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.

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.

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.

 

Visit Fort Mill’s Massey

Discover one of the hot spots in Fort Mill, SC at Massey. This amazing neighborhood features many different builders, quality homes, great schools, close proximity to Charlotte, extensive amenities, and lower South Carolina taxes. What’s not to love?

Massey is conveniently located minutes from Highway 521 and Interstate 77. Residents are about 5 miles from Fort Mill, a great place to shop, dine, and be visit with neighbors and friends. Ten minutes away is Ballantyne which gives residents easy access to additional shopping, dining, entertainment, employers and much more. A trip into Uptown Charlotte should take around 30 minutes and will connect you with not only employers, but sporting events, concerts, museums, dining, theater, and much more. Residents are also about a half hour from Charlotte Douglas International Airport.

Active families love Massey because of the amenities and strong community. There is a pool with splash area and lazy river, clubhouse, fitness center, recreation area, sidewalks throughout, street lights, and walking trails. The active homeowners association puts on events all through the year for the whole family.

Homes in Massey typically have between 3 and 6 bedrooms, and 2.5 to 5 bathrooms. Many homes have flex spaces which can be used for offices, game rooms, bonus rooms, or home theaters. Many of the homes have basement lots which can be fully finished for additional living space. Homes range between 2,200 and to over 5,000 square feet of heated living area.

In the last year homes in Massey have sold for between $292,000 and $521,880 with an average sale price of $406,064. Currently there are 30 homes on the market representing an 8.6 month supply of inventory.

Families also love Massey for the award winning school district making it a highly desirable neighborhood. Children in Massey currently attend Dobby’s Bridge 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.

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

 

July Market Statistics

Home prices rose again in July, and inventory tightened yet again, continuing a trend that we have been stuck in for some time. This makes first time buyers more hesitant to enter the market and keeps sellers from listing as they are afraid of not being able to find a comparable home.

Jason Gentry, president of the Charlotte Regional Realtor Association says “Without a doubt, limited inventory continues to pressure prices across the region, while also effectively slowing sales during what’s typically our prime selling season. Demand and pending contract activity remain strong, which means buyers must move quickly to purchase the home they want.”

When you look at the numbers for the Charlotte region, average home prices were up 6.7% from this time last year. In 2017 the average sale price was $276,434, in 2018 it has risen to $290,486. When you look at the longer trend, in 2012 the average sale price was just $219,867.

In July of 2012 there were 18,228 homes for sale in the Charlotte region. This July, there are just 9,790 homes for sale. Those 9,790 homes represent a 2.4 month supply of inventory. This is well below the 4-6 months supply that would normally signal a balanced market between buyers and sellers.

All of these numbers come from the recently released report based on data from the Carolina Multiple Listing Services. The numbers show that closed sales were down this month over July of last year by 2.8%. This is concerning as it occurs during what is normally the busiest time in the yearly cycle for sales.

New listings were down 0.4% year over year which leads us to believe that the market is due for a further slow down. We will have to watch and see what happens in August to be sure if this is indeed the trend.

Pending sales on the other hand were up substantially from this time last year. In July of 2017, there were 4,398 pending sales. This July, there are 4,947, an increase of 12.5%. If all of these head to the closing table, we should see a rise in sales for next month.

It is taking less time for homes to sell once they are put up on the market as well. Homes are staying on the market for an average of 83 days from list to close. From the time of list until the sale is just 36 days. This means that buyers have to be completely ready to go when they find the home they want.

If you are looking to buy or sell 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.

Neighborhood Spotlight: Carolina Orchards

Carolina Orchards is a premier community for active adults age 55 and older. This jewel of Fort Mill, South Carolina is close to shopping, entertainment, dining, and much more. The community is packed with amenities and has thoughtfully designed homes with amazing indoor and outdoor living spaces. These amazing homes are close to everything, yet have lower South Carolina taxes.

Located close to I-77 and I-485, residents of Carolina Orchards can easily get to Uptown Charlotte or head into Rock Hill, South Carolina. Charlotte Douglas International Airport is an easy trip up I-77 and you can get to SouthPark easily as well. Closer to home, you are just up the street from Springfield Town Shopping Center, Anne Springs Close Greenway and many award-winning golf courses. Residents can also enjoy life on the water as Lake Wylie is just down the road a bit and has public boat ramps.

Built by Pulte and Lennar homes, Carolina Orchards offers many different floor plans and home styles sure to please any home buyer. The homes are available from three distinct series of homes the Passport, Expedition, and Pinnacle. These homes range from a 2 bedroom 2 bath with 1,400 square feet and a 2 car garage starting from $262,500 all the way up to a 3 bedroom 3.5 bath home with 3,455 square feet for over $600,000.

These homes are all ranch style with open floor plans and lots of natural light. Homes are maintenance free meaning that the neighborhood takes care of exterior maintenance and landscaping as part of the homeowners association.

There are 15 different villages within Carolina Orchards. Each has around 30 homes. Spread throughout the neighborhood are nature trails, ponds, lush landscaping and the amenity center. The amenity center offers leisure activities, a state-of-the-art fitness center, hobby rooms, game rooms, indoor and outdoor pools, and sports facilities. There is a yoga room, tennis, pickleball, bocce courts, outdoor pavilion, and many organized activities.

To schedule a private tour of homes in Carolina Orchards, give us a call at (704) 525-4045. You can also view current listings on our website and create custom searches here.

Check out Fort Mill’s Sutton Mill

Sutton Mill is a recent community in Fort Mill, South Carolina. Placed in the northernmost part of York County, Sutton Mill is just across the South Carolina state line. This means that Sutton Mill is positioned for a quick trip to Uptown Charlotte as well as Ballantyne, Baxter Village, Town Center, RiverGate and Carolina Premium Outlets.

Located just North of the intersection of Sutton Road and Harris Road, Sutton Mill has easy access to I-77 and is just down the road from Fort Mill High School. This means that residents are close to shopping, dining, entertainment, education, and much more.

Residents enter the neighborhood through impressive stone entry which ushers you into a true retreat. Lovely pedestrian friendly streets are bordered by natural wooded areas giving homeowners plenty of privacy. There are also sidewalks and pocket parks throughout the community.

There are 93 homes in Sutton Mill and the community was completed in 2017. This means that all of the construction is finished so the neighborhood is quiet again. Builder M/I Homes imbued these homes with soaring 9 foot ceilings on the first floor, stainless steel GE appliances, oversized kitchen islands, owner’s suites, hardie plank siding with brick or stone accents and much more. Many of the homes have hardwood flooring, granite counters, great rooms, guest suites, and home offices. In the past year, homes in Sutton Mill have sold for an average of just under $300,000.

Sutton Mill is currently zoned for award winning Fort Mill schools. Students currently attend Riverview Elementary School, Banks Trail Middle School, and Fort Mill High School. Please verify school assignments as they can change from one school year to the next.

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

 

June Market Statistics

Buyers are starting to feel the pinch in the Charlotte market as inventory is super low and prices are rising sky-high. Jason Gentry, the president of the Charlotte Regional Realtor Association says “Even though the Charlotte region is wedged into a solid seller’s market, incredibly low supply coupled with higher prices and rising mortgage rates are presenting challenges to buyers.”

This should be a great market for sellers, but they are afraid of not being able to find a comparable home so they are reluctant to list their homes. This is coupled with builders not being able to keep up with demand either so inventory remains low.

The monthly report numbers are out from the Charlotte Regional Realtor Association data compiled from the Carolina Multiple Listing Services. According to their report, there are just 9,554 homes on the market, down 17.2% from this time last year. This means that the Charlotte Region has only a 2.3 month supply of homes at this time. A balanced market between buyers and sellers is considered to be a 6 month supply. For comparison, in June of 2012 there were 18,700 homes on the market in the Charlotte Region, almost twice the number on the market in June of 2018.

The average sales price of homes rose 5.7% from last June to this June up to $302,177. If you look back at that same report from June of 2012, the average sales price was $227,907. That’s a jump of almost $75,000 in just 6 years, almost a 33% rise in property value.

The homes that are on the market are selling at a quicker pace than in years previous. In June of 2012, homes spent an average of 111 days on the market from listing to sale. This June, homes spent an average of only 36 days on the market. This means that buyers have to be able to act quickly to get a home right now.

If you are ready to act quickly, give us a call at (704) 525-4045. You can view current listings on our website and create custom searches here.

Neighborhood Spotlight: Bridgemill

Bridgemill is a fantastic neighborhood in Indian Land, South Carolina. Residents enjoy low South Carolina taxes and excellent schools all while living in a planned community with resort-style amenities. This convenient location is six miles from I-485 and 10 minutes from Ballantyne, but feels like a retreat.

The original section of Bridgemill started in the early 2000’s by builder John Weiland Homes. These homes were grand with large footprints, 4 sides brick construction and meticulous attention to detail. John Wieland was building in the neighborhood and has homes as recent as 2015.

There is also a new section of the neighborhood with homes by Pulte Homes. These 20 homes include 9 quick move in homes and 5 luxury homes. Homes start at $242,999 and the luxury plans can be over $645,000 depending upon upgrades. Homes range in size from 1,961 to 4,734 square feet of living space. Many of the homes include 3 car side-load garages, fully finished 3rd floors, 4 sides of brick construction, butler’s pantries, coffered ceilings, hardwood flooring, spa-like bathrooms and much more.

Neighborhood amenities for Bridgemill include a 7,000 square foot clubhouse with fitness center, recreation room, gathering room and catering kitchen. Outside you’ll find a competition size pool with lap lanes, waterslide, zero entry wading area and water play features. For additional sporting events, there are three lighted tennis courts, basketball court and sand volleyball court. A private 3.5 acre lake is part of a walking trail system and leads to a neighborhood park and playground with gazebo, fireplace, and entertaining area.

Harrisburg Elementary School, Indian Land Middle School, Indian Land High School. Please verify school assignments as they can change from one school year to the next.

There are currently 44 homes on the market in Bridgemill with many of them under contract. If you would like to schedule a private tour of homes in Bridgemill, give us a call at (704) 525-4045. You can view current listings and create custom searches on our website here.

May Market Statistics

The competitive Charlotte housing market is continuing for yet another month. This is according to the May report from the Charlotte Regional Realtor Association. The report is based on numbers from the Carolina Multiple Listing Services.

Limited inventory is one of the factors making the market so competitive right now. There are just 9,106 homes on the market right now, down 2,275 from last year at this time. This is a reduction of 20%. This means that buyers are competing for a dwindling supply of homes and new construction starts and new listings are not keeping pace with current demand. This lack of supply is even more pronounced in the below $350,000 range where the number of homes available has dropped more dramatically, even as much as 50% in some price ranges.

Another factor making the market a tricky place for buyers is rising prices. The average home price in the Charlotte region was up 10.7% from May of last year, up to $299,690. The median home price has risen 9.5% up to $245,000.

These higher prices combined with lack of inventory are pricing some buyers completely out of the market. The buyers that can still afford a home can face additional challenges. They may have to wait longer for homes to come on the market that match their criteria, or they may face direct competition from other buyers in multiple-offer situations especially in the lower price points.

These factors together appear to be slowing the market somewhat. There were 4.2% fewer sales this May than last May. Pending sales were up 9.7% and new listings were up 3.3% so this could be a dip for May only.

It remains to be seen how long this tight market can go on before there is a correction. For now, homes are selling faster than ever with days from list to close coming in at 87, down 10 days from last year at this time. For now, it appears that buyers need to be able to act quickly.