The Waxhaw/Weddington/Marvin areas housing market remained a seller’s market in August 2018, suffering from a distinct lack of affordable, resale homes with average home prices now in the high $400,000’s. New construction remains a driving force in the 28173 zip code, further driving up average and median home prices.
Waxhaw | Weddington | Marvin Areas Remained A Seller’s Market In August
Waxhaw | Weddington | Marvin Housing Market Update/Video: August 2018
August 2018 home sales in the Waxhaw area of the Charlotte, North Carolina metro area (the 28173 zip code–encompassing the three towns of Waxhaw, Marvin and Weddington)–continued the trends we’ve seen all year with homes selling more quickly, home prices increasing, and inventory decreasing. New construction sales remain a driving force in the Waxhaw area market.
- The average sale price of Waxhaw area homes was up 0.3% to just under $476,000 in August 2018 versus the same period one year ago.
- Average days on market for property listings dropped to 51 days, an 8.9% improvement over the same period last year. Median days on market were 25 (down 19.4%).
- Average price per square foot was $132/square foot in August 2018, up 3.1%. (New construction is averaging $140/square foot, about $8 more per square foot than resale homes.)
- Closed sales in Waxhaw/Weddington/Marvin areas increased 16.7% in August 2018 as compared with August 2017. Pending sales were up 18.4% versus August 2017.
- The median percent of original list price that sellers received for their homes was 97.8%, showing relatively little negotiating room for Waxhaw area homes for a third year in a row.
- The Waxhaw area’s months supply of homes was down 21.4% to 4.4 months with new listings up a scant 1.6% versus August 2017. Factoring out new construction, the month’s supply of homes is only 3 months (down 19.5%) versus August 2017. Resale inventory was down 16.2% versus the same time frame one year ago. New listings of more affordable resale homes priced under $315,000 were down 35.7%.
- Average sale prices for new construction were $490,594 in August 2018. The average sale price of a new construction home was $13,346 higher than that of a resale home in August 2018. New construction remains a driving force in Waxhaw area home sales.
This Charlotte, North Carolina real estate monthly update for Waxhaw, Weddington, Marvin is brought to you by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Residential Brokerage, your Charlotte metro area residential real experts and Waxhaw area specialists.
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