Waxhaw | Weddington | Marvin Housing Market Update/Video: September 2018
September 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 inventory and new listings tightening and negatively impacting sales growth and new construction remaining a big factor in Waxhaw area sales.
The average sale price of Waxhaw area homes was up down to just under $426,000 in September 2018 versus the same period one year ago. Median price of homes was up 4.6% to $383,000.
Average days on market for property listings increased to 60 days over the same period last year. Median days on market were 26.
Average price per square foot was $133/square foot in September 2018, up 4.7%.
Closed sales in Waxhaw/Weddington/Marvin areas decreased 27.4% in September 2018 compared with September 2017. Pending sales were down 24.2% versus September 2017.
The median percent of original list price that sellers received for their homes was 97.4%, 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 16.7% to 4.5 months with new listings down 28% versus September 2017. Factoring out new construction, the month's supply of homes is only 3.2 months (down 15.8%) versus September 2017. Resale inventory was down 17.3% versus the same time frame one year ago. New listings of more affordable resale homes priced under $315,000 were down 38%.
Average sale price for new construction homes was $464,825 in September 2018. The average sale price of a new construction home was about $57,000 higher than that of a resale home in September 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/Carolinas Realty Partners with Coldwell Baker Residential Brokerage, your metro area residential real experts and Waxhaw area specialists. We've been opening doors for Waxhaw area home buyers and sellers for 20 years.
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