Ballantyne remained a seller’s market in June 2020. Months supply of inventory was sharply down (47.8%) compared with June 2019 to 1.2 months. Housing inventory was down 50.4% year-over-year, resulting in lower days on market and higher pending sales. Pandemic related issues contributed to contribute to the lack of inventory and lower closed sales in June.
Ballantyne (28277 Zip Code) Home Sales Report: June 2020
Latest news on the Ballantyne real estate market and what it means for you…
Ballantyne remained a seller’s market in June 2020 as the lack of inventory, due at last partially, to pandemic issues continued. Months supply of inventory was sharply down (50.4%) compared with June 2019 to 1.1 months of housing supply. The 50+% drop in housing inventory resulted in lower days on market, an increase in pending sales and a drop in closed sales.
Average Ballantyne home sale prices decreased 9.6% to $385,872 in June 2020 compared with the same month one year ago. Median home sale prices decreased 6% to $355,000 in June 2020. Home sellers received 99.1% of list price in final sale price (up 1.1% year-over-year). The drop in home prices should not be attributed to a any diminution of home values in the Ballantyne area. Ballantyne area has homes ranging in price from the $200,000’s to the millions. The drop in home prices in June is more likely a factor of the price mix of homes listed and sold in June.
Ballantyne homes continue to sell quickly with Median Days on Market at just 8 days, down 3 days compared with one year ago. Average Days on Market were 22 days, down 4 days year-over-yea. Average Price Per Square Foot increased by $7/square foot to $159/square foot in June 2020 compared with one year ago.
Closed sales decreased 22.8%, while pending sales increased 16.4% in June year-over-year in the Ballantyne area. Some of the decrease in lower pending sales can be attributed to low inventory and part to the impact from the pandemic as sales in April and May, which would be closing in June were down due to covid-related restrictions.
Ballantyne’s months supply of homes remained razor-thin at 1.2 months (down from 1.1 months one year ago). This coupled with a 50.4% drop in housing inventory and a drop of 6.2% in new listings in June, kept Charlotte’s Ballantyne area/28277 zip code a seller’s market.
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Ballantyne Housing Market Highlights
June 2020 versus June 2019
MEDIAN SALE PRICE TRENDS IN BALLANTYNE AREA
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This Charlotte, North Carolina real estate monthly update for Ballantyne is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Realty, your 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 20+ years.
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