Year End Market Wrap-Up

The end of year numbers are in from the Charlotte Regional Realtor Association. The report, which is based on numbers from the Carolina Multiple Listing Services data, shows that the Charlotte market is left with just a 2 month supply of homes for sale. This trend has been going all year with a steady decline as people are reluctant to put homes for sale when there is not enough choice for a next home. This leaves the market chronically low. At the end of 2015 we had 3.4 months supply, 2016 ended with 2.6 months supply.

A balanced market between buyers and sellers is considered to be when there is a 6 month supply of homes for sale. Charlotte’s 2 month supply is well below that and also below the 4.6 month supply across the nation.

Somehow, even with the lack of supply, sales were up year over year. In 2016 there were 44,734 sales and 2017 saw 47,353 sales. This is a rise of 5.9% year over year. There were fewer closings this December than the previous year, 8.4% fewer. There was a 17.3% rise in pending sales in December which leads us to believe that January will be strong.

Prices are on the rise as well, median sales price was up to $226,000, a rise of 9.2% over last year. Average price was up 5.8% to end the year at $272,900.

Homes are staying on the market for a shorter time as well. In 2017 they spent an average of 45 days on the market before a sale. This means that competition for homes is more fierce than ever with homes selling quickly and for higher prices and with lack of supply. This leaves buyers in a situation where they need to be able to act quickly and decisively if they want to get the home of their dreams before someone else buys it.

In fact, in a report from Zillow, 27% of homes in Charlotte have sold for more than their asking price. This is up from 9.4% in 2012. This means that sellers have walked away with an average of an extra $5,000. This is great for sellers, but will leave buyers in a position where they have to be more aggressive than ever to get what they want.

We can help you with that. Give us a call at (704) 525-4045 and we can help get you into the home of your dreams. You can also view homes and create custom searches on our website here.

 

Check out Ballantyne’s The Retreat

A new luxury development is underway right now in Ballantyne. The Retreat by Meritage Homes has two quick move-in homes and will eventually have 56 homes total. These homes will have the most energy efficient features in grand homes with top rated schools. All this and close to shopping, dining, entertainment, and an easy commute. It sounds almost too good to be true.

Located just off Marvin Road south of Providence Road West, The Retreat is in a great spot. A quick drive will have you at Ballantyne Town Center. A few minutes more will have you in the heart of Ballantyne. An uptown commute will take around 25 minutes without traffic. Charlotte Douglas International Airport will take you around the same time. SouthPark Mall area is just 10 miles away making a 20 minute commute or just a trip for world class shopping and dining.

Children in The Retreat will attend top rated schools. Current zoning is for Ballantyne Elementary, Community House Middle, and Ardrey Kell High Schools. All of these schools are top ranked 10 out of 10 by Carolina School Hub. Please verify school assignments as they are subject to change. There are also many private school, daycares, mother’s day out programs, and preschools in the area.

Homes in The Retreat are grand in scale and can be as large as 3,984 square feet. Many of the homes have a tandem three car garage allowing room for a workshop or family bikes and play equipment. Homes are two story and can have owner’s suites on the first or second floor. Ample storage is available in large closets in between 3 and 6 bedrooms. Home offices, lofts, flex space and open concept floor plans are common in The Retreat. Expect a home here to go between $470,990 and $564,900.

Other neighborhoods by Meritage Homes in the area include Riverchase, Vizcaya, and Falls at Weddington to name a few. If you are interested in a home in The Retreat, give us a call at (704) 525-4045 to arrange a tour. You can view current listings and create custom searches on our website here.

Spotlight: The Park At Sharon

There aren’t many opportunities left to purchase a new construction home in the SouthPark area. The Park At Sharon is one of the rare places that you can. There are two opportunities left to be an original owner of one of these stunning homes. Just over three miles from SouthPark Mall, The Park At Sharon is just a quick drive away from world class dining, shopping, and entertainment.

The neighborhood has a total of 11 homes, with the last two currently under construction. Homes in The Park At Sharon are grand with many totaling over 5,000 heated square feet. Some have finished basements which add extra space for media rooms, home gyms, teenager suites and more. Most have master suites on the first floor, and all have large open gourmet kitchens.

There were a few different builders onsite in The Park At Sharon. Custom builder LaVista Builders out of Cornelius is responsible for one of the remaining homes. The other home is by Landis Reed Homes also out of Cornelius. These builders have provided amazing homes with all of the bells and whistles to provide you and your family the space, flexibility, style, and comfort of an in-town luxury home.

Children in The Park At Sharon currently attend Huntingtowne Farms Elementary School, Carmel Middle School, and South Mecklenburg High School. There are many private school options close by. There are also preschools, daycare providers, mother’s day out programs, and after school programs to provide for young children. Please verify school assignments as they are subject to change.

The Park At Sharon is located off of Park Road just north of the intersection at Sharon Road. This cul-de-sac neighborhood is 8 miles from Uptown Charlotte and 12 miles from Charlotte Douglas International Airport. Current listings are in the $700’s which is between $150 and $202 per square foot.

If you are interested in touring one of these amazing homes, give us a call at (704) 525-4045. You can also view current listings and create custom searches on our website here.

Be the Last Original Owner in Hawk’s Creek

Just two chances remain to be the original owner of a home in Hawk’s Creek, and one is already under contract. This is the best time to get in on a new neighborhood. All of the construction vehicles have left, but the homes are all shiny and new. There are also opportunities to purchase a previously owned home.

Hawk’s Creek is in Tega Cay South Carolina off exit 85 on I-77. This allows you easy access to Charlotte, NC, about a 20 minute drive. There are plenty of destinations for shopping, dining, recreation, and entertainment close by, some even within walking distance. You are also close to downtown Fort Mill. In the field next door, horses graze helping you to feel like Hawk’s Creek is a true country retreat.

This high growth area of Fort Mill, SC is in demand due to location, lower South Carolina taxes and great schools. There is also close proximity to Lake Wylie for all kinds of outdoor recreational activities for the whole family.

Builder M/I Homes built three different home collections in Hawk’s Creek. The Willows, The Oaks and The Maples. Each collection offers various home plans with varying square footages and features. The community also has a pool and cabana, and pocket parks throughout.

Homes in Hawk’s Creek are craftsman in style with hardiboard siding and stacked stone accents. Homes are built on crawl spaces and there are some basement homes in the community. All homes were built with energy star ratings as M/I Homes prides themselves on energy efficient homes. Homes are generously sized with many over 3,000 square feet of living space. This gives you ample storage, large open kitchens, mud rooms, home offices, game rooms, owner’s suites and more. Current pricing has these homes going for the high $300’s to the low $400’s.

Students in Hawk’s Creek attend award winning Fort Mill Schools. Current zoning is for Gold Hill Elementary, Gold Hill Middle, and Fort Mill High Schools. Please verify school assignments as they are subject to change. All three schools rank 10 out of 10 by CarolinaSchoolHub.

If you are in the market for an upscale neighborhood with large homes, beautifully landscaped yards, and a great location, give us a call at (704) 525-4045. You can view current listings on our website and create custom searches here.

Check out Conservancy at Waxhaw Creek

If you want the best value in Union County, Conservancy at Waxhaw Creek is it. This amazing neighborhood is completely surrounded by Catawba Lands Conservancy green space, has low Union County taxes, and homes start in the $220’s. You can’t get any better than that.

Conservancy at Waxhaw Creek is located in a cul-de-sac community with no through access. Charming downtown Waxhaw is about 7 miles away, and shopping in Weddington is close by as well. It will take less than an hour to get to Uptown Charlotte or Charlotte Douglas International Airport. This bucolic setting is great for getting away from the hectic life.

There won’t be too many more chances to get in on Conservancy at Waxhaw Creek. The second phase is underway right now with two more proposed phases. One phase has been completed. This is great for people who don’t want to go through the building process. Many people love to be able to choose every detail of a new home and there are opportunities to completely customize a home here.

Builder True Homes is developing single family homes in Conservancy at Waxhaw Creek. There are 75 lots in the first two phases of the project with the potential for more in the remaining phases. True Homes is offering 15 floor plans with opportunities to truly make the space work for you and your family. There are one and two story plans with many ways to make the space work for you from home offices to extra bedrooms. Homes range from 1,680 to 4,281 square feet. They have between 2 and 5 bedrooms and 2 to 4.5 bathrooms. Some homes have finished basements, open kitchens, game rooms and more.

Children in Conservancy at Waxhaw Creek currently attend Waxhaw Elementary, Parkwood Middle, and Parkwood High Schools. There are also private schools, daycares, mother’s day out programs, and preschools nearby. Please verify school assignments as they are subject to change.

If you want to be a part of the amazing community of Conservancy at Waxhaw Creek give us a call at (704) 525-4045. You can view current listings and create custom searches on our website here.

December Market Report

As the year comes to a close, we are once again looking at the trends in the real estate market. Based on the numbers from the Charlotte Regional Realtor Association home sales were up, but inventory remains depressed causing home prices to climb even higher. This data is collected from the Carolina Multiple Listing Services. The data is for any home sold using that service so it may not take into account homes sold by owner.

In November 3,485 homes sold in the Charlotte area. This is down from the 3,664 homes sold in October. Though it is up 2.9% over November of 2016. It remains to be seen if 2017 will be a better year in total than 2016, but experts are optimistic.

Inventory is down yet again as compared to 2016. 9,024 homes were on the market representing a 2.3 month supply. That’s 1,997 fewer homes than in November of last year representing a decline of 18.1%.

Median sales prices were up year over year by 6.4% rising from $210,000 to $223,375. Average sales price was up 4.8% from $258,619 to $270,957. These rising prices can make it harder for first time buyers to get into the market, but they are great for current sellers as they can expect higher sales prices. Sellers can expect homes to sell quicker as well with 96 days the average from list to close. This is 8 days shorter than homes were on the market in 2016.

Pending sales and new listings this month are encouraging. Pending sales were up from 3050 to 3487 which represents a rise of 14.3%. Listing activity was up 8.3% over last year with 3,707 new listings up from 3,424 last year. If this trend continues, we may see relief from the chronically low inventory. This means that there is a chance for the market to begin to be more balanced between buyers and sellers.

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

Spotlight: Kristen Lake

If you are interested in a lakefront home without the noise and busyness of Lake Wylie or Lake Norman, Kristen Lake might be more your speed. This small infill neighborhood is currently under construction in South Charlotte by builder Peachtree Residential. There are only 9 homes in this 4.2 acre enclave of luxury homes with a small picturesque lake.

Homes in Kristen Lake have rich architectural details reminiscent of the Georgian style. Homes are grand in scale ranging from 3,200 to almost 5,000 square feet of living space. Many of the homes have lake frontage and there are options for finished basement living areas for walk-out lakefront orientation. Homes have front and side-entry garages, many with three car garages.

Homes hare are two story with 4 or 5 bedrooms and 3.5-5 bathrooms. Three homes are already built included a finished and furnished model home. The remaining 6 lots allow you to customize and truly create the home that is right for you and your family. There are seven floor plans to choose from. These allow you an almost endless list of ways to truly make the space your own. Prices start in the $700,000’s and can go higher if you add finished basement spaces and additional bedrooms.

Even though Kristen Lake is a small neighborhood, the builders have made sure it will have fantastic details making it rival larger neighborhoods. There is an emphasis on pedestrians and this theme is seen in the home elevations, gas lanterns, brick pavers, porches, trellises, brick walls and landscaping. Kristen Lake compels you to walk around, visit with your neighbors and enjoy being outside.

Located at the intersection of Providence Road and Lakeside Drive, Kristen Lake is currently zoned for award winning schools. Children currently attend Providence Springs Elementary, Crestdale Middle, and Providence High Schools. Charlotte Latin and Carmel Christian are close by if you are interested in private schools.

The location of Kristen Lake is also great for easy access to Uptown Charlotte, Myers Park, the Arboretum, SouthPark, I-485, and Ballantyne. This means a commute will be no trouble. You are also poised to enjoy fine dining, entertainment, fitness, outdoor recreation and more.

If you are interested in being one of the few families to get in on Kristen Lake, give us a call at (704) 525-4045. You can also view current listings and create custom searches on our website here.

Kenwood Sharon Lane Luxury Residences Coming to Foxcroft

Foxcroft has long been an exclusive SouthPark neighborhood. There are limited opportunities to buy into one of these luxury homes, but there are about to be 10 more chances. Developer Jim Gross Co. is developing 10 lots to be known as Kenwood Sharon Lane. This enclave community will break ground soon and early buyers will be able to customize their homes.

After a prolonged and controversial rezoning case, the site on a cul-de-sac on Sharon Lane is ready for building. Estimated completion date will be late in 2018. The original rezoning petition was for attached homes on the site to be built by Simonini Homes and Saratoga Asset Management. After vehement opposition from nearby residents, Charlotte City Council voted against the project in March of 2017.

Builder Jim Gross Co. has now taken over the project and they plan to build 10 single-family homes on the property. Homes in Kenwood Sharon Lane will be two story with 3,917 to 4,619 square feet. There will be options for up to 5 bedrooms and 4.5 bathrooms and first floor master suites will be in all homes. Prices for the homes will range from about $1.5 million to just under $1.8 million.

Jim Gross Co. has recently completed two other Kenwood projects. The first in on Selwyn Avenue in Myers Park and the second off Providence Road in Eastover. They are currently building the Opus Myers Park condominiums near Queens University. These luxury communities have sold out quickly attesting to the need for more of their kind.

Homes in Kenwood Sharon Lane will have all of the luxury features we have come to expect from Jim Gross Co. Don Duffy architecture and Thomasson construction are working in partnership on the project. There will be custom finishes, multiple fireplaces, “smart” wiring, optional elevator, attached rear-load two-car garages, gourmet kitchens, hardwood floors, and much more.

If you are interested in being one of the few families to get in on Kenwood Sharon Lane, give us a call at (704) 525-4045. You can also view current listings and create custom searches on our website here.

 

Spotlight: Fox Ridge

If you love new construction, but hate to wait until a home is finished, Fox Ridge is the place for you. This neighborhood was started by Ryland Homes and was just finished out by True Homes. There are great amenities, fantastic location and best of all, no construction vehicles left.

Fox Ridge is located on Possum Hollow Road just off Highway 160 in Indian Land. This puts you just minutes away from Fort Mill as well as dining, shopping and activities in Ballantyne. Close highway access makes it easy if you have an Uptown commute or need to head to Charlotte Douglas International Airport.

Fox Ridge features a swimming pool with clubhouse and sidewalks on all streets making the neighborhood walkable and friendly. Lots are all right around a third of an acre so you have just enough yard to make a statement, but not too much to take care of.

Homes in Fox Ridge are on the larger side with most around 3,000 square feet. This leaves plenty of room for entertaining, home offices, gourmet kitchens, owner’s suites, and much more. Most homes have mud rooms, butler’s pantries, large laundry rooms and ample storage. Many homes have outdoor living areas, but all have room to add outdoor living areas so you can enjoy the outdoors all year. Most homes have at least 4 bedrooms and 2.5-3 bathrooms. Many of the homes have craftsman style details with wood and stone accents. Homes have either a 2 or 3 car garage.

Fox Ridge is currently zoned for fantastic Lancaster County schools. These include Harrisburg Elementary, Indian Land Middle, and Indian Land High Schools. Please verify school assignments as they are subject to change.

In the past year, homes in Fox Ridge have sold for between $297,000 and $437,492. This is a great value for a larger home with the average price per square foot at below $120.

If you are looking for a new home without the hassle, look no further than Fox Ridge. With low South Carolina taxes, great schools, and an unbeatable location, let us help you make Fox Ridge your new home. Give us a call at (704) 525-4045 to schedule a tour through a home in Fox Ridge or any other neighborhood in the area. You can also view current listings and create custom searches on our website here.

McClintock Corners Coming to Commonwealth Morningside

New condominiums and townhomes are coming to the Commonwealth Morningside area next year. There will be 12 condos and 21 townhomes when the project is completed. There will be plenty of options to make these homes perfect for your lifestyle. They are in a great walkable area, perfect for urban professionals, empty nesters or small families.

Commonwealth Morningside has slowly been gaining projects to fill in where the Morningside Apartments used to be. There are many cute single family homes here, but there is increasing density as demand grows for this quirky area. Plaza Midwood has gotten expensive and Commonwealth Morningside is a great alternative.

Located between Nandina and St. Julien along McClintock road, McClintock Corners is in a great position. Commuting to a job in Uptown or SouthPark is a breeze. Harris Teeter is a quick walk away, as are many restaurants, nightlife, quirky shops and more. Veteran’s Park is just around the corner offering green space, walking, sports, and a great playground.

Local real estate services company The Drakeford Company is developing the project. They have been working for more than 30 years on multi-family and urban housing, development, land assembly, and real estate finance. They already have a great project in the area, Plaza-Vu (pictured above) which was built in 2008.

The Drakeford Company will begin building the condo portion of McClintock Corners in the spring. The Townhome portion of the project will follow after. The condos will have two and three bedroom options. First floor units will range in size from 1,145 to 1,175 square feet. Second floor units will range from 1,580 to 1,610 square feet. Two bedroom units will start at $360,000 while three bedroom units will start at $460,000.

The townhomes in McClintock Corners will have three stories and will have two bedroom units at around 1,750 square feet and three bedroom units around 1,950 square feet. Prices should start in the low $500,000 range.

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