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February Market Statistics

The Carolina Regional Realtor Association just released their monthly statistical analysis today. We have looked at their numbers and there does not appear to be much change from the trend of the past months. There is still a lack of inventory pushing prices higher. The seller’s market continues as there is only 2.3 months of inventory, a balanced market is considered to be 6 months inventory or more.

Digging a little bit deeper into their numbers, there were 4,702 new listings in February, up 14.8% from the 4,097 from the same time in 2016. This stronger spring showing is encouraging as we are just starting the spring when listings usually pick up. We will have to wait and see if this trend continues so we can get inventory numbers up to previous years levels.

Median home price was up year over year from $180,525 to $199,000. Average home price was also up from $229,856 in 2016 to $243,383 in 2017. Sellers are also now getting an average of 96.3% of list price. This lack of discount means that the market is bearing out these higher prices.

Inventory continues to be low in the Charlotte area. In the February report, there are 8,807 homes currently on the market. This is down 21.4% from last year’s 11,210. This leaves us with 2.3 months of inventory down from 3.2 months in February of last year. We are holding steady from last month when there were also 2.3 months of inventory.

While these findings are great for sellers, they can be distressing for buyers. With less inventory on the market, there are fewer choices for each buyer. Buyers will also have to be able to afford the higher prices homes are commanding right now.

We are hopeful that sellers are gaining confidence in the market right now. There have been more new listings than in previous months and the hope is that this is the beginning of the pendulum swinging the other way.

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

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Timeless style in Blakeney Greens

For timeless style with attention to detail and true craftsmanship, look no further than Blakeney Greens in coveted Ballantyne. The architecture may be a throwback, but the details are all modern. The neighborhood is part of a 270 acre mixed-use community at the corner of Rea Road and Ardrey Kell Road. There are medical practices, a church, childcare center, greenways, wetlands, walking trails, playgrounds, shops, and more to explore making a true village feel.

Blakeney Greens contains 365 single family homes and townhomes built in the early 2000’s by Saussy Burbank builders. Blakeney Greens was built to have a great community feel with front porches as features on all of the homes. Wide sidewalks encourage neighbors to get to know each other. There are also many amenities including greenways, two parks, walking trails, landscaped common areas, shopping, office spaces, pool, pedestrian friendly areas and more. An active homeowner’s association in Blakeney Greens takes care of all of the common areas and also organizes community events throughout the year.

Location is key for Blakeney Greens. Homes here are within walking distance of Blakeney Shopping Center. Stonecrest Shopping Center and Ballantyne Village are 2 miles away. There is convenient access to I-485 for a quick trip to Uptown Charlotte or the airport.

Homes in Blakeney Greens have great features. Most have hardwood flooring at least of the main floor. Kitchens are generously sized and most have eat in areas, stainless appliances, and are open to family rooms. Most home have between 3 and 4 bedrooms and between 2.5 and 3.5 bathrooms. Single-family homes typically have between 1,800 and 3,000 square feet and have rear entry two car garages. Yards are small and manageable. In the past year the average sales price for a home in Blakeney Greens was $352,438. Townhomes typically are less expensive and smaller units are available for under $200,000. 

Children in Blakeney Greens attend top rated public schools. Current zoning is for Hawk Ridge Elementary School, Community House Middle School, and Ardrey Kell High School. Please confirm school assignments if they are of concern for your family. There are also many private school options nearby.

If you’re looking for a home with southern charm with a Pottery Barn feel to the interior, Blakeney Greens is the place for you. Give us a call and we can set up a tour of a home for you, (704) 525-4045. You can also view homes in Blakeney Greens on our website here.

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Spotlight: Weston Glen

Just across the road from Community House Middle School in Ballantyne sits Weston Glen. Built by Pulte homes, Weston Glen is within walking distance from schools and within a 3 mile radius of great shopping, fitness, dining, entertainment at Blakeney or in Ballantyne.

Weston Glen sits off Community House Road, between Providence Road West and Ardrey Kell Road. This convenient location makes getting anywhere a breeze due to easy access to I-485. Ballantyne Country Club and Piper Glen are close by as is the Morrison Family YMCA.

Community amenities in Weston Glen include a pool, baby pool, clubhouse, playground, landscaped common areas, and walkable streets with sidewalks. The community has a homeowner’s association that is active and plans events for all ages throughout the year.   

Homes in Weston Glen are mostly two story with 2 car garages. Most homes have 4 or more bedrooms and 2.5 or more bathrooms. Square footages for homes here start around 2,500 and some have over 3,000.  

Interior features in Weston Glen typically include:

  • Crown moulding
  • Trey ceilings
  • Chair rail moulding
  • Large eat-in kitchens with islands
  • Large master suites
  • Butler’s pantries
  • Outdoor living areas

Children in Weston Glen attend top rated schools including Elon Park Elementary, Community House Middle, and Ardrey Kell High Schools. All three schools are top rated by Carolina School Hub. There are also many private school options in the area.

There are currently three homes for sale in Weston Glen with two already under contract. Prices tend to range from $320,000 to $410,000 and typically sell quickly. This desireable neighborhood could be your next home.

If you are interested in touring a home in Weston Glen, give us a call at (704) 525-4045. We would love to discuss your needs and create a custom plan for your homebuying journey. You can also view homes in Weston Glen on our website here.

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Real Estate News Around Charlotte

Housing Permits

There has been an Increase in housing permits in the Charlotte region over the last year according to The Market Edge. The Market Edge is a marketing research company that tracks residential building permits in several Southeastern regions. This is positive news, but we are not yet at levels seen in 2015.

Overall there was 9% growth in the entire Charlotte region. There were some counties that saw larger growth than others. Lincoln, Stanley, and Rowan counties had the largest growth. Cabarrus, York and Lancaster counties were the only counties with fewer new housing permits.

Mecklenburg County had the most new building permits for homes over $400,000. They had 487 of them, a 36.4% rise over 2015.

 

Zoning Changes

Rendering of the proposed Foxcroft City Homes

There have been many zoning changes on the docket for City Council, but none quite so contentious as Foxcroft City Homes. This proposed residential development is seeking a rezoning from R-3 to UR-2 conditional. R-3 allows three single-family units per acre. UR-2 allows denser, attached residential development.

Neighbors have mobilized against the development on Sharon Lane between Providence Road and Heathmoor Lane. They are afraid the zoning change could set a precedent for high density development in an area of single-family homes.

The proposed homes are said to be targeted at empty nesters looking to downsize. Neighborhood residents question this assertion as the homes are going to start at 3,400 square feet with a price point around $1 million. There is also no age cut off for residents so the target of empty nesters has been called into question.

A third city council hearing on this matter may settle it once and for all. The property will be developed, but it remains to be see if it will be single-family homes on two cul-de-sacs or if the zoning change goes through to allow 24 townhomes in 12 buildings.

 

If you are interested in new construction in the Charlotte area, call us at (704) 525-4045. We can help you find just the right property for your needs. You can also view listings on our website here.

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January 2017 Market Statistics

The Carolina Regional Realtor Association has published the January 2017 monthly statistical analysis. This month continues the trend we have been seeing for a while. Inventory in the Charlotte area is still low, causing prices to creep upward.

If we look at a three year trend, the number of homes on the market or inventory in 2015 was 13,607 homes. In 2016 there were 11,513 homes on the market. In 2017, there were only 8,639 homes on the market.

This decline in inventory could be due to many factors.

  1. There are many more people moving into the area. The population of Charlotte has been steadily rising, but the metro area has increased significantly reaching just over 2.4 million in 2015. With this rise in population comes a lack of inventory and builders can’t keep up with the demand. People are moving farther and farther away from Uptown, with some not even counted in the metro area.
  2. Lack of inventory makes people less willing to sell their home until they have bought a new home. With fewer choices on the market, waiting seems like a good idea so you get the home you want before you have the risk of having to move before you are ready.
  3. Interest rates are creeping up. While this may not affect many buyers until rates go over 5%, there are still some homeowners opting to stay in their home with a low interest loan instead of moving and having higher carrying costs from a new mortgage with a higher interest rate.

As you would expect based on the laws of supply and demand, with less supply, comes higher prices. The average sales price of a home in the Charlotte metro area has risen steadily. In 2015, the average price was $214,166. In 2016, that average price rose to $230,026. The trend continues, and in 2017 the average sale price was $258,819.

There is some good news for buyers. New listings rose 4.7% from last year. This takes us up almost to the 2015 number. If this continues, supply will rise so there will be more choices for buyers. This means less competition for each home. It remains to be seen if this is an anomaly, or if it is part of a larger trend.

If you are interested in a home in the Charlotte area, give us a call at (704) 525-4045. If you would like to view listings on our website before you speak with us, click here.

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There is a lot of buzz in the Charlotte area about new townhome communities. Townhomes have long been popular for their ease of maintenance, convenience, and amenities. Townhomes are particularly attractive as an entry point into a popular neighborhood. They are great for young professionals, families, and older buyers looking to downsize.

South End townhomes by Barringer & Smith and Alan Simonini Homes

Lets face it, Uptown can be expensive. Many people are looking for a home farther out of town with the feel of Uptown. Townhomes can be attractive for a village feel. Many are in walkable areas with shopping, dining, fitness, and entertainment right outside your door.

Another reason people love townhomes is exterior maintenance and plant care is usually included in the Homeowners Association fees. This is particularly great for people with busy lifestyles.

Townhomes are also attractive due to amenities. Many of the newer townhome communities have gyms, pools, clubhouses, dog parks and more. The Charlotte area has many options for townhomes, and there are many more new projects on the horizon.

One of the new projects that has garnered much early interest is David Weekly Homes’ project in Waverly. There are reportedly hundreds of people interested in the 75 townhome units. Twenty-five units are currently under construction with expected completion of phase one in April. Phases two and three, with the remaining 50 units, will follow later. Expect prices to range between the high $300,000’s to the high $400,000’s.

Site Plan for Capital Land Partners project at Selwyn and Runnymede

Another development we are excited about is one by Barringer & Smith and Alan Simonini Homes in South End. If their zoning change comes through, they have proposed developing 18 townhomes on a .7 acre property on West Tremont Avenue between South Tryon and Hawkins Streets. City Council will vote soon on the zoning change from industrial use.

A third project we are excited about is one by Capital Land Partners. They are working on a rezoning petition to develop 29 townhomes on a 3 acre site near Selwyn Avenue and Runnymede Lane. Units here should be 4-story with an optional roof terrace. Each unit is expected to have a 2 car garage and 400 square feet of private open space.

The biggest challenge right now in Charlotte is lack of supply. There are many projects in the works, from zoning to building, but they are not ready yet. These are just some of the many townhome projects in the area. If you are interested in a Townhome in the Charlotte area, new or existing, call us at (704) 525-4045. You can also view townhomes on our website here.

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Three Hottest Charlotte Neighborhoods

Redfin released their predictions for the three hottest Charlotte neighborhoods for this year. They used data from page views and favorites from their website to determine which neighborhoods rose to the top. Myers Park, Eastover, and Ballantyne topped their list for many reasons and we can’t agree more.

 

Myers Park has long been a favorite due to it’s location, schools, and walkability. Winding streets with mature trees and landscaping make this suburb picturesque. Stately homes and charming parks are serviced by many shopping and dining establishments within walking distance. The award winning schools are nationally renowned. Myers Park is home to Queens University of Charlotte, a gorgeous campus with shaded quad and elegant buildings.

Homes in Myers Park typically range between $300,000 and $5 million with the average home price at almost $950,000. There is a range of style to the homes and many are historically preserved. Lot sizes tend to be larger than average, and landscaping is lush and established.

 

Eastover is right next to Myers Park so shares much of the style and many of the advantages of Myers Park. Lots tend to be larger with stately homes and tree lined streets. There is more seclusion in Eastover and a slightly less urban feel. The schools are still great and many are shared with Myers Park. Eastover is mostly residential, but there are many places to dine and shop nearby.

Homes in Eastover typically range between $385,000 and $5 million with the average home price at $1.2 million. There are many historical homes in Eastover in a range of styles from Tudor to Contemporary.

 

Ballantyne to the south of Charlotte is a booming commuting suburb that has become a destination all it’s own. It can feel like a separate city as it has everything you need without ever leaving. There is a PGA-ranked golf course, luxury spa and hotel, fortune-500 companies, country club and upscale housing.

Homes in Ballantyne typically start in the $400’s and can go as high as the multi-millions. Most homes were built in the last 20 years and encompass a variety of styles, but they include modern conveniences as well. There are many existing homes, but also many new construction homes.
If you are interested in a home in any of these areas, call us at (704) 525-4045. You can also view listings on our website. If you are interested in homes in Myers Park, click here. If Eastover appeals to you and you want to learn more, click here. If you want to learn more about homes in Ballantyne, click here.

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Enjoy the Queen’s Feast starting this weekend

This January, you can once again be a part of the Queen’s Feast in Charlotte. This annual event includes over 130 restaurants in 9 counties around the Charlotte Metro area. Each restaurant offers a price fixe menu for dinner with 3 courses for $30 or $35 not including tax and tip. The event begins Friday January 20th and runs through January 29th.

This year, there are many new restaurants making their debut at the Queen’s Feast. Among the newcomers are:

     O-Ku – Japanese and sushi in Atherton Mill

     The Pump House – Southern influenced modern cuisine in Rock Hill

     Sea Level – locally sourced seafood in Hearst Tower in Uptown Charlotte

     Essex Bar & Bistro – a gastropub and craft cocktail restaurant in Uptown Charlotte

     Babalu Tapas & Tacos – small plates and tacos in Dilworth

     204 North Kitchen & Cocktails – fresh farm-to-table cuisine in Uptown Charlotte

     Burtons Grill & Bar – chef inspired food in Park Road Shopping Center in South Charlotte

     Comida  – Mexican inspired cuisine in Plaza Midwood

There are also some well established restaurants joining the Queen’s Feast for the first time this year. Most notable of the newcomers is Reid’s Fine Foods in SouthPark. Many long-time favorites are featured on the line-up as well. 300 East in Dilworth, The Cajun Queen in Elizabeth, Sullivan’s Steakhouse in SouthEnd, and Ruth’s Chris in SouthPark are just a few of our favorite picks.

Heading to the Queen’s Feast is a great way to sample cuisine from all of these amazing eateries, but it is also a chance to check out a new neighborhood. Many of these restaurants have rooftop terraces or patios from which to observe the people and pace of a neighborhood. You can take a drive around before your reservation to see how the area looks around dinnertime. This is a great way to see how vibrant and area is in terms of fitness, walkability, traffic, and more. You can drive past local schools, parks, shopping and more to really get a feel for an area you haven’t spent much time in before.

If you plan to visit a restaurant for Queen’s feast, reservations are recommended. You can click the link below to see the participating restaurants. Most will allow you to make reservations online, but some only take reservations over the phone. No passes or tickets are required.

To find a full list of restaurants participating in the Queen’s Feast, click here.

If you are driving around before your dinner and find a home you want to tour, call us at (704) 525-4045 or visit our website with comprehensive search capabilities here.

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December Market Analysis

This week the Carolina Regional Realtor Association released their monthly report of housing data in the Charlotte area. These figures are based on Carolina Multiple Listing Services data which includes Charlotte and surrounding areas including two counties in South Carolina. This area also includes 10 counties in North Carolina ranging from Statesville to Fort Mill, and from Gastonia to Salisbury.

Numbers on the report were not surprising. They continued the trend of low inventory and strong sales which has been going on for the entire year. In December, the total MLS area was up 4.5% over last December for total closed sales. If you look at the entire year, 44,386 homes were sold, up 8.4% over 2015.

Sales activity wasn’t the only number on the rise. Both the median and average sales price rose for both the month and the year. This December, median sales price rose 10% to $209,000 and average sales price rose 8.2% to $258,108. For the entire year, median sales price was up 7.5% at $207,000 while the average sales price rose 6.5% to $257,701.

Inventory numbers continued to fall throughout the year. December’s inventory number was down 25.7% from last year at this time. This leaves the Charlotte region with just 2.3 months of inventory which is well below the six months of inventory needed to have a balanced market between buyers and sellers. This leaves sellers with the upper hand in transactions for now.

The rise in prices and lack of options could leave some buyers out of the market entirely. Mortgage rates are expected to rise as well which could be a problem for first time buyers in particular. However, the market is strong, and expected to remain steady for the coming year.

If you are looking to buy or sell in the Charlotte area, call us at (704) 525-4045. You can also see listings on our website here.

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Spotlight: Landen Meadows in Ballantyne

Well, we didn’t get the much anticipated multiple inches of snow, but roads are still dangerous so stay inside and keep warm. What better way to entertain yourself during a snow/ice day than by envisioning yourself in a new home. Landen Meadows in popular Ballantyne could be the right neighborhood for you.

Landen Meadows is a community of single family homes built in the 1990’s by Crosland (now Centex). It was one of the first neighborhoods built in the South Charlotte/Ballantyne area. The end result is that Landen Meadows is right in the middle of the best schools, shopping and amenities.

Landen Meadows is located off Rea Road near Ardrey Kell Road. It is walking distance from Blakeney Shopping Center, Community House Middle School, and Ardrey Kell High School. Minutes away are Stonecrest, Ballantyne Village, and easy access to I-485.

A trip into Uptown Charlotte is 20 miles away, the airport is 25 miles away. If you commute into the metro area, expect around a 40 to 50 minute drive. There are also many shopping, dining and entertainment venues within a short drive. Also close by are many golf courses and country clubs. Many indoor fitness centers are close by including a YMCA.

When residents of Landen Meadows aren’t working or shopping, they can be found at one of the neighborhood amenities. These amenities include a pool, 2 tennis courts, a basketball court, and playground. There is an active homeowners association with planned events for kids and adults throughout the year.

Currently Landen Meadows is zoned for Hawk Ridge Elementary School, Community House Middle School, and Ardrey Kell High School. All three award winning schools score 10 out of 10 by Carolina School Hub.

Homes in Landen Meadows are 1 and 2 story in traditional style. They range from around 1,200 to over 2,200 square feet. They have at least 3 bedrooms and 2 bathrooms. In the last 12 months, homes here have averaged a sale price of $261,358.

There are currently four homes in Landen Meadows on the market with three under contract. List prices range from $225,000 to $275,000.

If you are interested in learning more about a home in Landen Meadows or are interested in touring a home here, call (704) 525-4045. To look at listings in Landen Meadows on our website, click here.