LATEST NEWS ON CHARLOTTE'S BALLANTYNE HOUSING MARKET...
WHAT YOU NEED TO KNOW...
WHAT IT MEANS FOR YOU...
The Ballantyne area housing market continued to cool in the month of February with lower closed and pending sales, higher days on market, lower list to sale price ratio year-over-year, and more inventory. Home prices declined year-over-year and month-over-month. New listings increased from January, but continue to decline year-over-year.
BALLANTYNE AREA HOUSING MARKET HIGHLIGHTS
BALLANTYNE HOME SALE PRICES DECLINE MONTH-OVER-MONTH & YEAR-OVER-YEAR
Median sale price in February 2023 was $404,500, down 18.3% from $493,500 in January 2023 and down 17.49% from $490,263 in February 2022.
Average sale price in February 2023 was $479,782, down 5.33% from $506,808 in January 2023 and down 7.84% from $520,573 in February 2022.
Average Price Per Square Foot was $230 in February 2023, increasing 4.55% from $220/square foot in January 2023. Price per square foot in February 2023 was 2.25% higher than in February 2022 when it was $225/square foot.
BALLANTYNE HOMES LIST TO SALE PRICE RATIO DECREASED YEAR-OVER-YEAR
Home sellers received 97.81% of list price in final sale price in February 2023, a tad higher over the previous month of January, but down from 103.8% in February 2022. This is a clear indication that last year's feeding frenzy is over, with Ballantyne home buyers having a window of opportunity to negotiate on price.
BALLANTYNE AVERAGE DAYS ON MARKET AT THEIR HIGHEST LEVEL IN THREE YEARS
Average days on market for Ballantyne area homes in February were 54 days, up 31.71% from 41 days in the previous month of January. Average days on market were 42 days higher than in February 2022. The February 2023 average days on market were at their highest compared with February 2022 (12 days) and February 2021 (30 days).
BALLANTYNE SALES DECREASED IN FEBRUARY 2023 TO THEIR LOWEST LEVEL IN THREE YEARS
The number of properties sold in February 2023 was 44, down 8.33% from 48 homes sold in the previous month of January. Compared with February 2022, the number of properties sold was 38.03% lower. The January 2023 sales were at their lowest level compared with February 2022 (71 sold properties) and February 2021 (86 sold properties).
BALLANTYNE INVENTORY AT ITS LOWEST LEVEL SINCE JUNE 2022 | NEW LISTINGS DOWN YEAR-OVER-YEAR
Ballantyne's inventory of properties for sale in February 2023 was 289, down 1.03% from 292 properties in the previous month of January and 12.2% higher than the 258 properties for sale in February 2022. The months supply of inventory was at its highest level compared with February 2022 and February 2021 and at its highest level in three years.
The number of new listings in Ballantyne area in February 2023 was 65, up 32.65% from 49 in the previous month of January. New listings were 27.8% lower compared with February 2022. New listings were at their lowest level compared with February 2022 (90 new listings) and February 2021 (90 new listings).
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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 22+ 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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