Waxhaw | Weddington | Marvin Housing Market Update/Video: July 2018
July 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 we've seen all year with homes selling more quickly, home prices increasing, and inventory decreasing. New construction sales remain a driving force in the Waxhaw area market, while resale inventory struggles to hold on.
The average sale price of Waxhaw area homes was up 2.1% to just over $449,000 in July 2018 versus the same period one year ago.
Average days on market for property listings dropped to 61 days, a 9.0% improvement over the same period last year. Median days on market were 25 (down 10.7%).
Average price per square foot was $130/square foot in July 2018, up 1.6%. (New construction is averaging $134/square foot, about $6 more per square foot than resale homes.)
Closed sales in Waxhaw/Weddington/Marvin areas decreased 0.7% in July 2018 as compared with July 2017. Pending sales were up 7.4% versus July 2017.
The median percent of original list price that sellers received for their homes was 97.2%, 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 11.5% to 4.6 months with new listings down 0.1% versus July 2017. Factoring out new construction, the month's supply of homes is only 3.1 months (down 16.2 %) versus July 2017. New listings of resale homes were down 4.4% and down 7.7% for "affordable" homes priced under $315,000.
Average sale prices for new construction were $479,391 in July 2018. The average sale price of a new construction home was $22,995 higher than that of a resale home in July 2018. New construction remains a driving force in Waxhaw area home sales. Average price of a resale home was up 3.8% in July 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 by Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area residential real experts and Waxhaw area specialists.
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