Waxhaw Area Sales Down 34% Due To Lack Of Inventory In October 2021

By
Real Estate Agent with Coldwell Banker Realty

Latest news on the Waxhaw | Weddington | Marvin real estate markets in October 2021 and what it means for you...  

The Waxhaw area of the Charlotte, North Carolina metro area (the 28173 zip code–encompassing the three towns of Waxhaw, Marvin and Weddington) saw continued declines in inventory, declines in pending and closed sales, declines in new listings, declines in days on market in October 2021 versus October 2020. The only increases we saw were home prices, which increased year-over-year. Lack of inventory is certainly impacting sales volume in the 28173 zip code.

 

Average days on market decreased 20 days (down 43.5%) to 26 days year-over-year.  Median days on market were 6 days in October, down one day year-over-year and down 32 days from two years ago in October.

 

Continued tight inventory and a months supply of homes of 0.9 months (a 1.1 month's drop from 2 months one year ago and a 3.1 month's drop from 3.7 months in 2019), kept the Waxhaw area a home seller’s market in October 2021. New construction inventory, long a staple of Waxhaw's housing market, remained at some of it's lowest levels in 15+ years, contributing to the lack of inventory and low months supply of homes in October 2021.

 

With home sellers receiving a median 100% of list price in final sale price, there was virtually no room for home buyers to negotiate in October 2021. 

 

One indicator of demand for homes is the number of showings per listed property. In October 2021, the average Waxhaw area home had 16.3 showings compared with 9.6 showings in 2020 and 5.8 showings in 2019. It's very much a case of more buyers chasing fewer listings.

 

Home sale prices increased 5.2%, on average, in October 2021 compared with the same month one year ago. The average sale price was $574,302. The median home sale price was $500,000, up 8.3% year-over-year. 

 

Price per square foot increased 16.3% to $186/square foot (up $26/square foot) in October 2021 versus the same month one year ago. 

 

Closed sales decreased 34.3% while pending sales decreased 30.3% in October 2021 compared with the same month one year ago. The decrease in pending sales can be attributed to lack of inventory and fewer new listings, which dropped 30.3% compared with October 2020.

 

    Want to know what this would mean for your family if you decide to buy or sell a Waxhaw area home?

 

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MORE INFORMATION ABOUT THE WAXHAW HOUSING MARKET'S PERFORMANCE

 

MORE INFOMATION ABOUT THE WEDDINGTON HOUSING MARKET'S PERFORMANCE

 

MORE INFORMATION ABOUT THE MARVIN HOUSING MARKET'S PERFORMANCE 

                     

 Waxhaw Area Housing Market Highlights

October 2021 Versus October 2020

Waxhaw, Weddington, Marvin NC Real Estate Report October 2021

  

FIND OUT MORE ABOUT THE WAXHAW | WEDDINGTON | MARVIN AREAS AND WHY PEOPLE LOVE LIVING THERE

Did You Know...

Weddington is ranked as the 4th best suburb to live in in Charlotte metro area and the 10th best suburb in North Carolina?

Marvin is ranked as the 8th best suburb to live in in Charlotte metro area and the 16th best suburb in North Carolina?

Waxhaw is ranked as the 12th best suburb to live in in Charlotte metro area and the 24th best suburb in North Carolina?

  ... So why not check out...

 

 THE 12 HOTTEST SELLING NEIGHBORHOODS IN THE WAXHAW AREA

 

Hot Waxhaw Area Neighborhoods

         

 SEARCH ALL WAXHAW | WEDDINGTON | MARVIN AREA HOMES


 

FREE Home Buyer Guide: “Things To Consider When Buying A Home”

 

WONDERING WHAT YOUR WAXHAW AREA HOME IS WORTH?

What's My Waxhaw Area Home Worth?

 

FREE Home Seller Guide: “Things To Consider When Selling Your House”

 

THINKING OF SELLING YOUR HOME? CHECK OUT THE COLDWELL BANKER MARKETING ADVANTAGE 

 

Median Home Price Trends In Waxhaw | Weddington | Marvin

 

 

This Charlotte, North Carolina real estate monthly update for Waxhaw, Weddington, Marvin is provided by  Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, your Greater Charlotte area residential real experts and Waxhaw/Weddington/Marvin area specialists. We've been opening doors for Waxhaw area home buyers and sellers for 20+ years.

 

If you're considering selling or purchasing a home in the Waxhaw area or anywhere in the Greater Charlotte area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how:

 "The Right Broker Makes All The Difference."

 

Read the original post at www.GreatHomesInCharlotte.com

Posted by

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Realty
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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Comments (20)

Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Nina. A practical lesson in supply chain economics. You can't sell what you don't have. Enjoy your day.

Nov 14, 2021 05:01 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Wayne Martin good morning again, Wayne... we've had a supply chain issue in real estate for a few years now... it's just that no one called it that until everyone became more aware of the term. And meantime, we've had idiots trying to convince us we were in a bubble... not so much.

Nov 14, 2021 05:09 AM
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Happy Sunday- Nina- I have to echo what Wayne Martin said - there is a good reason for sales being down!

Nov 14, 2021 05:11 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Kathy Streib hi Kathy... when there's no inventory the only thing that increases is the price of homes.

Nov 14, 2021 05:12 AM
Mark Don McInnes, Sandpoint-Idaho
Sandpoint Realty LLC - Sandpoint, ID
North Idaho Real Estate - 208-255.6227

Hello Nina,  I am surprised to see the chart indicating Waxhaw Home prices dipping a bit, especially with lack of inventory.  Interesting.  Mark

Nov 14, 2021 05:17 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Nina - the number of showing per house is certainly is very good metric showing demand.

Nov 14, 2021 05:41 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Good morning Nina,

No sense in repeating what has been so well said by Wayne Martin .  Wishing you a delightful Sunday.  A

Nov 14, 2021 05:54 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Mark Don McInnes, Sandpoint-Idaho hi Mark... those are median prices... and a lot depends on the price mix of homes for sale in Waxhaw in any given month... this zip code includes properties from low $100,000's into the millions.

Nov 14, 2021 05:55 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Ron and Alexandra Seigel Hi Alexandra... Wayne Martin got it in a nutshell! Thanks for popping by... trust your Sunday if off to a good start.

Nov 14, 2021 05:56 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Grant Schneider good morning, Grant... a lot of agents don't monitor that number, but I do... it is a good metric that shows when more buyers are chasing fewer available listings.

Nov 14, 2021 05:57 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Lack of inventory is surely the decrease in sales for Waxhaw Nina. It's happening all across the country. Hoping that sellers read your report and realize now it a great time to list their homes!

Nov 14, 2021 06:55 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, another great market update for Waxhaw, and days on market didn't drop all that much.

Nov 14, 2021 06:57 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

I have quite a few people who want to sell their home, but they are too scared to put it on the market because they are scared they will not be able find something new. Scary right now.

Nov 14, 2021 07:01 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Nina - the "Lack of Inventory of Properties For Sale" blues is a familiar tune in many areas and definitely not a favorite of anxious(and ready) buyers who want to make a purchase.  That said, learning the score can help them succeed.  In the Charlotte area, those interested in making a move would be wise to orchestrate their real estate transaction with you.   

Nov 14, 2021 08:20 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila... sellers who wait to sell might be in for a disappointment one year from now.

Nov 14, 2021 10:34 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... average days on market dropped 20 days; with median days on market at four, it's hard to see they could drop much more.

Nov 14, 2021 10:34 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Jeffrey DiMuria 321.223.6253 Waves Realty hi Jeff... I had a few clients who were holding off because of that fear and then decided to just cash in on their equity while the going was good and just rent until they found the next home.

Nov 14, 2021 10:35 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Michael Jacobs thanks, Michael, for that vote of confidence. It remains a tough market for many buyers. I was showing property earlier today to someone who thanked me for hanging in with him for the past six months.

Nov 14, 2021 10:36 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Waxhaw home buyers and sellers are sure to value your real estate market report, Nina.

Nov 15, 2021 01:27 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Myrl Jeffcoat good morning, Myrl... thanks for stopping by. Trust your week has gotten off to a stupendous start!

Nov 16, 2021 04:35 AM