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.

 

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.

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.

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.

 

Low Inventory Woes Cause Slow Market

For many months in a row, the Charlotte real estate market has been left with a lack of inventory. This shortage has caused many home buying woes for buyers and is leaving sellers worried as they become buyers. Charlotte was just named a hot housing market for 2018 by Realtor.com which will likely increase concerns and competition for homes. This can cause buyers and sellers to feel like they are stuck in their current homes with no way to move on and up to a new home.

This situation is not unique. Many markets around the country should be booming in this current economy, but with such low supply, sellers are reluctant to sell because they can’t find comparable homes in their price range. This leads to the vicious cycle that is keeping inventory low. Americans are spending longer than ever in their homes. The median length of time homeowners are staying in their homes has risen to 10 years. This is well above the six to eight years which was the historical average before the housing crash.

Prices are also on the rise, in fact it was just reported by S&P CoreLogic Case-Shiller index that home prices in Charlotte were up 6.2% for the year. This puts a pinch on first-time buyers and puts home ownership out of reach for many who have student debt. The percentage of first-time home buyers is near an all time low at 34%.

It appears to be a toxic combination. There are fewer homes on the market, people taking longer to move, rising prices, and higher student loan debt. The obvious solution is for builders to build more homes, but builders are not back to the pace of building from before the recession. Last year there were less than 4,000 single-family building permits issued. This is less than half the number issued in 2006.

It remains to be seen when the market will begin to correct itself. Either prices will need to come down or supply must go up because the demand is there.

If you are interested in purchasing a home in the Charlotte area, give us a call at (704) 525-4045. You can view current listings and create customized searches on our website here.

October Market Report

The Carolina Multiple Listing Service has released their monthly report and the news looks pretty familiar. Supply is down with low inventory woes persisting while demand is up. Home sales rose year over year and pending sales show that demand is still strong in the area. These numbers all come from the Charlotte Regional Realtor Association’s monthly sales activity report.

Closed sales were up 2.6% last month from 3,572 last year to 3,664 this year. New listings were up year over year as well. In 2016 there were 4,205 and in 2017 were up to 4,336 representing a rise of 3.1%.

Pending sales, also called new contracts for sales are the big story this month. They rose 15.4% from 3,617 to 4,173. This strong demand is a great indicator that the market will continue to stay strong for some time to come.

Median sales price was up from $210,000 last year to $223,000 this year, a 6.2% increase. Average sales price was also up 4.2% from $256,812 up to $267,615.

Inventory continues to be low. This helps drive up prices as demand remains strong. There is only a 2.4 month supply of homes in the Charlotte region right now. A balanced market is generally considered to be a 6 month supply. That’s when buyers and sellers have the same power in a transaction. Right now it is considered a strong seller’s market. This 25% decline from last year means that the possibility of multiple offers on a property are more common as is bidding above list price to win a property. Last year at this time, there were 11,760 homes for sale and this year there are only 9,539.

Homes are staying on the market for fewer days as well. From listing to closing homes are on the market for an average of 89 days. Compared to 104 days last year, this represents a decline of 14.4%.

If you are interested in a home in the Charlotte area, give us a call at (704) 525-4045. You can view current listings on our website here.

Belton Street Underway in Sedgefield

Sedgefield is getting a new development bringing luxury homes at more approachable prices than in Dilworth or Myers Park. Builder David Weekly Homes is behind the project which will replace one-story duplexes with 41 new homes. These homes will be a combination of single-family and paired villas. They are being built by the Central Living division at David Weekly Homes which focuses on high-density, for-sale housing.

The paired villas are a new trend in upscale duplexes. These work a little bit differently than a traditional duplex with each side of the building sold separately. This makes them more like a two home townhome than a traditional duplex. They will have low-maintenance exteriors and a great small community feel.

Homes here will range in size from 2,500 to 3,100 square feet. Expect these homes to be packed with luxury features. The model home currently under construction features a covered porch and owner’s retreat with private balcony. The model home should be completed in January. Expect gourmet kitchens, ample storage, home offices, spa-like bathrooms and more. There will also be many options to make these homes truly unique for your family.

Homes in Belton Street will start around $500,000. Students living in the neighborhood attend award winning Selwyn Elementary, Selwyn Middle and Myers Park High Schools. Please verify school assignments as they are subject to change.

Belton Street is located just east of South Boulevard, within walking distance to the LYNX light rail. This is a great walkable location with grocery stores, entertainment, restaurants, and more within a quick walk. There is also easy access to Uptown Charlotte, SouthEnd, I-77, I-277, and Charlotte Douglas International Airport. A quick drive will have you at SouthPark Mall with even more options for world class shopping, dining, and entertainment.

If you are interested learning more about homes in Belton Street or any other development in the Charlotte area, give us a call at (704) 525-4045. You can also view current listings on our website here.

You have a few more days to get to the Southern Christmas Show

This weekend is your last chance to visit the Southern Christmas Show’s 50th anniversary celebration. This Charlotte tradition started in 1967 and is a great place to get ideas, visit Santa, and make memories.

The theme of the Christmas Show this year is silver and gold. Expect to see lighted trees, decorations, The Enchanted Village and the big guy himself Santa. The Park Expo and Conference Center is the home of the show again this year. People of all ages get caught up in the wonder of the season here.

From the show entrance to the walk along Christmas Tree Lane, the Southern Christmas Show will delight your senses. Here you’ll see all of the latest, best designs and products of the season. Exhibitors and designers work all year to come up with displays and booths to celebrate the season.

Designer decorated trees, mantels, wreaths, and doors line Christmas Tree Lane. Special designer rooms are filled with holiday decor to get you in the mood. There is also an entertainment stage with dancing, singing, and holiday-themed competitions.

There are plenty of holiday inspired culinary treats for you to eat at the show or take home. You can also purchase portraits with Santa himself. Proceeds from the photos benefit the Shriners Hospitals for Children. They are $10 for one, $18 for two, or $25 for three.

You can purchase tickets in advance, $19 for adults, $3 for children 6-12. You may also be able to purchase tickets at the door if any remain. The show is open each day until Sunday November 19th. Hours are 10 am until 9 pm for Wednesday – Saturday, Sunday 10 am until 6 pm.

If you are interested in having a new home to store all of the wonderful decorations you purchase at the Southern Christmas Show, give us a call at (704) 525-4045. You can also view current listings on our website here.

Tax Appraisals Underway

Currently, tax appraisers are visiting homes all over the Mecklenburg County area. They are in process of evaluating homes and formulating current pricing for homes all around the Charlotte Metro area. This is in preparation for the 2019 revaluation process where prices are set for what each property in the county is worth. The prices are then used to formulate tax bills which will be sent out to homeowners in January 2019 and will be due later that year.

Price per square foot numbers from a presentation by Mecklenburg County Assessor’s Office

County commissioners will spend much time over the summer and fall of 2018 setting policy used to calculate taxes. You currently get charged just under 82 cents for every $100 of value for your home. If you reside in the City of Charlotte, you pay the 82 cents plus 42 cents for each $100 of value.

Tax rates are not guaranteed to go up, but values of homes have been steadily going up and costs for government are always on the rise so it’s a good bet. Higher taxes on homes with high values can be another obstacle for potential homeowners.

The last time the county reevaluated homes was back in 2011. There were numerous issues with that reevaluation. Many suburban areas were assessed too high and there will millions of dollars refunded to the taxpayers after the process was completely done over. When all was said and done, values went up by around 11% from the previous evaluation in 2003.

This time around, we are expecting a much higher increase in valuation. The home price index is up about 50 percent, commercial prices are up 101 percent and retail prices are up 77 percent. This means that there could be many property owners that question the new valuations and will challenge them through a formal appeal process.

The county tax assessor’s office has made a number of changes this time around to be sure they don’t have a repeat of 2011. They have a better online system for appeals and disputes. There will be more staff to deal with issues. There will be better communication with homeowners, including helping them determine what neighborhood they are in. A simpler grading system is in place to identify the quality of buildings.

After this year, Mecklenburg county will move to a four year cycle for reevaluation. This means the next reassessment will be in 2023. After that the plan is to move to two-year cycles.

The county will have the option of lowering the tax rate to compensate for the higher values. Some reduction in tax rate seems likely, but taxes may still rise.

If you are interested in a home in the Charlotte area, give us a call at (704) 525-4045. You can also view current listings on our website here.

Affordable Condos Cotswold Springs Coming to Cotswold

Cotswold has long been a desirable spot in the Charlotte area, but it is about to become even more so. There is a condominium project underway that will bring high-end finishes with affordable prices. There are 18 condos total in a project builder Main Street Properties & Development is calling Cotswold Springs.

Cotswold Springs is located at 935 McAlway Road, near the intersection of North Wendover Road and Beal Street. Right down the street is Grayson Skate Park and the other way is Oakhurst Park. There is easy access to Highway 74 with direct access to Uptown Charlotte for sporting events, museums, nightlife and much more. Cotswold Village Shops are just a quick drive away, as is the common market, publix, harris teeter, starbucks and plenty of other options. And just a little bit further will have you in SouthPark for world class shopping and dining.

Homes here range from just over 800 square feet to just under 1,200 square feet. There are three floorplans to choose from with one and two bedroom options with either 1 ½ or 2 bathrooms. Each home will have outdoor space, either a patio on the first floor units, or balconies for the higher units.

If Cotswold Springs is your new home, expect chic finishes. Solid wood cabinetry is standard as are 10 foot ceilings, quartz countertops, and in-unit laundry. All homes are pre-wired for fiber optic internet, with two connections per unit. There are plenty of smart upgrades available as well. The Smart upgrade package includes wi-fi enabled stacked washer/dryer, wi-fi enabled refrigerator, wi-fi enabled oven, smart deadbolt, smart thermostat, and network video doorbell.

If you are interested in a home in Cotswold Springs, they are pre-selling now. As of this writing, there are sixteen of the eighteen units left to choose from. Starting prices are in the low $200,000’s. Expect these homes to be completed early in 2018. For more information, call us at (704) 525-4045. You can also view current listings on our website here.