Waxhaw | Weddington | Marvin Housing Market Update/Video: August 2018
August 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.
The average sale price of Waxhaw area homes was up 0.3% to just under $476,000 in August 2018 versus the same period one year ago.
Average days on market for property listings dropped to 51 days, an 8.9% improvement over the same period last year. Median days on market were 25 (down 19.4%).
Average price per square foot was $132/square foot in August 2018, up 3.1%. (New construction is averaging $140/square foot, about $8 more per square foot than resale homes.)
Closed sales in Waxhaw/Weddington/Marvin areas increased 16.7% in August 2018 as compared with August 2017. Pending sales were up 18.4% versus August 2017.
The median percent of original list price that sellers received for their homes was 97.8%, 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 21.4% to 4.4 months with new listings up a scant 1.6% versus August 2017. Factoring out new construction, the month's supply of homes is only 3 months (down 19.5%) versus August 2017. Resale inventory was down 16.2% versus the same time frame one year ago. New listings of more affordable resale homes priced under $315,000 were down 35.7%.
Average sale prices for new construction were $490,594 in August 2018. The average sale price of a new construction home was $13,346 higher than that of a resale home in August 2018. New construction remains a driving force in Waxhaw area home sales.
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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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