September Market Statistics

Sales across the Charlotte region fell again in September. They dropped 3.9% from last year from 4,121 down to 3,960 sales. These numbers all come from the Charlotte Regional Realtor Association’s monthly report based on data from the Carolina Multiple Listing Services, Inc.

According to the report, inventory was also down. Last year at this time there were 12,297 homes for sale in the region and this year there are only 10,140. This is a 17.5% decline year over year. The region is left with only a 2.5 month supply of homes. A balanced market giving equal power to buyers and sellers in a transaction is generally considered to be a six month supply.

Home prices on the other hand, continue to rise. The average sales price was 6.3% higher at $271,606. Median sales price was up 9.2% to $225,000. This shows that the seller’s market that has been the trend is showing no signs of stopping.

Pending sales were up 16.4% to 4,137 up from 3,555. The strength of pending sales shows that we should have a stable market for a while to come.

New listings are up year over year. They are up 3.3% to 4,700 from 4,550. This shows seller’s confidence in the market continuing to be strong.

Homes are selling quicker than last year as well. The time on the market from list to close was 99 days last year and this year is down to 90 days. Loans still take about the same time to come through so this means that the days on the market until the sale were also down from 47 to 39 days.

The market shows all indications of remaining a strong seller’s market, even with sales in a slump. 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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Check out the Parade of Homes

If you are interested in new construction in the Charlotte area but aren’t sure what you want in a home, the Parade of Homes is a great place to start. This showcase highlights model homes in communities all around the area in a wide variety of styles, home builders, and price points. The Parade of Homes is also a great way to learn your way around if you are new to town.

The Parade of Homes began last weekend, and continues this weekend and the next. Dates are October 13-15, and 20-22. Homes are open from 11:00 am to 6:00 pm on Fridays and Saturdays, and from 1:00 pm to 6:00 pm on Sundays. The tour is free of charge and even has an app this year that will help you navigate. You can also check out http://www.paradecharlotte.com/ for the interactive website to plan your tour.

The Parade of Homes is like a huge open house. The best home builders in Charlotte and the surrounding area are all participants. They pull out all of the stops to show you everything they can do for you. Builders show fully furnished model homes and hope to get you to sign on the dotted line for a new home.

Some important things to remember about purchasing a new home. Just like purchasing an existing home, it is important to have your own Realtor represent you in the transaction. All of the sales staff for the builder work for the builder’s interests. You want to make sure you have someone to help guide you through what will probably be the single biggest investment in your life. A Realtor can help you through the process of choosing all of the options, upgrades, and finishes that will make your house a home, but will also make it appreciate and if necessary, get you the best price on resale.

Eighty homes will be a part of the tour this year highlighting 21 builders. Prices range from $240,000 up to $1.4 million. The show is organized by the Home Builders Association of Greater Charlotte. This year the homes are in Fort Mill, Rock Hill, Weddington, Huntersville, Concord, and in Charlotte as well. Builders represented this year are:

  • Alan Simonini Homes
  • Arthur Rutenberg Homes
  • Bonterra Builders
  • Century Communities
  • Chelsea Building Group
  • David Weekley Homes
  • Epcon Communities
  • Essex Homes
  • Fielding Homes
  • H & H Homes
  • Knotts Builders
  • Kolter Homes
  • Mattamy Homes
  • Meritage Homes
  • Niblock Homes
  • Saussy Burbank
  • Shea Homes
  • Smith Douglas Homes
  • Taylor Morrison
  • Terrata Homes
  • Toll Brothers

If you are interested in a new home in the Charlotte area, go tour the Parade of Homes, then give us a call at (704) 525-4045 and we will be happy to help you navigate through the process of purchasing your new home. You can also view current listings on our website here.

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August Market Update

The trend continues with no apparent end in sight. Once again, inventory is down in the Charlotte area while prices creep upwards. But the real story is that home sales took another hit in August. These numbers all come from the Charlotte Regional Realtor Association reporting on data from the Carolina Multiple Listing Service.

Inventory is down 18.6% compared to August of last year leaving just a 2.6 month supply. 10,153 homes were on the market for sale, while last year there were 12,477. Last month there were 10,174 for a decrease of 21 listings month over month.

Sales were down 3.8% for the same period. 4,297 homes sold in August as compared to 4,467 last year at this time. This number is up slightly over last month, just 1.2% higher than July.

Median sales price crept up to $230,000 while average sales price inched up to $273,549. This means median sales price is up 5% from this time last year but is down from last month’s $236,000. Average sales price is up 1% from last August, but is down from last month’s $280,696. These numbers can be affected by a few large sales so we will have to wait and see if this is a new trend where prices might be adjusting.

5,394 new listings hit the market in August which represents an increase of 6% over last year.

Industry analysts are predicting that the market will begin to balance over the next couple of years. They expect some relief to the inventory woes as the cooler months typically have a slowdown in the market. This seasonal slowdown should, weather permitting, allow builders to provide more inventory to the market.

The Charlotte area doesn’t seem to be cooling off anytime soon. There is still demand for listings and there is still positive job growth. This means it is still a great place to call home.

If you are interested in 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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Tiny Homes More Popular than Expected in Charlotte

Earlier this month we told you about the new tiny home community called Keyo Park West. This past weekend they held an open house that drew 1,600 people. Many just wanted to get a look at how ingenious these homes are. Many were looking at these small homes as investment properties. Many were looking at how to duplicate them in other locations. There were, at the end of the open house however, 21 people who put down a $4,000 non-refundable deposit to purchase one of these homes.

In the coming weeks, the rest of the homes will probably be purchased. The next step for the buyers is a meeting with the designers to design every part of the home to meet their individual needs. There are some large options such as an additional bathroom, extra square footage, or garages. Two more meetings will help buyers decide on the rest of the design. Basic room layout, window and door placement, and final finishes will be decided at these meetings. Also tile, cabinets, counters, flooring, and paint will be decided. Once the design is in place, building will commence.

Keno Park West has become so popular that a second phase is already in the works. They expect lots in the next phase to be available for purchase in spring of 2018. The level of interest shows that Charlotte is ready for more of these tiny home communities.

Millennials and empty nesters are a perfect fit for tiny homes. Keyo Park West is imagining them as a solution to the shortage of affordable housing in the Charlotte area as well. Price points for these homes is in the $89,950 area. If you add the additional square footage, additional bathroom, and the garage, the price will jump up to the $135,950 to $150,750 range.

If you are interested in these or any other homes 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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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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Tiny Home Community Coming to Charlotte

Tiny Homes have been all the rage for a while across the country. There are entire HGTV shows dedicated to them. They can be mobile on trailers, or permanent on a foundation. These tiny homes can be in a back-yard as an office, home gym, or mother-in-law suite. They are incredibly versatile and inexpensive to make and maintain.

Kitchen and Living room in Keyo Park West

There are endless variety of designs for tiny homes. Modern architecture is very common, with some even being built out of old shipping containers. Homes built in back-yards tend to mirror the main house. Many are made out of recycled materials or completely built by the owners.

Tiny homes have loads of great features packed inside and seem more like boats or recreational vehicles than a traditional home. Clever panels conceal storage, steps are condensed to look like ladders, rooms multi-task to make the most out of each space.

Keyo Park West is a new tiny home community coming to the Charlotte area by developer Kelvin Young. Young was appalled at the lack of affordable housing in Charlotte and wanted to be part of the solution. His plan calls for 56 tiny homes starting at $89,995. This price includes the lot and a one-bedroom, one-bathroom 493 square foot home.

Bedroom in Keyo Park West

Homes in Keyo Park West will all have top of the line appliances, modern light switches, and Italian bathroom tiles. The feel they are going for is luxury boutique hotel.

The homes will be customized to meet the needs of each buyer. The developer is committed to building 2 homes for homeless families for every 25 homes sold. This follows a trend that is seen in Austin, TX where there is an entire community of tiny homes to house the chronic homeless population.

These homes are located in North West Charlotte near Freedom Drive and I-485. They are right across the way from Paw Creek Elementary School. This makes for an easy Uptown commute.

If you are interested in a tiny home in this community, or would like us to help you find a home with a tiny house in the backyard, 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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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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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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Growing Economy = More Uptown Luxury Apartments

Charlotte had the 4th fastest growing economy in the United States last year according to a new report from Headlight Data. Job growth has been more than double the U.S. average in 2016, going up 3.7 while the entire U.S went up by just 1.7%. This fast growing economy has been fueling a spate of new construction condominium towers Uptown, but just how much is too much?

Many of the new jobs in the Charlotte area are in construction. These jobs help support all of the new building as more people move to the area and need housing. There has been a lack of housing for an extended period as priced have climbed higher. New housing just hasn’t been able to keep pace with the demand for housing in the area.

Tenants have been signing on for leases in apartment towers Uptown. There have been fewer condo towers lately as demand for upscale apartments has been on the rise. Developers love these towers as there is less chance for failures that they saw with the for-sale condos. There can be vacancies in the first few months or years of these towers, but as population rises and job growth stays steady, the towers fill up. This means renters can reap the benefits of move in specials before the towers rent out completely.

There is also the possibility of these units being converted to condos at some point in the future. This would attract buyers who are leery of the risk of buying pre-construction. All of the new luxury apartment towers include high-end amenities such as heated salt water pools, spa like gyms, pet spas, clubhouses, wifi, 24-hour concierges, and much more.

With over 2,000 units currently under construction and more in the works, the luxury apartment market could be near the peak. Expect to pay around $1,729 per month average for rent in an Uptown tower. The three most recent towers to open are the Museum Tower, SkyHouse Uptown, and Ascent. We’ll keep an eye on the situation and report if anything changes.

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

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