Indian Trail/28079 Zip Code Housing Market Update & Video: July 2018
July 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 decreasing, putting a strain on pending and closed sales.
The average sale price of Indian Trail area homes increased by 5.9% to just over $266,000 as compared with the same period one year ago. Median home sale prices also increased by 4.7%.
Average days on market for property listings dropped to 36 days--an 14.3% improvement over the same period last year. Median days on market also dropped by 23.1% to 10 days in July 2018.
Average price per square foot increased by 7.4% to $116/square foot in July 2018 versus the same period in 2017. Pending sales were down 2.7% in July versus the same month last year, while July closed sales decreased 4.1%. No doubt the lack of inventory which dropped 8.1% year-over-year and which was only 2.3 months, contributed to the continued lackluster pending and closed sales in July 2018.
During July 2018, the number of showings until pending contract per listing averaged 16 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 98.4%, showing minimal negotiating room for Indian Trail/Stallings area homes.
New listings increased a scant 0.8% in July 2018 minimally helping 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 July 2017). Overall, housing inventory was down 8.1% in July 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 provided by Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area residential real estate experts and Indian Trail specialists.
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