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.

Neighborhood Spotlight: Squirrel Lake Village

If you are looking for a new home in Matthews close to downtown with an easy commute, Squirrel Lake Village is the place for you. There is a mix of new construction homes and existing homes with something to meet the needs of every family.

Squirrel Lake Village is located just off Pleasant Plains Road right around the corner from Squirrel Lake Park and backing to Fourmile Creek. Access to I-485 is close by as is Highway 74 to connect you to Uptown Charlotte and all other points of the city. Downtown Matthews is just to the North with shopping, dining, entertainment and unique shops.

Within walking distance you will find the Greenway with about a mile walk to downtown Matthews so you don’t even need a car to enjoy the town. You can also walk to Squirrel Lake Park to enjoy the playground or fish off the pier.

Schools that are currently zoned for Squirrel Lake Village include Matthews Elementary School, Crestdale Middle School, and Butler High School. Please verify school assignments as they can change from one school year to the next.

Homes in Squirrel Lake Village can be quite large with many of the homes over 3,000 square feet. The existing homes were built between 2006 and 2007 and have tons of storage, open concepts, granite counters, plantation shutters and more. The new construction homes have flexible floorplans and can be customized to meet your needs. Builder Brookwood Homes is currently building one more home in the neighborhood so don’t miss out.

If you would like to schedule a private showing in this amazing area, give us a call at 704-525-4045. You can create custom searches and view current listings 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.

New Townhomes Coming To Myers Park

A new townhome project is coming to Myers Park and should be completed early in 2019. This exciting project has been named Myers Park Terraces and will include only 6 units. Sales are launching this week and they should go quickly.

Myers Park Terraces are located at the intersection of Park Road and Reece Road. This great location will have residents across the street from Park Road Shopping Center and walking distance to many restaurants and vibrant nightlife in Montford. The project is also about halfway between Uptown Charlotte and SouthPark making a quick commute to employers in either business hub.

Hopper Communities, a great local company, is the builder for the development. They have been behind many amazing communities in and around the Charlotte area including Cypress Landing, Fairington Oaks, Grandin Heights, and Southpoint at Southend.

From what we know so far, Myers Park Terrace will consist of six, three-story townhomes. Each home will have between 2,070 and 2,127 square feet of living space. In addition, each will have a two car garage and a roof terrace.

Each home in Myers Park Terrace will have three bedrooms in one of two different open floorplans. Features will include ten-foot ceilings on the main level, quartz counters, stainless steel appliances, hardwood floors, rain showers in the master, large kitchen islands and much more. The builder is also planning to include the entire Nest suite of home technology including Nest Thermostat, Nest Cam, Nest Hello, and Nest Secure. Prices are expected to start in the mid-$600’s.

In addition to all the great features and the great location, Myers Park Terrace is zoned for top rated schools. Current zoning is for Selwyn Elementary School, Alexander Graham Middle School, and Myers Park High School.

If you want to be one of the few people to get in on this exclusive community, give us a call at (704) 525-4045. Though Myers Park Terrace homes are not currently listed for sale, you can view nearby listings for boutique luxury townhomes and create custom searches on our website here.

Neighborhood Spotlight: Ashton Ridge

If you’re looking for a quiet neighborhood in south Charlotte with luxury homes close to major arteries, shopping, dining, country clubs, and more, Ashton Ridge may be the place for you. There are a total of 21 luxury homes in the project brought to you by a local custom builder. These thoughtfully designed homes are both sleek and casual, but every inch elegant.

Location is one of the main draws for Ashton Ridge. Situated just west of the intersection of Rea Road and Providence Road, Ashton Ridge is close to everything. There is easy highway access allowing for quick commutes to Uptown or Charlotte Douglas International Airport. It is in close proximity to shopping, dining, and medical facilities. Also close by are SouthPark, the Arboretum, and Ballantyne.

Ashton Ridge is zoned for some of the best public schools in the city. Current designated schools include: Olde Providence Elementary, Carmel Middle, and Myers Park High. There are also many private school options nearby. Please verify school assignments as boundaries are subject to change.

When you step into one of these homes, you can see every inch of the craftsmanship. They were designed by Jeanine DeVaney and Associates, developed by Homewood-Centerlane LLC, and are being constructed by HHC Construction. Four floor plans are offered with master up or down options. All homes are full brick construction with front and rear porches. They feature traditional design including a mixture of colonial, cottage, and Tuscan design. No detail has been overlooked, from the solid core doors, to the custom cabinetry, to the hardwood flooring, to the bluestone front entry, to the custom shelving in every closet.

Homes have 4 bedrooms and 3.5 or 4 bathrooms. Square footages are 3,500 or higher and also include high ceilings and open living spaces making them seem even more spacious. Prices start in the upper $700’s and can go higher depending on upgrades.

If you are interested in learning more about these amazing homes or would like to schedule a private tour, give us a call at (704) 525-4045. You can create custom searches and view current listings on our website here.