Indian Trail/28079 Zip Code Housing Market Update & Video: June 2018
June 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've seen since 2017 and all this year-to-date with sale prices increasing, days on market decreasing, available inventory and new listings decreasing, putting a strain on pending and closed sales.
The average sale price of Indian Trail area homes increased by 6.9% to just over $266,000 as compared with the same period one year ago. Median home sale prices also increased by 6.7%.
Average days on market for property listings dropped to 35 days--an 18.6% improvement over the same period last year. Median days on market also dropped by 23.1% to 10 days in June 2018.
Average price per square foot increased by 7.5% to $115/square foot in June 2018 versus the same period in 2017. Pending sales were down 4.1% in June versus the same month last year, while June closed sales decreased 5.3%. No doubt the lack of inventory, which was only 2.3 months, contributed to the continued lackluster pending and closed sales in June 2018.
During June 2018, the number of showings until pending contract per listing averaged 16 showings (down 5.9%) 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 98.4%, showing minimal negotiating room for Indian Trail/Stallings area homes.
New listings decreased 2.7% June 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 4.2% versus June 2017). Overall, housing inventory was down 9.4% in June 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 end our spring selling season and look towards the summer 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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