTYNE AREA HOME IS WORTH?

 

 

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Previous Ballantyne Area Housing Market Updates:

 

Ballantyne Housing Market Update: April 2018

Ballantyne Housing Market Update: March 2018

Ballantyne Housing Market Update: February 2018

Ballantyne Housing Market Update: January 2018

Ballantyne Housing Market Update: December 2017

Ballantyne Housing Market Update: November 2017 

Ballantyne Housing Market Update: October 2017

Ballantyne Housing Market Update: September 2017

Ballantyne Housing Market Update: August 2017

Ballantyne Housting Market Update: July 2017

Ballantyne Housing Market Update: June 2017

Ballantyne Housing Market Update: May 2017 

 

 

This Charlotte, North Carolina real estate monthly update for Ballantyne is brought to you by Nina Hollander and Carolinas Realty Partners, RE/MAX Executive,  your Ballantyne area specialists and neighbors and Charlotte metro area residential real estate experts.

 

If you are considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, exceed your expectations, and to prove to you that:

 "The Right Broker Makes All The Difference."

 

 

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SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

 

 

 

Nina Hollander

Broker, Realtor, MBA, CRS, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Residential Brokerage
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From Charlotte/Ballantyne/Waxhaw/Fort Mill
Search For All Charlotte Area Homes: www.GreatHomesInCharlotte.com 

2007 - 2018 Charlotte Magazine 5-Star Customer Satisfaction Award Winner

 

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

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Rainmaker
1,420,737
Bob "RealMan" Timm
Tivoli Custom Homes - Minot, ND
Bob Timm, Project Coordinator for Tivoli Homes

Homes selling fast and for more money, what more could you ask for Nina Hollander ... except a little more inventory.

Jun 05, 2018 07:39 AM #1
Rainmaker
2,716,097
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Bob "RealMan" Timm hi Bob... the fundamental problem is that closed sales are down for at least the third month in a row... that means there are clients (like some of mine) who have not been able to buy due to lack of inventory. I'd rather homes took more time to sell and that we had more inventory to get sales closed at this stage. For us it's like a crisis situation in terms of housing availability and affordability.

Jun 05, 2018 08:37 AM #2
Rainmaker
2,227,776
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Even though I like Indian Land, if I were to move to the Charlotte area, I would likely want to live within Ballantyne to be neighbors with you!

Jun 05, 2018 09:18 AM #3
Rainmaker
2,716,097
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Brian England ~ hi Brian... technically Indian Land is the neighboring area to Ballantyne. I can be over the state border and in Indian Land in about 5 minutes. But Ballantyne is a very nice place to live, I'll grant you that!

Jun 05, 2018 09:34 AM #4
Rainmaker
1,420,879
Yolanda Cordova-Gilbert
Richmond, TX

Nina,

 Definitely a sellers market though I do not think the price per square foot is bad, ours have really climbed up there! PS good video.

Jun 05, 2018 01:10 PM #5
Rainmaker
2,716,097
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Yolanda Cordova-Gilbert ~ hi Yolanda, thanks... for us this is a high per square foot price. (And also increasing.)

Jun 05, 2018 01:54 PM #6
Rainmaker
4,043,124
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

NINA,

What a comprehensive report on the Ballantyne market.  And I hope that the market corrects itself for you, sooner than later.  A

Jun 05, 2018 02:45 PM #7
Rainmaker
2,716,097
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Ron and Alexandra Seigel ~ hi Alexandra... I've givn up hoping for more inventory... been hoping for three years now!

Jun 05, 2018 02:47 PM #8
Rainmaker
2,323,310
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

That's valuable market data for home buyers and sellers in the Charlotte, North Carolina vicinity, Nina!

Jun 05, 2018 03:42 PM #9
Rainmaker
2,716,097
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Myrl Jeffcoat ~ hi Myrl... we've been in a very tough thinventory market for over three years now... very hard on home buyers.

Jun 05, 2018 03:45 PM #10
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Rainmaker
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