LATEST NEWS ON THE BALLANTYNE HOUSING MARKET...
WHAT YOU NEED TO KNOW...
WHAT IT MEANS FOR YOU...
While there's been lots of talk about housing markets showing signs of slowing down and inventory slowly increasing in April, we saw NO SLOWDOWN in Charlotte's Ballantyne area where homes sold in five days, median home prices reached record levels, and new listings and inventory were critically low. Home sellers continued to received a substantial amount over asking price in final sale price.
As a result, Ballantyne (28277 zip code) remained a home seller's market in April 2022, resulting from the continued lack of inventory, which dropped 48.4% year-over-year. Months supply of inventory was down 42.9% compared with April 2021 to 0.4 months of housing supply. Closed and pending sales decreased year-over-year due to lack of inventory and new listings.
BALLANTYNE AREA HOUSING MARKET HIGHLIGHTS
APRIL 2022 VERSUS APRIL 2021
BALLANTYNE'S AVERAGE HOME SALE PRICES WERE $196,000 HIGHER THAN IN APRIL 2020
Average Ballantyne home sale prices increased 21% to $618,330 in April 2022 compared with the same month one year ago. Month-over-month, average sale prices increased approximately $71,000. Median home sale prices increased 18.2% to $520,147 in April 2022. Median home sale prices were some $132,000 higher in April 2022 than they were in April 2020, while average home sale prices were about $196,000 higher than they were two years prior in April.
BALLANTYNE HOMES CONTINUED TO SELL OVER ASKING PRICE
Home sellers received a median 105.9% of list price in final sale price in April 2022, up 3.1% year-over-year. Ballantyne area home buyers had virtually no opportunity to negotiate on price in April 2022.
Average Price Per Square Foot increased to $239/square foot in April 2022, up 29.9% over one year ago. The $239/square foot sets a new record for Ballantyne area homes.
BALLANTYNE HOMES CONTINUED TO SELL QUICKLY
Ballantyne homes continued to sell quickly with Median Days on Market just 3 days, flat year-over-year, and down two days from two years ago. Average Days on Market were 5 days, down 5 days year-over-year and down 19 days compared with April 2020. Average days on market dropped 11 days month-over-month.
BALLANTYNE SALES WERE DOWN DUE TO LACK OF INVENTORY
Closed sales decreased 4.6%, while pending sales decreased 4.8% in April 2022 compared with one year ago (primarily due to lack of inventory and new listings). Meanwhile, despite an uptick in interest rates, buyer demand remained high as buyers looked to lock in rates before they rise further. New listings decreased 16.1% year-over-year and sold as quickly as they came on market.
MORE BUYERS WERE LOOKING FOR HOMES IN BALLANTYNE
One indicator of how much demand there is for homes is the average number of showings per listing. In April 2022 home listings averaged 28.1 showings per listing. More buyers chasing fewer listings generated the high levels of home showings.
BALLANTYNE'S MONTHS SUPPLY & HOUSING INVENTORY AT RECORD LOWS
Ballantyne's months supply of homes remained razor-thin at less than half a month at 0.4 months (down 42.9% from 0.7 months one year ago). This, coupled with a 48.4% drop in housing inventory in April, kept Charlotte's Ballantyne area/28277 zip code a home seller's market.
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MEDIAN SALE PRICE TRENDS IN BALLANTYNE AREA
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This Charlotte, North Carolina monthly real estate update for Charlotte's Ballantyne area is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, Ballantyne area specialists and neighbors and Greater Charlotte residential real estate experts. We've been opening doors for Ballantyne home buyers and sellers for 20+ years.
If you're considering selling or purchasing a home in the Charlotte region, I'd love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how:
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