July Market Statistics

The housing market in the Charlotte continues to be strong this summer. All indicators are that sales are strong, they are up 3.1% year over year which is a rise of 127 sales. However, total inventory is still down year over year down to a 2.6 month supply of homes.

The monthly report from the Charlotte Regional Realtor Association also shows that sales slowed between June and July. Sales are down 473 homes from one month to the next. This appears to follow a yearly trend. In 2016 there was a dip in sales of 785 homes between June and July.

The 2.6 months of inventory are down 25.7% from June of 2016 when there was a 3.5 month supply of homes. There were only 10,174 homes on the market at the time of the report as compared to 12,685 in July of 2016.

There are a few factors that are keeping a shortage of homes on the market. Sellers are not listing homes the same way. There is a trend of homeowners staying in homes longer, not trading up from a starter home, or just buying their forever home from the beginning. With a lack of supply in the market, it is hard for sellers to sell until they have secured their next home. This leads to a catch-22 where sellers won’t sell because they have nothing to buy.

Builders are not able to make up the gap fast enough to add supply to the market to keep up with buyer demand. There has been a labor shortage for builders so they are relying on a smaller pool of talent and that inevitably slows down building.

New listings are up 5.9% from 5,123 to 5,427. Pending sales are also on the rise from 4,068 to 4,724 representing a rise of 16.1% year over year. This is a strong sign that the market is going to continue on the current trajectory.

If you are interested in a home in the Charlotte area, give us a call at (704) 525-4045. You can also view current listings on our website here.

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Charlotte Neighborhoods Reshaped by Teardowns

As demand for homes close to Uptown Charlotte grows, teardowns appear to be inevitable. People have changed what they want out of a home, so original structures don’t meet the needs anymore. Many homes can be added on to get the space and functionality that is desirable now. But, many homes are too small, outdated, expensive, or out of style to easily modify. When this happens, buyers buy the house for the value of the land, then start over with a new construction design.

Many of the older neighborhoods in Charlotte have historical guidelines that prohibit tearing down structures. Those that don’t have such restrictions have seen a rise in teardowns and there is no apparent end in sight as demand seems to be growing. There have been teardowns in parts of Dilworth, Sedgefield and Montford for years, but now we are seeing a rash of them in Wilmore and Villa Heights as well as many areas that are further out from Uptown.

Many people love a new home built in a traditional close-in neighborhood. It allows for a shorter commute, close proximity to nightlife, restaurants, and in some cases walkable neighborhoods. Homes tend to take up much more of the land than the original structures. They can also be much taller than the original. These homes tend to have modern features that are extremely desirable right now. Many contain offices for working from home, high speed internet connections and wifi. They also tend to have open concept living spaces in the main living areas. Bedrooms tend to be large and may contain spa like bathrooms.

If you are interested in a new construction home in an existing neighborhood, give us a call at (704) 525-4045. We can also help you look for a property if you would like to build up a new construction home in place of an existing structure. You can view current listings on our website here.

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Get in on City Park Townhomes

Townhomes have long been a stepping stone towards buying a bigger home, or a wonderful place to downsize, but they are really for everybody. Ryan Homes is a new project called City Park that we’re really excited about. It has a perfect location and great amenities, all starting from the upper $230’s.

City Park is situated right off Billy Graham Parkway, 5 miles from Uptown and 3 miles from SouthEnd. Charlotte Douglas International Airport is just down Billy Graham Parkway so City Park is really convenient for business travelers and vacationers. SouthPark Mall is a quick drive away for luxurious shopping and dining.

Walkability score is high in City Park. New retail, office, and hotel space are all within walking distance. Renaissance Park is also just a quick walk away. The park is loaded with trails, tennis, beach volleyball, golf, mountain bike riding, and more inside it’s 145 acres. There are also many planned future retail projects that will only make City Park more desirable. A few minutes away is the farmer’s market, perfect for a lazy weekend stroll.

Ryan Homes is the builder for the project. They are offering 2 or 3 story townhomes with 1 or 2 car garages. Plans have 3 bedrooms and 2.5 bathrooms and up to 2,332 square feet of living space. There are four basic plans, the Mendelsshon two or three story and the Schubert two or three story.

Plenty of luxury features are included in the townhomes, and there are upgrade packages so you can customize your home. Upgraded features include granite countertops, stainless steel appliances, hardwood foyers and more. Options abound as you can choose a large coat closet or optional extra half-bath, large islands in the kitchen or second floor laundry. There are hundreds of ways to make the space your own.

If you are interested in owning a home in City Park, give us a call at (704) 525-4045. Remember, it costs you nothing to bring a Realtor with you when you purchase new construction. The builder pays the Realtor fees, but having a guide through all of the customization and decision making can be invaluable. You can also view current listings on our website here.

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Explore Berewick

If you are feeling the price squeeze looking at homes in South Charlotte, why not take a closer look at Berewick? This fast growing community in Steele Creek is building homes at a furious pace to keep up with demand. There are plenty of different options, from Townhomes to single-family homes with reasonable price points. This master planned community has something for everyone, all within 1,050 acres just 12 miles from Uptown Charlotte.

Berewick first broke ground back in 1999 and the first residents moved in more than ten years ago. They are on track to sell their 2,000th home later this summer, and are on track to eventually (most likely in 2018) have 3,000 homes, townhomes, and apartments. There is a 55 and older part of the project under contract right now, and a hotel to open next summer.

Pappas Properties is the master planner for the community. Their previous projects include Phillips Place, Metropolitan, Charlotte Cotton Mills, Birkdale, and Birkdale Village. With those projects behind them, they are bringing great knowledge and experience to make Berewick into a masterpiece.

Retail and commercial projects are following to support all of the people living in the community. Many restaurants are coming to the area as well as an already open 53,000 square foot Harris Teeter. The location is fantastic, with easy access to I-485, and convenient access to Tanger Outlets.

Homes in Berewick average a sales price of $284,860 with a high sale price in the last year of $393,996. Townhomes can be had for between $210,000 and $240,000. There are five national builders to choose from if you are looking to build a new construction home. DR Horton, Eastwood Homes, Lennar Homes, Mattamy Homes, and Ryan Homes provide many different floor plans to help you customize your dream home.

There is a planned Town Center with amenities and shops for residents to enjoy. An on-site community activities director provides events for neighbors throughout the year. Amenities also include the Manor House, swimming pools, walking trails, green space, volleyball courts and fitness center. The future Berewick District Park will also serve to provide residents with additional green space. Public access to Lake Wylie is only 10 minutes away if you are keen on a day on the water.

Children in Berewick currently attend Berewick Elementary School, Kennedy Middle School, and Olympic High School. There are also many private, preschool, and daycare options nearby. Please verify school assignments as they are subject to change.

If you are interested in a home in Berewick, give us a call at (704) 525-4045. You can also view current listings on our website here.

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Spotlight: Stratford Hall

Union county is home to some great homes and the ones in Stratford Hall are a wonderful example. The gated neighborhood has just a few homes so it is secluded and private with a great small community. Zoned for Weddington schools, Stratford Hall has a prestigious location with amazing homes.

Stratford Hall is located just off Weddington-Matthews Road near the intersection of Tilley Morris Road. From the gates, a trip to Uptown Charlotte will take around 40 minutes via quick access to I-485. Charlotte Douglas International Airport is about 35 minutes away. There are shopping options within a 5 minute drive in Ballantyne. This gives you all the convenience you would need while helping you get away from it all.

Gourmet Kitchen in Stratford Hall

The small size means that there are few amenities that are shared by the whole neighborhood. There is a pond with walking trails and a shared pasture that is conservation land so will not be developed further. Many homes have their own oasis in the large yards. There are plenty of outdoor living spaces including outdoor kitchens, pools, fireplaces, lounge areas and more.

The large lots are also home to stately homes with winding driveways, three or more car garages some split and most side-load.

Homes are unique here as they were all custom built. There is a range in style from Old World, Transitional, French Provincial, Traditional, Mediterranean, Tudor, Craftsman, and Nantucket. Most homes have brick or stone exteriors with custom details like hand crafted custom front doors and designer lighting.

A luxury bathroom in Stratford Hall

Mature landscaping is common as most of the neighborhood was built around 2005-2007. There is one new construction home right now with even more luxury features developed or come into fashion in the last ten years.

Homes in Stratford Hall range in size from 3,600 – over 9,000 square feet. Homes generally range in price from the $500’s to $1.5 million. Luxury features abound and include gourmet kitchens, spa-like bathrooms, custom cabinetry, owner’s suites, custom millwork and more.

If you would like to own a home in Stratford Hall, give us a call at (704) 525-4045 and we can help get you into the home of your dreams. You can also view current listings on our website here.

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More 55 and over Active Communities Coming to Charlotte

Trends show that people want to downsize after their children leave the nest. Builders have noticed this trend and they are responding in a big way. There are at least 6 communities specifically catering to active adults over age 55. Trilogy Lake Norman, Cypress, Tree Tops, Aldersgate, Cresswind Charlotte and Carolina Orchard have been built over the last few years. There are many other projects in the works as demand is soaring.

Most of the communities have found features specifically geared toward a soon to be aging population. These features include single-story homes, low to no maintenance exteriors taken care of by an HOA, and start prices around $200,000.

The thing that sets these communities apart are the amenities. They usually have large recreation centers with gyms, yoga rooms, spin classes, heated salt-water pools and more. Many of them have cooking classes, poker clubs, book clubs, boating clubs, and dinner outing clubs. There are even some communities that cater to the travel minded, organizing group trips to destinations all over the world.

The active adults that want to live in these places are still very much a part of the wider community. Many of them move to be closer to family, but to still be independent. There is really a sense of belonging within the projects.

Many of these 55 and older communities are marketed as if they are campuses of like minded people coming together. They focus on holistic wellness, resort style amenities, and social interaction. There are also many of the communities that provide full assisted living for residents who require a higher level of care.

If you are interested in one of the many communities for active adults in and around Charlotte, give us a call at (704) 525-4045. You can also view current listings on our website here.

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New Multifamily Project Coming to Montford

Montford has been a hotspot in Charlotte for a while now. There is much to love about this community. From dining to shopping to nightlife, Montford has it all and is close to Uptown too.

Now Crescent Communities is developing a project to build 337 apartments and 17,000 square feet of retail space at the corner of Park Road and Mockingbird Lane. The project is expected to be completed in 2019 and will be called Crescent Montford Park.

The site has long been the home of Pfeiffer University’s Charlotte campus. The 5-acre site was bought from the university on June 30th. A grading permit was issued last month so they are set to clear the site and prepare for building. The site was rezoned last year to allow the mixed use development so there appear to be no hurdles left for building.

Crescent Communities says the project will be inspired by the surrounding community. This should especially be seen in the architectural design. Careful attention will be paid to the tenants who occupy the retail space to be sure they will benefit residents of the project and the wider neighborhood.

Units at Crescent Montford Park should consist of a mix of studios, one and two bedroom apartments. Size will range between 650 and 1,800 square feet. Pricing will begin in the $1,400’s.

Montford has seen a lot of change over the past few years. The revamp of Park Road Shopping Center has really grounded the area. The 1.5 mile extension of the Cross Charlotte Trail is also an exciting plan for the future.

Construction should begin the coming weeks, with both the retail and apartments available for lease in spring of 2019. If you are interested in a home in the Montford area, give us a call at (704) 525-4045. You can also view current listings on our website here.

 

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Three New Projects to Look For From David Weekly Homes

David Weekly Homes has long provided quality homes with great design to the Charlotte area. They have two new projects underway, and one more for which they have just applied for a zoning change. They range from SouthEnd to SouthPark/South Charlotte to Ballantyne. These exciting projects are worth waiting for.

1) Belton Street – This project is part of the Central Living by David Weekly Homes which focuses on high-density living. This community will embrace a luxurious, low-maintenance lifestyle.

Homes will be paired villas with six floorplans to choose from ranging from 2,500 to 3,100 square feet. The model home will offer three bedrooms, two full baths, one half-bath, a two car garage, owner’s retreat, balcony, and private backyard.

Single-family homes will feature a variety of open floor plans, each with 10-foot ceilings and large kitchens.

Located in Sedgefield, Belton Street is walking distance to LYNX light rail with easy access to I-277 and I-77. The airport is very convenient and you are close to all ,100 SouthEnd and Uptown Charlotte have to offer. SouthPark is close for world class shopping and dining.

Current zoning has students in Belton Street attending Selwyn Elementary, Alexander Graham Middle, and Myers Park High Schools. There are also many private, preschool, and daycare options in the area. Please verify school assignments as they are subject to change.

Expect sales to begin late in the summer.

2) SouthRidge – SouthRidge is a new community coming to the Ballantyne area next to Ballantyne Country Club. Located on North Community House Road, this project will feature single-family homes, townhomes, and paired villas. There is plenty to keep you occupied close to home with shopping, dining, and entertainment. The Morrison Family YMCA is convenient, as are many employers in Ballantyne Corporate Park. There is easy access to I-485 for quick access to Uptown Charlotte and Charlotte Douglas International Airport.

SouthRidge will feature 27 single-family homes and 60 townhomes starting in the $400’s. Homes are expected to be in the 2,900 to 3,900 square foot range. Pre-sales should start this summer.

3) David Weekly Homes just filed a rezoning petition for a project near Rea and Colony Roads. They expect to build up to 30 townhomes on the 3.6 acre partially wooded site adjacent to the shopping center at the intersection. The site plan with the filing showed a private street network with townhomes in groups of three and four. Dual access points would feed in from Rea road and from the wooded area at the back of the site. City council should vote on the plan in the coming months.

If you are interested in a home in the Charlotte area, give us a call at (704) 525-4045. You can also find current listings on our website here.

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June Market Report

Home sales were down again this June compared to last year. 4,719 homes sold in June compared to 4,904 this time last year. This represents a decline of 3.8%. These numbers all come from the monthly report from the Charlotte Regional Realtor Association. The report is based on data from the Carolina Multiple Listing Services Inc.

The supply issues we have been tracking continue as well. There is a 2.5 month supply of homes on the market as of June. Last year at this time we had a 3.5 month supply. This means just 9,967 homes are on the market compared to 12,592 last year. This represents a decline of 20.8%. It is up from last month when only 9,795 homes were on the market.

As is typical with supply and demand, when there is less supply, demand goes up driving prices higher. Median sales price in the Charlotte area rose from $225,000 to $245,000 in just one year. This is a rise of 8.9% year over year. Average sales price also rose from $279,243 to $290,067 representing a rise of 3.9%. Homes are selling quicker than last year, averaging 99 days from listing to closing.

Pending contracts on homes were up 17.4% year over year. Pending sales show that there is still strong demand for home in the area and is a good sign for sales to be up next month as well as these contracts head to the closing table.

There were 5,658 new homes listed in June, a small increase, just 0.1% year over year. To solve our lack of supply, we will need to see this number increase drastically.

If you are looking for a home in the Charlotte area, give us a call at (704) 525-4045. You can view current listings on our website here.

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New Projects coming to West Tremont Street

West Tremont Street is in transition from offices and industrial buildings to the darling of SouthEnd. Many projects are in the works right now with more proposed. Expect everything on the street to wake up and bustle with activity within the next few years. Plans call for retail, restaurants, townhomes, office space, and the next location for the Common Market.

SouthEnd has a lot going for it, and developers are excited about the possibilities on West Tremont. Proximity to the Rail Trail, Blue Line light rail, as well as close to Dilworth, Camden Road, Atherton Mill and more puts West Tremont right in the center of everything.

There is potential for this end of SouthEnd to be a supremely walkable neighborhood with everything you could need. Here are just some of the new projects coming soon:

  • Common Market – 3,000 square feet inside and 4,000 outside, this location will have everything you expect from common market, food, prepared foods, libations, community, music, and more. This development will also contain Bang Bang Bites, sister restaurant to Bang Bang Burgers. Also sharing the space will be the cocktail bar Zepplin featuring seasonal Southern small plates and craft cocktails..
  • Redevelopment of Design Center – This center includes longtime resident Pike’s Soda Shop, but will include new restaurant concepts, Superica and Barcelona Wine Bar. The developer plans to build more urban retail in a walkable space.
  • A new office project – 83,000 square foot office building across from the old Tremont Music Hall.
  • Three30Five apartments second phase – The second phase of this development will include 104 units over four stories. There will also be 10,000 square feet of retail or restaurant space and 2,000 square feet of office space. They will be located right next to the first phase on the vacant land.
  • Pollack Shores apartments – this project is for a proposed 350 units with 2,500 square feet of street-level retail.
  • SouthEnd Court townhomes – An 18-unit luxury community where the old Carolina Foundry building site. Expect prices between $500,000 and $700,000.

If you are interested in any of these projects on West Tremont street, give us a call at (704) 525-4045. You can view current SouthEnd listings on our website here.

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