Waxhaw | Weddington | Marvin Housing Market Update/Video: May 2018
May 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 year to-date with closed and pending sales up, days on market down, home prices increasing. New construction sales remain a driving force in the Waxhaw area market, while resale inventory struggles.
The average sale price of Waxhaw area homes was up 0.7% to just under $442,000 in May 2018 versus the same period one year ago.
Average days on market for property listings dropped by 2 days to 64 days, a 3.0% improvement over the same period last year. Median days on market were 27.
Average price per square foot was $133/square foot in May 2018.
Closed sales in Waxhaw/Weddington/Marvin areas increased 4.2% in May 2018 as compared with May 2017. Closed sales of new construction were up 1.6% versus a 4.6% increase in resale homes in May 2018 compared with May 2017. Pending sales were up 7.8% versus May 2017 with new construction pending sales up 8.1% and resale pending sales up 7.4%. New construction remains a driving force in Waxhaw area home sales.
The median percent of original list price that sellers received for their homes was 98.7%, 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 4.5% versus May 2017. Factoring out new construction, the month's supply of homes is only 3.3 months versus May 2017 and new listings of resale homes were down 0.8%.
Average sale prices for new construction were $475,330. in May 2018. The average sale price of a new construction home was about $21,602 higher than that of a resale home in May 2018. Average price of a resale home was up 5.6% in May 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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