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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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Check out Weddington’s Lake Forest Preserve

If you head down Providence Road (16) and turn East on Monroe Weddington Road (84) in about two miles you’ll reach the entrance to Lake Forest Preserve. This luxury community includes 211 homesites. Lake Forest Preserve enjoys lower Union County tax rates, but features great Weddington schools.

Taylor Morrison (Orleans Homes) is continuing work on Lake Forest Preserve which began in 2006. Homes here are generously sized with all the luxury features and amenities. There are existing homes for sale here or you could put your own personal touches on one of the last few remaining new construction homes in the neighborhood.

Homes in Lake Forest Preserve have a range of styles from full-brick traditional to craftsman to homes with stone accents and European flair. Options for the interior include mudrooms, basements, beautiful porches, heavy mouldings, grand staircases and more. Many homes include upgraded hardwood flooring, gourmet kitchens, spa bathrooms, butler’s pantries, custom built-ins, and media rooms.

Most homes in Lake Forest Preserve have at least 5 bedrooms and at least 4 bathrooms. Square footage is usually around 3,800 to 5,000. Garages tend to be for either 2 or 3 cars. Many have outdoor living spaces and some even have fire-pits or outdoor kitchens. Many homes back up to some of the 133 acres of surrounding wooded conservation land. Some homes have a view of one of the three small lakes in the neighborhood.

Lake Forest Preserve has some great amenities to go along with the great homes. Besides the conservation land and lakes, there is a clubhouse, tennis courts, sports court, playground, swimming pool, kiddie pool with splash pad, and walking trails.

The homeowners association offers many social events throughout the year for all ages. There is a book club, community service group, ladies night out, Bunco club, holiday parties, and teen events. Dues for the HOA are approximately $1,000 per year.

In the last year, homes in Lake Forest Preserve averaged a sale price of $587,723. Prices tend to range from $500,000 to $700,000.

All of these great things and you are just 35 minutes from Uptown and 30 minutes from the airport! Don’t miss your chance to live in this idyllic neighborhood!

If you are interested in an existing or new construction home in Lake Forest Preserve, give us a call at (704) 525-4045. If you would like to view current listings in Lake Forest Preserve on our website, click here.

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Spotlight: Starmount

If you’re looking for a home near the light-rail line, with character, a large lot, great community, and affordable prices, look no further than Starmount. Starmount has been getting a lot of attention lately, and it’s well warranted. This affordable neighborhood is perfect for first time homebuyers, young families, or those looking to downsize.

Starmount is located just off South Boulevard between Archdale and Starbrook Drives. This convenient location has you close to shopping, dining, and an easy commute. Starmount is halfway between Uptown and Ballantyne, and right down the road from SouthPark Mall and Park Road shops.

Consisting of 566 acres and over 1,400 homes, Starmount is the largest established neighborhood in South Charlotte. Homes here were mostly built in the 1960’s by Ervin Construction Company. They range from ranch style to bungalow to mid-century modern. Most homes are one story, but there are some split-level, two-story, and basement homes. Size ranges from 1,200 to over 2,400 square feet.

Many of the homes in Starmount have been remodeled for a modern lifestyle. There are also homes that need updating, as well as some that have been torn down and new homes built in their place. There is plenty of opportunity to put your stamp on a home here.

Lots in Starmount are typically between a quarter and half of an acre. They have mature trees and beautiful landscaping. This quiet community has a neighborhood association, community pool and tennis courts. There is also a bridge over Little Sugar Creek connecting Starmount to Huntingtowne Farms Park on the Little Sugar Creek Greenway.

With higher priced Sedgefield and Madison Park nearby, Starmount is an affordable option with great appreciation potential. Homes here can start in the upper $100’s and range up to the mid-$300’s.

Just announced this week is a new townhome project in Starmount. Pulte Homes has applied for rezoning on a 9.1 acre parcel on Starmount Cove Lane. The plan is to build up to 95 two-story townhomes. There are some existing condos and townhomes in the area starting around $200,000. It is not clear at this point where the price point of the proposed townhomes will fall.

Starmount has been hot for a while, so there’s no better time to get in on the trend. If you would like to view listings in Starmount, you can search on our website here. If you would like us to find the perfect home for you, give us a call at (704) 525-4045.

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Spotlight: Cherry

At the intersection of Dilworth, Myers Park, and Elizabeth sits one of Charlotte’s oldest African American neighborhoods. Cherry, named after the cherry trees that used to be in the hollow here, hasn’t seen much turnover in home ownership in the past. Recently some homes have sold, and there are new construction homes being built by Saussy Burbank that are arousing some outside interest in Cherry.

Local legend has it that Cherry was developed as a servants community servicing the large homes in Myers Park starting in 1912. The neighborhood is much older than that. It appears based on records that it was mostly laborers, not servants that first settled in Cherry. Servants came after 1912.

In 1891, the first plat map of the neighborhood was filed by John Springs Myers. Myers owned the cotton fields that covered much of the area until it developed into modern day Charlotte. Myers helped the African American population of the area to have schools, churches, parks, helped with financing, provided rental homes, and provided modern conveniences of the time.

Homes in Cherry are mostly single family and duplexes. There are Victorian homes as well as bungalows and cottages. Most have wooden siding, shingle siding, or brick. Many of the original homes are in need of extensive cosmetic and structural work on the exteriors and interiors. It is rare that original homes come up for sale and when they do, they go quickly.

Cherry is home to many structures that have great features like multiple fireplaces and large front porches. Mature trees line the streets here as grand as in Dilworth and Myers Park.

Cherry is also extremely convenient. Uptown is within walking distance. The Metropolitan Midtown (the Met) is just across the street. The Met has many options for shopping, groceries and dining. Linear Park and The Greenway are at The Met as well. Inside Cherry is Cherry Park so there is no lack of parkland to enjoy.

Gentrification and appreciation are coming to Cherry. New construction homes in the style of the original homes are being built along Main Street and a few other streets in the heart of Cherry. It won’t be long before the reasonably priced original homes are a thing of the past. You can snap up a fixer-upper between $100,000 and $300,000 if you move fast. If you want a new construction home in Cherry, be prepared to pay between $596,105 and $849,900.

If you are interested in a home in Cherry, give us a call at (704) 525-4045. Click here to see listings in Cherry on our website.

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Common Market Coming to Cotswold

A new location of Common Market is coming to Cotswold. This third location will join one in Plaza-Midwood and a new location in the works in SouthEnd. The new location at 4420 Monroe Road will be their largest location to date with 6,500 square feet.

The store will be at the border of Oakhurst and Cotswold so will bear the quirky name of Common Market OakWold. The location is great as it is close to Uptown, but will service the many neighborhoods off Monroe Road and Wendover Road.

This new location will be a gathering place for the community like their other locations. Expected to open in the spring, it will offer a full deli, coffee, beer and wine, and unusual retail. There will be a full bar and expanded kitchen offering expanded prepared foods and take away.

A community meeting will be held at Clayworks on February 6th to discuss and get neighborhood input on additional features. These could include a larger grocery portion of the store, live music, or community events like food truck fridays.

This is the second big project in the works for Common Market. They are also building out for the launch of their even larger new 7,000 square foot SouthEnd location at 235 W. Tremont Street. The old SouthEnd location will become the home of Dimensional Fund Advisors. The new SouthEnd store should open in the summer.

Common Market has been known as a gathering place for great food and drinks. Patios for dining and catching up with friends have helped make them a staple of the community. These new locations show just how much demand there is for community building and great food and drinks here.

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

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Mixed use project coming to Uptown Charlotte

Midway through January, seven parcels of land in Uptown Charlotte were sold to a residential developer for $23 million. The land is bounded by the Lynx Blue Line extension and East Eighth, North College and East Ninth Streets. This project joins a long list of Uptown projects in progress this year.

This prime block of real estate is slated to become a mixed use project. Lennar, the national homebuilder affiliated with the purchase, is expected to build the project in phases. They are still working on the specifics, but the first phase should tentatively start in the 4th quarter of this year.

Initial plans are for a mid-rise building and a high-rise building. The mid-rise will likely have five floors of apartments with ground floor retail. The high-rise will likely be around 30 floors with apartments and street level retail.  

The second phase, at the intersection of 8th and College is speculative at this point. It could include more multi-family or a commercial component like an office building or a hotel.

This site is really exciting as it is on the Lynx Blue Line buildout on track to open this summer. This makes the property more valuable to owners and future residents alike.

Also attractive to residents is the proximity to First Ward Park. This recent part, completed in 2015 is a great place for people to gather, listen to music, play sports on the great lawn, or just listen to the water on the rocks.

This project is part of the North Tryon Vision & Implementation Plan. This plan details the development of North Tryon Street and the surrounding area. SkyHouse Uptown and 10 Tryon are part of the project. Once the light rail is completed, there should be more projects including a “market street” along the light rail like from Ninth Street to the 7th Street Public Market. This is a potential home for Food Truck Fridays, farmers markets, or flower markets. Expect to see lots of outdoor patios and dining to complement the market street.

The Goodyear Arts building which sits on the site will be moved to a new location. The location is yet to be determined.

This project promises to be one of many announced in the near future. Once the light rail is completed, expect many more projects to begin. This will be an exciting new phase for Uptown. There will be plenty of opportunity to invest in this revitalization of First Ward.

If you are interested in learning more about this project or would like to tour a home in Uptown Charlotte, call us at (704) 525-4045. You can also view more about Uptown and view listings 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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Spotlight: Carsons Pond

If you’re looking for a hidden gem of a neighborhood, look no further than South Charlotte’s Carsons Pond. This community has 123 single-family residences in a gated setting with private cul-de-sac streets. Located off of Rea Road right between SouthPark and Ballantyne, you are close to everything. Add in mature landscaping, gracefully curving streets with flowering cherry trees, and two lovely ponds and you might be in heaven.

This great home in Carsons Pond sold last year

Don’t let Carsons Pond’s tranquility fool you, you are close to SouthPark Mall, Stonecrest, Carmel Commons, Carolina Place and the Arboretum. This gives you a great location from which to explore the many dining, shopping, fitness, and outdoor activities. A commute into Uptown Charlotte will take just 25 minutes and the airport is 27 minutes away both without traffic.

Homes in Carsons Pond were mostly built in the 1980’s, but many have been updated and modernized. Brick and hard coat stucco are the most common exteriors. Many homes have unique features like full basements and greenhouses. Architectural guidelines for homes in Carsons Pond have changed with the times and do allow owners to update and modify exteriors. Many homes have not been updated and are just awaiting your personal touch.

Another wonderful Carsons Pond home sold last year

The homeowner’s association dues may seem a bit steep at first at $250/month, but they include upkeep on all of the amazing amenities. There is a pool, club house, tennis courts, and two lighted ponds with fountains. The fees also cover individual water bills, individual sewer bills, individual lawn care and common grounds maintenance.

With no through streets and the privacy of the gate, there are safe streets in Carsons Pond for walking, cycling, jogging, and playing children.

Children in Carsons Pond attend award winning schools. All are top rated 10 out of 10 by Carolina School Hub. They include Olde Providence Elementary School, Carmel Middle School, and Myers Park High School. There are also many private school options nearby.

In the past year, homes in Carsons Pond have sold for between $261,000 and $388,500. There are currently three homes on the market with one already under contract.

If you are interested in a home in Carsons Pond, give us a call at (704) 525-4045 or view current listings in Carsons Pond on our website here.

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Spotlight: Balmoral

Balmoral is a newer home community located in Fort Mill, SC. Located right off A. O. Jones Road behind Nation Ford High School, Balmoral is in a great location. A commute into Uptown Charlotte is just a short 25 minute drive away. Homes in Balmoral are great for any sized family and range from 2,500 to over 4,000 square feet.

This great home sold in 2016 in Balmoral

Homes here in Balmoral were all built within the last 9 years. They are traditional in style and feature some brick homes, but most are vinyl with brick or stone accents. You will see beautifully landscaped yards with lots around a quarter of an acre. Most homes have a two car front load garage, with some homes having a 3 car garage. Many homes back to wooded green space and have outdoor living spaces to take advantage of the great weather.

Balmoral features homes with between 3 and 5 bedroom floor plans. Many also include separate office spaces. Homes here also feature large kitchens with islands and many with butler’s pantries. Spacious master suites are the norm, with large walk in closets and spa like bathrooms. Most homes also have granite counters, stainless appliances and many feature “drop zones” or mud rooms just inside the houses from the garages.

Balmoral also features many homes that have been recently upgraded. Upgrades include but are not limited to: tankless hot water heaters, Nest thermostats, hardwood flooring, energy efficient appliances and more. Not all homes have been recently updated so there are plenty of homes where you can add your own personality.

Another fantastic home in Balmoral sold last year.

Balmoral is included in the Regal Manor HOA. This is a diverse community within a collection of developments including Adler Grove, Baden Village, Balmoral, Bexley, Fallbrook, Regal Manor, Stafford Oaks, Stanton Heights, Summerlake Townhomes, and Wellsley Ford Townhomes. Inclusion in Regal Manor affords residents the use of a large community pool, beautiful clubhouse, children’s playground, and nearby pond.

Balmoral enjoys a great SC tax rate, but still has great schools. Children in Balmoral attend award winning Sugar Creek Elementary, Fort Mill Middle School, and Nation Ford High School.

Balmoral’s great location is only a short 2 minute drive away from local banking, shopping, and dining establishments. More shopping, dining and fitness is close by at Carolina Place Mall just 7 minutes away, or in Ballantyne just 10 minutes away.

In the past year, homes in Balmoral have sold for between $272,000 and $340,000. There are currently two homes on the market. If you would like to view one of these homes, give us a call at (704) 525-4045 or you can view the listings first on our website here.