June 2016 Market Statistics

Last week, the Charlotte Regional Realtor Association released the market statistics for the month of June. Comparing year over year, 2016 continues to be a good year for real estate in the Charlotte area.

In the City of Charlotte, new listings were up 8.1% over last year and closed sales year to date were up 2.6%. Inventory of homes was down 31.6% from last June showing that the sellers market trend is continuing to hold. Homes were also on the market for fewer days before being sold, down 32.7% from last year from 52 days to 35 days.

In Fort Mill, SC average sales price for a home was up 9.8% from last year from $306,183 to $336,179. Sellers in Fort Mill are getting an average of 97.7% of list price when they sell. There are also 17.5% more new listings on the market this year over last year.

Uptown Charlotte saw increases in new listings, and pending sales, but had a 22% reduction in the number of pending sales from last year at the same time. Year to date, the pending sales were up 18.9%. Uptown is also a strong sellers market right now as there is only 2.5 months supply of inventory, a reduction of 45.7% from the same time last year.

York County, SC is having a great month with a 13.4% increase in new listings, reduction of inventory of 28.9%, and increase in average sales price of 7.2% from $252,715 to $270,908. Year to date, median sales price is up $20,000 from last year with homes on the market 22.6% less time from 84 days to 65 days from list to sale.

It is still a great time to buy a home with interest rates continuing to be low. It is also a great time to sell as there is less inventory on the market, but buyer demand appears to remain strong.

Demand for Townhomes Grows in the Queen City

New townhome projects are proposed for two sites in South Charlotte. The Charlotte Business Journal reported this week that sites at South Tryon and Beam Road, and a parcel in SouthPark on Sharon Road that currently has Holy Covenant United Church of Christ are in the works to be converted into townhome complexes. BNA Homes has proposed a development with as many as 127 townhomes on the South Tryon site. NVR Inc. has proposed 24 townhomes for the SouthPark site.

Demand for townhomes has grown greatly with many townhome communities from Uptown Charlotte and throughout the major transit corridors. Townhomes are attractive to young professionals as there are numerous amenities and locations are usually close to transit or to walkable areas. They are increasingly becoming attractive for older people as they downsize after children leave the home.

Townhome living can have many advantages for a busy person as they usually have most or all exterior maintenance and yard work taken care of by a Homeowners Association. Many townhome communities include fitness facilities, pools, clubhouses, dog parks, and walking trails. Demand for upscale living has increased the need for luxury features such as granite, wood floors, stainless appliances, built-in surround sound, and garden tubs.

Charlotte has many existing townhome communities in and around NoDa, Uptown, Plaza Midwood, SouthPark, South End, Pineville, Matthews, and many more. There are also newly proposed developments to be built in Plaza Midwood, and NoDa.

If you or your family are looking for a townhome community in the Charlotte area, check out our website here or contact one of our Realtors at (704) 525-4045.

Gorgeous Homes and Curb Appeal in Eastover

Thrillist reported that the Charlotte suburb of Eastover is “a hub of gorgeous homes with endless curb appeal”. The Thrillist list was of the most beautiful neighborhoods in the South and Eastover made the list. It’s not hard to see why, with location, fantastic homes and style. Homes here are just a short walk away from the internationally acclaimed Mint Museum of Art. Many of the homes were built during the Prohibition-era and were popular with the city’s trend setters. They helped shape it into one of the top places to live. The city planning here was helped along by designer Earle Sumner Draper. Eastover is a “historic neighborhood (and) was the first in Charlotte to sport driveways to accommodate the city’s first automobiles.”

 Many of the homes in Eastover feature Georgian and Tudor revival styling. Homes are large and have plenty of opportunities for entertaining. There are still some smaller homes which are great opportunities for upgrading, or rebuilding to your taste. There are also plenty of homes that have already been upgraded to have all of the features you could need.

 Eastover ranges between Randolph Road in the North and Queens Road to the South with Providence Road to the West and Wendover Road in the East. Eastover is close to everything with Uptown Charlotte just minutes away. Parks, shops, restaurants and of course the museum are all close by.

 Currently there are 38 homes for sale in Eastover. As of July 7th, 12 of those homes are under contract. Homes range in price from $499,000 for a 3 bedroom, 1 bath with 1,405 square feet to $5,000,000 for a 5 bedroom, 5 full bath, 3 half-bath home with 7,282 square feet. Current average list price is $1,394,047.

 In the past year, homes have sold for between $322,000 and $2,625,000. The average sold price was $1,164,929.

To read the whole Thrillist article, click here.

Providence Farm to break ground this summer

Crescent Communities, a Charlotte developer will break ground on its foodie-inspired mixed-use project off Providence Road later this summer. The foodie theme would focus on connecting people through food. The idea is to inspire residents’ passion for food turning this area into a hot foodie scene.

The story, reported on by the Charlotte Business Journal, states that the multi-family phase of Providence Farm will break ground in the coming weeks. Located near Interstate 485 at Providence Road, Providence Farm is a 72-acre development slated to include 404 residential units, 396 garden apartments and eight three-story townhouses with attached garages. In addition, there will be 30,000 square feet of retail an a 180-unit hotel.

The developer expects to have the first Providence Farm residential units completed in late 2017, with final completion in the first half of 2018. The hotel and retail portion, which faces Providence Road, will be built in the next phase. Most of the project is targeted for a late-2018 completion.

The foodie-inspired development will feature the apartment leasing center incorporated within a functioning restaurant space. Providence Farm will include gourmet indoor and outdoor kitchens, a library of upscale small appliances for residents to borrow, a fruit orchard, community garden plots, a craft cocktail lounge and social house, and “chef-inspired” kitchens.

Crescent Communities has worked on other multi-family and residential projects in the area including Tryon Place, Crescent Stonewall, and Crescent NODA. They also have other developments in Texas, Florida, South Carolina, Tennessee, Georgia and Arizona.

Providence Farm joins other developments under construction in the area. Crescent’s project is next to Waverly, a 90-acre project by Crosland Southeast and Childress Klein. Lincoln Harris’ Rea Farms project is also in close proximity— that 188-acre development is on the site of the former Charlotte Golf Links golf course at Providence and Ardrey Kell roads. And homebuilder PulteGroup Inc. has plans for 100 single-family homes— a development called Kellmoor — off Tilley Morris Road, adjacent to Providence Farm.

New Changes in Store for South End

The Charlotte Business Journal reported today that The Common Market will close its South End location on July 30th. The deli and convenience store also serves beer and wine. They will continue to operate their Plaza Midwood location while they search for a new site. Common Market will host a farewell party on July 22nd.

Food Truck Friday, a weekly gathering which shared the site, has relocated to Plaza-Midwood behind the Light Factory at 1817 Central Ave. This growing event has become even more popular and will feature an expanded line-up of food in the future. It is still dog and family friendly.

The site at 1515 South Tryon was sold to make way for a new office building. The triangular shaped, 2.3-acre site is bounded by South Tryon Street, Camden Road and Park Avenue. The plans for the new office building are for 8 stories including 15,500 square feet of retail with parking for customers in a deck. Construction could start soon after The Common Market has moved out.

This area has already seen many changes over the last few years with lots of new development, retail space and housing. Most of the change is due to location and convenience of the area. The Blue Line coming directly through has made this an extremely easy area to live for people working in Uptown Charlotte. South End has always been close, but now it is much more walkable with everything you need close by.

Google Fiber has also been working on permitting to bring its fiber-optic infrastructure to the area making it even more desirable.

If you would like to speak to one of our agents about relocating to South End, visit our website or call us at (704)525-4045.

Get in on appreciating home values in Sedgefield

The Sedgefield neighborhood just south of Uptown Charlotte is an amazingly walk-able spot where you can enjoy great restaurants, do some shopping or just relax in the park. Homes in Sedgefield have benefited tremendously from the LYNX light rail line and development along South Boulevard. In 2014, Redfin predicted Sedgefield to be one of the Nation’s “hottest neighborhoods” in terms of price development. Additional development is scheduled with a just completed 55,000 square foot Publix Supermarket and new project called Sedgefield redevelopment with a projected 68,000 square feet of retail and 300 multi-family units. There is a good mix of single-family homes (many of which have been partially or completely renovated) and multi-family homes including duplexes and condo communities.

Bounded by South Boulevard in the west Sedgefield is just a quick walk away from New Bern Station on the light rail line for a super convenient uptown commute. Stop on your way home for a pint of local craft beer and some live music from Triple C Brewing. Park Road boarders in the east with Park Road Shopping Center where you can get amazing food, see a movie or get some fresh baked bread. Reputable Myers Park and Dilworth are adjacent and house more shopping, fitness, restaurant and walk-able areas.

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Sedgefield is minutes away from Charlotte’s largest hospital Carolina’s Medical Center. Nearby also is Freedom Park with 98 acres of trails, pond, gardens and bicycle trails. Charlotte Douglas International Airport is just 3 miles away so heading out of town for business or pleasure is easy.

Homes in Sedgefield in the last year have sold for a range in price from between $222,000 to $749,000. As of June 10th, there are 13 homes on the market in Sedgefield ranging in price from $239,900 to $750,000. Eight of the 13 homes are currently under contract. The homes range in size from 995 square feet to over 3000 square feet from new construction single-family homes.

Commonwealth Morningside Has it All

The Commonwealth Morningside neighborhood has a myriad of shops and restaurants with cottages and bungalows in a great walk-able style. Fashionable and delicious Dish, Thomas Street Tavern, Common Market and Fuel Pizza are anchors for the area. There are also antique stores, boutiques and salons. Commonwealth also boasts a grocery store, skate shop and yoga.

Snug Harbor, Midwood Country Club and Elizabeth Billiards are great hangouts for night life or you could cross Independence Boulevard to see hockey or a show at Bojangle’s Colosseum. Uptown is just a short drive away where you can see a show, attend a museum or have fabulous food. Commonwealth Morningside is also convenient to Cotswold and SouthPark for more shopping, dining, entertainment and fitness options.

Bordered by Central Avenue on the North and Independence Boulevard on the south, it has a close proximity to Uptown and easy access to I-77. With Plaza Midwood just to the North, the walk-able options just keep going.

At the center of the neighborhood is Veteran’s Park featuring 19 acres, basketball court, sprayground, baseball field, softball field, 6 tennis courts, 9-hole disc golf course, 2 outdoor shelters, indoor shelter, playground and walking trail.

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Sprayground at Veteran’s Park

Houses in Commonwealth Morningside range from bungalows to brick ranches to wood cottages. There are condo options as well. The variety makes this neighborhood a very diverse and appealing. This hip area draws in all types.

In the last year, homes have sold in Commonwealth Morningside between $110,000 and $362,500 with an average sales price of $243,486. As of May 28th there are 6 homes on the market ranging in price between $215,000 and $494,500.

 

 

Spotlight: Sherwood Forest

Sherwood Forest is an established neighborhood just seven miles southeast of Uptown Charlotte. One of the city’s best kept secrets, it is a family-friendly commuter community with large lots and tree-lined streets just minutes away from Cotswold and SouthPark.  Sherwood Forest has great public and private school options and is situated within city limits.

Sherwood Forest is bounded by Sardis Road to the south, Rama Road to the southeast, and by the former Seaboard Air Line Railroad, now CSXT to the northeast, Sharon Amity Road to the north, and Randolph Road to the west.

Most of the original homes were built starting in the 1950’s and are mainly ranch style with wood or brick exteriors. Most have half-acre back yards and you can sometimes see deer at dusk. Within the neighborhood right next to Rama Road Elementary School is Rama Road Park featuring 14 acres with trails, playground and picnic shelter.

There are lots of shopping options close to Sherwood Forest with Cotswold Village being closest featuring a grocery store, coffee, spa, restaurants and yoga. Just a quick drive away is the mall at SouthPark as well as Phillips Place for more entertainment and dining options.

The closest neighborhood recreation facility to Sherwood Forest is the Naomi Drenan Recreation Center in Cotswold. Group and individual activities can be performed here in the gymnasium, arts and crafts room, multi-purpose field and on-site skate park.

In 2015, there were 34 homes that sold via MLS in Sherwood Forest with an average price of $359,601 and a price per square foot of $158. Most homes were built in the 1950’s through the 1970’s with some new construction as well.

Currently there are 12 homes on the market including 3 new construction homes. As of May 28th the homes are listed between $241,440 and $750,000 with 5 currently under contract. Most are between three and five bedrooms.

A look at private, secluded Highland Forest in S. Charlotte

The South Charlotte neighborhood of Highland Forest just might be the area’s best-kept secret for luxurious homes on large lots with proximity to Ballantyne, SouthPark and downtown Matthews.

Highland Forest is located off Alexander Road slightly north of Pineville Matthews Road (51).

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This superbly renovated and updated 1979 home on nearly 2 acres in Highland Forest sold for $1.25 million in June 2015.

The neighborhood is convenient to Independence Boulevard, Monroe and Sardis roads, as well as I-485 at John Street in Matthews.

Major shopping destinations are nearby also. The Arboretum is less than 3 miles from Highland Forest, as is the major shopping corridor along Independence in Matthews.

Ballantyne and SouthPark are only about 9 miles and 7 miles away, respectively. A commute Uptown is approximately 10-12 miles depending on the route taken, and Charlotte Douglas airport is about 19 miles away.

There is no shortage of parks, athletic fields and country clubs surrounding Highland Forest to keep an active family busy outdoors!

Homes in Highland Forest are each unique and a mix of earlier construction from the 1950s to 1970s and some newer construction (2000s) and renovated homes.

There are homes that are 3,000 square feet all the way up to nearly 11,000 square feet on large lots, some of which exceed 3 acres.

Homes prices are just as varied as the style of the homes. Typically, homes are priced from the high $400,000s to $900,000s. Two homes sold last year that were priced at $1.25 million and $3.2 million, but those are not the norm for the neighborhood’s price point.

Only 5 homes sold in Highland Forest during the previous 12 months for an average of 0.4 homes sold per month.

Those 5 homes had an average sale price of nearly $1.3 million, which includes the 2 properties that sold for $1.25 million and $3.2 million. The average price per square foot for the same period is approximately $211.

There are currently 2 Highland Forest properties for sale. Both homes are older construction. One of the homes is under contract as of May 8.

Highland Forest is zoned for Elizabeth Lane Elementary School, South Charlotte Middle School and Providence High School. Providence High and Elizabeth Lane are both approximately a mile from Highland Forest.

Ballantyne-area Highgrove has luxury & location wrapped up

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The upscale South Charlotte neighborhood of Highgrove has it all when it comes to beautiful custom homes and proximity to schools as well as shopping and dining destinations.

Located at the corner of Ardrey Kell and Community House roads, Highgrove was developed in the late 1990s. With the expansion of South Charlotte, its location simply can’t be beat!

Highgrove is within walking distance of Blakeney Shopping Center and is only a few minutes drive from Stonecrest and Ballantyne Village. Morrison Family YMCA and Ballantyne Village YMCA are both less than 5 minutes away from Highgrove.

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This stunning custom home in Highgrove sold in May 2015 for close to $1.3 million – full list price.

The neighborhood is convenient to South Charlotte’s major thoroughfares and interstate access to I-485 is very convenient from Rea or Johnston roads.

In addition to area parks and sports fields, Highgrove is surrounded by some of the area’s best golf course – Ballantyne Country Club, The Club at Longview, Providence Country Club and TPC Piper Glen. There is no shortage of country clubs and golf courses if you are an avid golfer!

The SouthPark area is only 10 miles from Highgrove for a variety of upscale dining and shopping options. Center City and Charlotte Douglas airport are a total of 20 miles away, which is approximately 30-35 minutes without traffic.

Homes in Highgrove are custom and unique. There are English tudors, brick traditionals and Southern plantation-style homes with double-decker porches. The neighborhood has a pool with hot tub, clubhouse, playground and 2 tennis courts.

Home sizes typically range from in the 4,000-square-foot range to well over 6,000 square feet and are priced in the $500,000s to more than $1 million. Lots are generously sized from approximately one-third of an acre to more than half an acre.

A total of 7 properties sold in Highgrove during the last 12 months or an average of 0.6 homes per month.

The average sales price for those homes was $860,429 and approximately $197 per square foot. Sales closed at more than 98% of list price.

The highest sales price during the last 12 months was nearly $1.3 million and lowest was $667,500.

There are currently 7 Highgrove homes listed for sale, which is approximately a year’s inventory. As of May 7, 4 of the homes are under contract.

Highgrove is zoned for CMS’s Hawk Ridge Elementary School, Community House Middle School and Ardrey Kell High School. All of the schools are within walking/biking distance of Highgrove!