Ballantyne Real Estate: October 2022
Ballantyne real estate market in October 2022 saw much higher home prices and new listings down 41.2% year-over-year. Median days on market remained relatively low at 10 days. Sellers saw a lower median list price to final sale price at 98.9%. Closed and pending sales were down. The “feeding frenzy” of 2021 and first half of 2022 appears to have come to an end in Ballantyne.
Ballantyne (28277 Zip Code) Real Estate Report: October 2022
Latest news on the Ballantyne real estate market in October 2022 and what it means for you…
The Ballantyne housing market continued to cool in the month of October with regard to closed and pending sales and higher days on market. However, with just 1.3 months of inventory we are no where near being a buyer’s market in the Ballantyne area as yet.
While inventory increased significantly and the months supply of homes increased to 1.3 months, Ballantyne homes sold in about a month, on average, and at higher prices year-over-year. Home sellers received a median 98.9% of list price in sale price. Foot traffic was definitely down, with the average home seeing 9.6 showings in October 2022 compared with 16.8 showings in October 2021. Compared to September 2022, foot traffic was down slightly from 10.2 showings/per listing. With closed and pending sales down, Ballantyne’s housing market is returning to more of a pre-pandemic rate of sales and the “feeding frenzy” we saw in 2021 and earlier in 2022 has abated.
BALLANTYNE AREA HOUSING MARKET HIGHLIGHTS
OCTOBER 2022 VERSUS OCTOBER 2021
BALLANTYNE HOME SALE PRICES UP YEAR-OVER-YEAR
Average Ballantyne home sale prices increased 26.6% to $653,846 in October 2022 compared with the same month one year ago. Median home sale prices increased 20.6% to $579,000 year-over-year in October 2022. Month-over-month, Ballantyne’s average home sale prices increased approximately $57,000. Average home sale prices were about $211,000 higher in October 2022 than in October 2020. Median home sale prices increased by approximately $104,000 month-over-month. Homeowners continue to sit on significant equity.
Average Price Per Square Foot increased to $240/square foot in October 2022, up 19.4% over one year ago.
BALLANTYNE HOMES LIST TO SALE PRICE RATIO DECREASED IN OCTOBER 2022
Home sellers received a median 98.9% of list price in final sale price in October, down 2.3% year-over-year and down 0.5% month-over-month. This is a clear indication that last year’s feeding frenzy might be over and that Ballantyne home buyers do have a window of opportunity, albeit a small one, to negotiate on price.
BALLANTYNE HOMES CONTINUED TO SELL RELATIVELY QUICKLY DESPITE AN INCREASE IN DAYS ON MARKET
Ballantyne homes continued to sell quickly with Median Days on Market just 10 days, six days higher year-over-year and two days higher month-over-month. Average Days on Market were 29 days year-over-year, up 17 days compared with October 2021. Average days on market were 12 days higher than in September 2022. The increase in days on market is another indication that the market has slowed.
BALLANTYNE SALES WERE DOWN IN OCTOBER
Closed sales decreased 33%, while pending sales decreased 39.2% in October 2022 compared with one year ago. Ballantyne saw its lowest level of closed sales since February 2022 and its lowest level of pending sales since December 2021. With monthly mortgage payments increasing 55% in the Charlotte area compared with one year ago, buyers are pulling back from the market.
Ballantyne foot traffic through listings was also down in October 2022. At 9.6 showings per home listing, this was the lowest level of foot traffic we’ve seen since April 2020.
BALLANTYNE MONTHS SUPPLY OF HOMES STILL LOW & NEW LISTINGS DOWN IN OCTOBER 2022
Ballantyne’s months supply of homes at 1.3 months keeps it a seller’s market and we would need several more months of inventory to consider Ballantyne a balanced market, much less a buyer’s market. The months supply of homes increased from 0.8 months in October 2021 and remained relatively flat versus September 2022. New listings, meantime, were down 41.2% compared with the same month one year ago.
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This Charlotte, North Carolina monthly Ballantyne real estate report is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, Ballantyne area specialists and neighbors and Charlotte metro area residential real estate experts. We’ve been opening doors for Ballantyne home buyers and sellers for 22+ years.
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