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.

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.

 

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.

 

Neighborhood Spotlight: Deerfield

Do yourself a favor and call us to schedule a private tour through Deerfield. This new construction neighborhood has easy access to SouthPark, and Ballantyne and is zoned for some of the best schools in the Charlotte area.

Builder JP Orleans is bringing these magnificent homes to life. They are located off Alexander Road just north of Pineville-Matthews Road (highway 51). This location means that residents are close to shopping, dining, entertainment, fitness, golf courses, churches, and much more. Close by highway access means that the 8 mile Uptown commute or just a trip to see a sporting event or concert is a breeze.

The homes themselves exude Southern charm. JP Orleans is known for craftsmanship and attention to detail and Deerfield is no exception. A new phase is open now with 10 estate homesites. These homes are grand in scale with at least 3,000 square feet of heated living space. Some of the homes are much larger. Each home has a large wooded homesite to accommodate the home and a 3 car garage. Plans are open concept with spacious flexible floor plans. There are many opportunities to personalize and customize your home.

Some of the customizations available are owner’s suite on the first or second floor. A in-law suite on the first floor is also an option. Spa-like owner’s baths, morning rooms, conservatories, covered porches and more are possible for your dream home.

Children in Deerfield currently attend Elizabeth Lane Elementary School, South Charlotte Middle School, and Providence High School. There are also many private, charter, and magnet school options nearby. Please verify school assignments as they can change from one school year to the next and boundaries sometimes cut through neighborhoods.

To schedule a private tour of Deerfield, give us a call at (704) 525-4045. You can view current listings and create custom searches 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: Whitegate

Whitegate is a new construction neighborhood in South Charlotte near Rea Road and Highway 51. The project began around 2007 before the recession with just a few of the planned custom homes being completed. Pulte Homes has revived the neighborhood and there are now many new construction options for luxury homes under a million dollars. There are just a few opportunities left as the neighborhood is almost sold out.

Pulte is offering four basic floor plans that can be customized to suit your family’s needs. These plans start from $722,990 and go up from there. Each plan has at least 5 bedrooms, 4.5 bathrooms and 4,706 square feet of heated living space. Some of the plans have basements which can be fully finished out to give you even more space. Homes have three car garages and full brick, stone, hardiplank or stucco exteriors.

Many of the homes have dramatic architectural details such as sweeping circular staircases and grand open living spaces. Owner’s suites are lavish with spa-like bathrooms and amazing natural light. Trey and coffered ceilings are included in most plans as are hardwood floors, gourmet kitchens and much more.

Children in Whitegate currently attend Olde Providence Elementary School, Carmel Middle School and Myers Park High School. All schools are top rated. There are also many private, charter, and magnet school options nearby. Please verify school assignments as they can change from one school year to the next.

Residents of Whitegate can take advantage of many shopping and dining options nearby in Blakeney, The Arboretum, and Ballantyne Village. Access to I-485 is close by for a quick trip to Uptown Charlotte or Charlotte Douglas International Airport. There are also many country clubs, golf courses, and outdoor recreation options in the area.

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