NO Slowdown In Charlotte's Ballantyne Housing Market In April 2022

By
Real Estate Agent with Coldwell Banker Realty

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 (28277 Zip Code) in Charlotte, NC Housing Market Snapshot For April 2022

 

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.

 

Want to know what this would mean for your family if you're planning to buy or sell a Ballantyne home?

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MEDIAN SALE PRICE TRENDS IN BALLANTYNE AREA

 

13 HOTTEST SELLING BALLANTYNE AREA NEIGHBORHOODS

Hottest Selling Neighborhoods In Charlotte's Ballantyne Area 

 

 SEARCH ALL BALLANYNE AREA HOMES 

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WONDERING WHAT YOUR BALLANTYNE AREA HOME IS WORTH?

 

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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:

 "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 (14)

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

I can understand why sales may be down in Charlotte Nina, and of course it's because of the lack of inventory. Yes...,more buyers chasing fewer listings!

May 11, 2022 05:36 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila... as I'm always saying, "you can't sell what you don't have to sell."

May 11, 2022 05:49 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Nina,

We are starting to see more listings coming on the market. So the frenzy is starting to subside for now.  There are still special homes though that are getting extra attention. Ballantyne is one of those hot areas that buyers are clamoring for.

May 11, 2022 06:45 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Families on the move will appreciate your outstanding local real estate reports.

May 11, 2022 06:46 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, you are right, no slowdown in sight for Ballantyne.    Great report for buyers and sellers with all the info they need.

May 11, 2022 07:29 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Sheri Sperry - MCNE® hi Sheri... overall, in April we did not see an increase in listings in the Charlotte region. It's only 10 days into May so hard to say yet how things will play out this month. But I'm watching the markets very carefully.

May 11, 2022 07:39 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Thank you, Roy, as always for popping by. Trust you're week has been a good one thus far.

May 11, 2022 07:39 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... when average days on market drop to five and sellers get almost 106% of list price, it's not a market that is pulling back. Now... we'll see what May brings us.

May 11, 2022 07:41 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate Brokered by Real - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Brisk is still the word of the day in your selling market, Nina. Another fantastic report and analysis!

May 11, 2022 08:02 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Wanda Kubat-Nerdin - Wanda Can! thanks, Wanda... the Charlotte region, overall, did not show signs of slowing down in April. I'm anxious to see what May will bring us.

May 11, 2022 08:04 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Nina  and thank you for the great information in your blog today to share with us here in the Rain.  Make it a great day!

 

May 11, 2022 12:41 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Will Hamm thank you, Will, for taking the time to stop by today. Trust you are having a good day, yourself.

May 11, 2022 12:46 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

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

May 12, 2022 07:24 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Myrl Jeffcoat thanks, Myrl, for popping by. Wishing you a lovely weekend to come.

May 13, 2022 04:09 AM