March 2010 Ballantyne Area Real Estate Market Update
Data gathered from the CMLS for dates 2/1/2010 - 2/28/2010
Ballantyne Area Market Update includes homes in the neighborhoods of Allyson Park, Amberleigh, Ballantyne Country Club, Ballantyne Meadows, Bridgehampton, Carlyle, Edinburgh, Highgrove, Kenilworth, Kingsley, Kingston Forest, Lansford, Mitchell Glen, Kensington at Ballantyne, Providence Pointe, Providence West, Southhampton Commons, Stonebriar, Thornhill, Vineyard, Weston Glen, and Wynridge Estates.
New Inventory
Thirty six homes were added to the market in the Ballantyne area of Charlotte during the month of February, 30% fewer than were listed the year before. The average listed price this February was 21% lower this February; only $491,496 as compared to $622,639 from 2009. Only one of the new listings was a bank-owned (10808 Summit Tree in Thornhill) and only one was listed as a short sale (16024 Sunninghill Park in Kingsley).
This brings the total inventory of single family detached homes in the Ballantyne area to 167, 17 of which are marked as being either a bank owned property (REO) or a potential short sale.
Pending Sales
Twenty-six single family homes in the Ballantyne area received contracts during the month of February. Only 14% of the homes under contract were listed as either bank owned (REO) or a potential short sale.
Sold Properties
Nine listings closed in the month of February in the Ballantyne area at an average sales price of $403,477. The average selling price per square foot was $112.55, with one home in Ballantyne Country Club selling for $1,100,000. The average days on market that homes were listed prior to receiving a contract was also just 141.
Bank Owned (REO) Sold Property
Only one bank owned single family detached home closed in the month of February in the Ballantyne area: 15015 Laurel Glen Way in the Bridgehampton neighborhood. It was a bank-owned property, 5 bedrooms, 4 bathrooms, approximately 4,400, and closed for $375,000 or $85.23 per square foot. It was on the market for only 71 days before receiving a offer above the $369,900 list price and the sale did not include any seller concessions.
Price Reductions
96 of the 211 currently active and under contract listings have reduced in price during the listing period, an average of $13,909. 13 of the active listings have reduced in price more than $50,000, with one home in Ballantyne country club having been reduced $225,000.
What's Next For The Ballantyne Area
While February was an exceptionally bad month for single family closings in the Ballantyne area, March and April are expected to be much better months thanks to the 42 homes currently showing as under contract. Bank-Owned and Short Sales account for only 10% of the active inventory and 14% of the sales.
A concern for the Ballantyne area is the looming shadow inventory of potential foreclosure properties in the 28277 zip code. Currently, 338 homes are either pending a foreclosure or are currently owned by a bank (REO). In contrast, 28277 only has 580 active listings on the market. Some of the shadow inventory are currently listed for sale but most have not made it to the market as of yet. Not all of the homes will foreclose and more homeowners are taking advantage of the loan modification options available through their lender. Also, average sales prices have only fallen 4% year-over-year, which minimizes the potential for property abandonment.
With spring comes the addition of more inventory to the market in anticipation for the buying season. Sellers desiring a quick close must be mindful of their price and consider hiring a stager to ensure their home's presentation is in the top 10. Sellers should also consider viewing their competition with their real estate agents to ensure to accurately gauge how their home stacks up to the neighboring competition.
Luxury home sellers need to be particularly mindful of price and the level of competing inventory on the market. From August to February, only 24 homes listed for sale above $600,000 closed while 52 remain on the market as of the date of this blog.
