October Market Statistics

The trend we have been seeing for months continues once again. Prices are yet again up while supply is down year over year in the Charlotte area real estate market. For the sixth month in a row, home sales are down from the same time last year.

Jason Gentry, president of the Charlotte Regional Realtor Association and Carolina Multiple Listing Services Inc, said “It’s typical to see sales decline in areas that have experienced prolonged inventory shortages. Although the Charlotte region has experienced six months of decline in year-over-year sales; we are optimistic that sales in the market will continue at a steady pace based on positive pending sales and new listing activity.”

When you dig into the numbers from the monthly CRRA report based on the data from the MLS, you see that in the Charlotte area, sales dropped 9.8% from 4,012 to just 3,617, a decline of 395. When you look at the first 10 months of 2018, sales are down 2.1% from 41,622 to 40,767, a drop of 855.

Inventory was down yet again from 11,009 last October to 10,055 this October, a decline of 8.7%. This leaves the region with a 2.5 month supply of homes on the market. A balanced market between buyers and sellers is generally considered to be a 6 month supply of inventory. It is still above the low spot in March of this year when there were just 8,208 homes on the market which was just a 2 month supply.

New listings and pending sales were both up year over year. There were 4,796 new listings in October, up 6.9% over last year. Year-to-date new listings are still down slightly. When you look at the first 10 months, new listings were down 0.4% so not quite the recovery we need to see to balance the market. Pending sales were up 5% year-over-year to 4,091. Year-to-date pending sales were still down, but by 1.2%.

Prices for homes were up from last year at this time. The average home sold for $278,634, up 6% from last October. This is a little bit lower than the average from September when the average home sold for $281,533. It’s also down from August when the average home sold for $294,107. All of these prices were up over last year, but it may be the beginning of a trend of correction in the market.

The CRRA report covers 12 counties in North Carolina and 4 counties in South Carolina. There can be fluctuations within an area and some of the numbers can appear extreme due to small sample size.

If you are interested in buying or selling a home in the Charlotte area, give us a call at (704) 525-4045. You can view current listings and create custom searches on our website here.

Explore Enclave at Massey

Shea Homes has joined an elite group to build in Massey in the Doby’s Bridge area of Fort Mill, South Carolina. Ryan Homes and David Weekley Homes have been building at Massey for a few years, and now Shea Homes is building new homes in The Enclave at Massey. The area has great schools, amazing homes, and a wonderful popular location

Enclave at Massey is located just across Doby’s Bridge Road from Massey. Downtown Fort Mill is really close giving many options for shopping, dining, and entertainment. There is easy access to I-77 connecting residents with Charlotte Douglas International Airport, Uptown Charlotte, and all other points in the city. There are many nearby golf courses, parks, and attractions.

Resort style amenities are a draw at Enclave at Massey. There is a clubhouse with fitness center, lap pool, lazy river, splash area and waterslide. Other amenities include a playground. This puts the neighborhood on par with some of the most popular in the area. There is also a tree-save area surrounding the neighborhood giving privacy and a park-like feel.

There are 12 home plans to choose from in Enclave at Massey as well as 6 quick move in homes at the moment. There are limited basement homesites available. All homes are 4 sides-brick or painted siding exteriors. One and two story plans are available with two to four car garages with side entry or courtyard style.

Homes have from 2,800 to just over 5,000 square feet of living space with 3-5 bedrooms and 2-4.5 bathrooms. First floor owner and guest suites are available. Homes have open floor plans, gourmet kitchens, home offices, covered porches, rec rooms, bonus rooms, and home theaters.

If that’s not enough of a draw, the schools are excellent. Current zoning has children attending Springfield Elementary School, Banks Trail Middle School, and Nation Ford High School. Please verify school assignments as they can change from one school year to the next.

In the last year, homes in Enclave at Massey sold for between $580,000 and $686,381 with an average price of $621,289. If you would like to schedule a private tour of homes here or in any of the surrounding neighborhoods, give us a call at (704) 525-4045. You can view current listings and create custom searches on our website here.

Explore Copper Run

If you like to live a bit further out to get privacy and the country feel, Copper Run is worth a look. Copper Run is located in Union County with great schools and though technically in Mineral Springs has a Waxhaw address. There are large homes on large lots with amazing details.

Copper Run is located off of Pleasant Grove Road near the Mineral Springs Greenway Trails. A quick trip will have you in either Wesley Chapel, Mineral Springs or in Waxhaw for shopping, dining, and entertainment. Residents are 33 miles from Charlotte Douglas International Airport, and 31 miles from Uptown Charlotte.

Started by Niblock Homes before the recession, Copper Run halted production as the market slowed. After a lull, builder True Homes took over the neighborhood in the last few years completing in 2017. This is one of the rare neighborhoods with wooded lots over an acre in size.

Homes in Copper Run are grand in scale and all feel like custom homes. Homes range in size from 2,600 to 5,356 square feet. Some of the homes have full basements, and all have three car garages, some of them courtyard style. Many of the homes have great architectural details such as shed dormers, multiple gables, stonework and rocking chair front porches.

Inside, homes have 3-5 bedrooms and 3-5.5 bathrooms. Homes have open floor plans, gourmet kitchens, home offices, flex spaces, butler’s pantries, and much more. Finishes include hardwood flooring, amazing tilework, arched doorways, designer lighting and custom cabinetry.

In the past year prices started in the high $300,000’s and went up into the $500,000’s. There are currently 4 homes on the market in Copper Run representing a four month supply of inventory. This is in comparison to the 5 month supply of homes in all of Waxhaw and the 4.3 month supply for all of Union County.

Children in Copper Run currently attend Western Union Elementary School, Parkwood Middle School and Parkwood High School. Please verify school assignments as they can change from one school year to the next.

If you are interested in a home in Copper Run, give us a call at (704) 525-4045. You can view current listings and create custom searches on our website here.

Meritage Bringing Almost 300 Homes to Pineville

Meritage Homes is about to bring another amazing neighborhood to the Charlotte area. They announced that they will develop 299 lots on about 105 acres of land between Cranford Drive and Franklin Street in Pineville. Meritage has purchased the land and is working now on the next steps in the process of bringing this project to life. The project called Preston Park has us excited.

The plan so far is to build single-family homes and a community amenity area. The homes should range in size from 1,883 to 2,511 square feet of heated living space and should have prices in the $275,000 to $325,000 range. The amenity area will be built on a 2.5 acre parcel and will probably include pool, clubhouse, and outdoor recreation areas.

Meritage is working now on the permitting process and additional preparatory tasks, but they expect construction on the site to begin by the end of the year.

We are excited about this development for a few reasons. First, Meritage homes are amazing. If you look through any of the other neighborhoods they are working on right now, you will be impressed with the style, quality, size, and value of these homes. Meritage is a national homebuilder with a great reputation and fantastic offerings for energy efficient homes.

Other projects currently underway by Meritage include Solena at the Vineyards, Haywyck Meadows, Parkside, The Meridians, The Retreat and Vizcaya. They are active in Charlotte, Fort Mill, Harrisburg, Wesley Chapel, Weddington and Huntersville. They are one of the top homebuilders in Charlotte at the moment and we don’t see them slowing down anytime soon.

If you are interested in a home in Preston Park or any other Meritage Home or another home in the Charlotte area, give us a call at (704) 525-4045. You can create custom searches and view current listings on our website here.

September Market Statistics

This year the prevailing trend has been low inventory, but this month a drop in home sales is bigger news. Sales have been dipping for the past five months, but this month there was a 15.3% drop from the same time last year.

These numbers are from the monthly report by the Charlotte Regional Realtor Association and are based on the data from the Carolina Multiple Listing Services, Inc. President of the CRRA Jason Gentry said “Without a doubt, sales in September were affected by Hurricane Florence, as local Realtors and community volunteers mobilized to assist homeowners who were reeling from flood and wind damage. The impact of the storm, just off the heels of weakened summer sales, helped to depress sales locally.”

The drop of 15.3% represented just 3,642 residential sales in September, which was down 19.3% from August. Year to date, sales are also down, though only by 1.8%.

Pending sales and new listings were down as well. Pending sales were down 6.6% year over year from 3,918 to 3,659. This is a decrease of 23.3% from August when there were 4,771 pending sales. New listings were down to 4,333 representing a decrease of 10.5%. This is a decrease of 1,327 from last month. Year-to-date new listings are down 1.2% compared to last year.

Supply of homes for sale in the Charlotte market also dipped from the same time last year. There is now a 2.5 month supply of homes down from 2.8 last year. There are just 10,210 homes for sale which is down 11.7% from last year but is up just slightly from last month’s 10,052.

Homes spend an average of five fewer days on the market in September than they did last year. This means that from list until contract was just 36 days. This is down 12.2% from the 41 days last year at this time.

In fact, the only thing going up in the entire report is sales prices. The average sales price went up to $281,533, up 5.2% from September of last year, though it was down 4.2% since last month. It remains to be seen if this is going to be the trend or if the market will recover after the worst of the storm damage is under control. That coupled with rising interest rates could keep the market slow until the spring.

Neighborhood Spotlight: Jefferson Park

There aren’t many opportunities to own a new construction home close in to Charlotte anymore. There are a few infill neighborhoods that are really something to see. Jefferson Park is one of those. The neighborhood has the perfect location next to Shalom Park and the Jewish Community Center. There are many schools within walking distance and an Uptown Commute is quick and easy.

There are existing homes in Jefferson Park and they come in a variety of styles. Many have unique architectural features and there are one story, two story and split-level plans. These homes are large, from 2,500 to over 3,500 square feet. They have 3-4 bedrooms and 2-3.5 bathrooms. The original homes were built in the 1950’s and have all of the character you would expect. Some of the homes have been extensively remodeled to make them work for today’s lifestyles.

Knotts Builders is offering some custom new construction homes within the neighborhood. They overlook the beautiful pond and celebrate the peaceful wooded neighborhood. These homes are a little bit larger and grander than the original homes, yet don’t feel out of place. They have at least 3,800 square feet in two story all-brick plans with two car garages. Features include first floor guest suites, open kitchens, bonus rooms, home offices and much more.

To get to Jefferson Park from Uptown Charlotte, take Providence Road south until just past Sardis Road. Turn left on Jefferson Drive to enter the neighborhood. Residents are walking distance to Charlotte Jewish Day School and Providence Day School. Less than one mile away are Country Day School, Charlotte Preparatory School and Charlotte Christian School. Public school assignments for the neighborhood are for Landsdowne Elementary School, McClintock Middle School, and East Mecklenburg High School. Please verify school assignments as they are subject to change.

In the past year, homes in Jefferson Park sold for between $595,000 and $799,000. There are currently two homes on the market which represents a 6 month supply of inventory. These homes don’t come up for sale often. If you would like to schedule a private tour of these homes, give us a call at (704) 525-4045. You can view current listings and create custom searches on our website here.

 

Don’t Miss Out on Pecan Ridge in Fort Mill

If you have been dreaming about a home in Fort Mill, Pecan Ridge may just fit the bill. This great neighborhood is brought to you by national builder LGI Homes and is right next to Waterside at the Catawba. Pecan Ridge is perfect for first time home buyers as the location and schools are great and the price point is lower than surrounding neighborhoods. Pecan Ridge is also zoned for great Fort Mill schools.

Pecan Ridge is located on Whites Road just North of the intersection with JW Wilson Road. The Catawba River is close as is Fort Mill and a little bit further away Rock Hill. The neighborhood is conveniently located close to Charlotte, NC and has an easy commute via major highways.

This family-friendly neighborhood features a community park with lots of green space. The park is centrally located in the neighborhood and has a playground, pavilion and picnic tables. There are also hiking and biking trails close by as are sports fields and golf courses. Residents can also easily access the Catawba River for kayaking and canoeing.

LGI Homes is offering a variety of floorplans each packed with upgrades including stainless steel kitchen appliances, wood floors, and granite countertops. Homes have between 3 and 5 bedrooms and 2.5 to 3 full bathrooms. Homes can have one or two stories and each has a 2 car garage. There is plenty of storage in walk-in closets and master suites are sumptuous and spacious. These thoughtfully designed homes are sure to please any family.

Children in Pecan Ridge attend Dobys Bridge Elementary School, Banks Trail Middle School, and Nation Ford High School. Please verify school assignments as they are subject to change.

If you are interested in a private tour of homes in Pecan Ridge, give us a call at (704) 525-4045. You can view current listings and create custom searches on our website here.

Explore Ladera in Marvin

If you are looking for a luxury gated community in the Waxhaw area, Ladera should top of your list. This amazing project is underway right now and has fantastic large homes on large lots in a great location. Top rated schools are yet another draw bringing residents to Ladera.

This gated luxury community was begun by Standard Pacific who merged with Ryland Homes to become CalAtlantic. CalAtlantic became part of Lennar Corp, but none of the quality of these homes has been lost with all of the change. Ladera is in good company with Ainsley by John Weiland, Pulte and Shea Homes close by as well as Providence Downs South just down the road.

Ladera is located just off New Town Road between Waxhaw-Marvin Road and Crane Road in the Marvin area. There are major road closures occurring in the area so during the closures residents and guests have to enter from Crane Road. Minutes away from Blakeney, Ladera is close to shopping and dining. There are also many quaint shops on Main street in Waxhaw.

The homes feature wooded and cul-de-sac homesites, some with basement lots. Homes features owner’s suites with spa-like baths, guest suites, gourmet kitchens, open floor plans, and spacious entry foyers. Many of the homes feature upstairs porches, outdoor living spaces, courtyard style garages, and stylish exteriors. Many of these homes enclose over 5,000 square feet of tastefully appointed living space.

The neighborhood also includes a pond, sidewalks, streetlights, and walking trails, in addition to the privacy of the stylish gates. In the last year, homes in Ladera have sold for between the $730’s and the $970’s. There are currently 14 homes on the market in various stages of construction representing an 11.2 month supply of homes.

Children in Ladera are currently zoned for top rated Marvin Schools. These assignments are for Marvin Elementary School, Marvin Ridge Middle School, and Marvin Ridge High School. Please verify school assignments with the school district as zoning boundaries can cut through neighborhoods.

If you would like to schedule a private tour of homes in Ladera, give us a call at (704) 525-4045. You can view current listings and create custom searches on our website here.

Neighborhood Spotlight: Brookwood Hills

There is one more opportunity to own a beautiful home in Brookwood Hills. There were two new construction homes built here, but one has already been sold. The Howey Company is responsible for building these amazing homes, and you don’t want to miss out on the only one left.

Located near Myers Park on a quiet street, Brookwood Hills is close to everything you need. There are restaurants, shops, pubs, country clubs, and parks all close by. An uptown commute will take around 15 minutes. The airport is about 20 minutes away for a business trip or vacation. SouthPark Mall is only about 4 minutes away and is great for world-class dining, shopping, and pops in the park as well as community events.

Brookwood Hills is also zoned for great schools that are just minutes away. Current zoning is for Selwyn Elementary School, Alexander Graham Middle School, and Myers Park High School. All schools are top rated in the Charlotte area. Please verify school assignments with the school system in case of boundary changes. There are also many private, charter, and magnet school options nearby. For younger children, there are mother’s day out programs, daycare and preschools close by as well.

Homes here don’t come on the market often, in fact only three have been up for sale since 2016 which includes the two new construction homes. Homes are grand in scale with the smallest being almost 4,000 square feet and the largest just over 5,200 square feet. The new homes include Thermador chef’s kitchens, open living spaces, main level master suites, and three car garages. They have four upstairs bedrooms each with access to their own private baths. Homes have bonus rooms, home offices, luxury features and much more. All of the finishes are high end and they support the large price tags at around $1.5 million.

If you are interested in an amazing home in Brookwood Hills or any other neighborhood close by or in the Charlotte area, give us a call at (704) 525-4045. We will schedule a private tour of homes to meet your needs. You can view current listings and create custom searches on our website here.

August Market Statistics

The monthly numbers are out from the Charlotte Regional Realtor Association. They gather the data from the Carolina Multiple Services and compare what is happening in the market now with last year at the same time. For four months, home sales have been down across the Charlotte region. It looks like this may be the new trend for the area.

The Charlotte Business Journal reports that “another straight month of annual sales declines during the peak home-selling season shows “the cooling effect limited inventory and waning affordability are having on the Charlotte market””. The quote is from Jason Gentry, the CRRA President.

If you look at home sales between last year (4,800) and this year (4,514), there is a decline of 6%. This is not what you typically expect at this time of the year. Home prices are edging higher as well with the average sale price up to $294,107. This is up 8.8% over last years $270,274.

Pending sales are up 7.4% over last year at this time from 4,443 to 4,771. New listings were up 1.5% from 5,576 to 5,660. This shows that there is still strong interest from buyers despite prices rising.

Inventory woes persist in the Charlotte market as once again the supply of homes is down year over year. There are currently 10,052 homes on the market, down 14.3% from last years 11,736. This represents just a 2.4 month supply of inventory, well down from the 4-6 months supply that typically represents a balanced market between buyers and sellers.

Homes continue to sell at a faster rate than last year spending just 38 days on the market. This is down from 43 days last year, a decline of 11.6%. This means that buyers have to be pre-approved for loans and ready to jump on a home quickly after it is listed.

If you are in the market to buy or sell a home in the Charlotte market, give us a call at (704) 525-4045. You can view current listings and create custom searches on our website here.