Indian Trail/28079 Zip Code Housing Market Update & Video: May 2018
May 2018 home sales in the Indian Trail, North Carolina area (28079 zip code), which also includes the Towns of Stallings, Hemby Bridge, and Lake Park in Union County, continued the trends we saw throughout 2017 and this year-to-date with sale prices increasing, days on market decreasing, available inventory and new listings decreasing, putting a strain on closed sales.
The average sale price of Indian Trail area homes increased by 5.3% to just over $263,000 as compared with the same period one year ago. Median home sale prices also increased by 6.3%.
Average days on market for property listings dropped by 8 days to 35 days from 44 days just one year ago--an 18.6% improvement over the same period last year. Median days on market also dropped by 23.6% to 10 days in May 2018.
Average price per square foot increased by 6.5% to $114/square foot in May 2018 versus the same period in 2017. Pending sales were essentially flat, down by 0.1% in May versus the same month last year, while May closed sales decreased by 7.0%. No doubt the lack of inventory, which was only 2.3 months, contributed to the lackluster pending and closed sales in May 2018.
During May 2018, the number of showings until pending contract per listing averaged 12 showings and the number of showings per listing averaged 7.7 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 4.2% May 2018 adding additional strain to a high demand market hungry for more inventory. Indian Trail area's months supply of homes stood at 2.3 months (down 8.0% versus May 2017). Overall, housing inventory was down 10.8% in May 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 experts and Indian Trail specialists.
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