Posted on

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.

Posted on

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.

Posted on

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.

Posted on

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.

Posted on

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.

Posted on

April Market Statistics

The story is much the same for the Charlotte region this month. According to data from The Charlotte Regional Realtor Association, home prices are still on the rise and inventory is still on the decline. The report data is based on information from the Carolina Multiple Listing Services Inc.

When you compare year over year, inventory is the most striking with a decline of 22.6% from 11,008 homes for sale in April of last year to just 8,515 homes for sale this April. This means that buyers have fewer homes to choose from and prices are being driven higher by lack of supply.

Both median and average sales prices are up for the region as well. Homes sold for an average price of $292,158 last month, an increase of 8.1%. The median sales prices was $240,000, up 7.4% from the same time last year.

It appears that there are still buyers out there which means that we won’t soon see a reversal of this seller’s market. A seller’s market is generally considered to be a 4-6 month supply of homes, and in the Charlotte region we are sitting at just a 2.1 month supply of inventory. While this is great news for sellers, unless they are moving out of the region, it can be difficult to find a new home to move into.

Pending sales were up 10.7% from last year which gives hope that there are still buyers in the market. Sales of homes were also up by 1.6% from last year. Homes also sold quicker this year than last, spending just 44 days on the market on average, down 5 full days from last year.

New listings were up, though only slightly from last year, just 0.7% or 39 homes more than last year. This means that we won’t see the market begin to reverse just yet.

If you are in the market to buy or sell a home in the Charlotte area, give us a call at (704) 525-4045. We have the knowledge and expertise to help you through the entire process. You can also view current listings and create custom searches on our website here.

Posted on

Thrive in South Charlotte’s Castleford

Pulte Homes has opened a new neighborhood walking distance to Waverly called Castleford. This amazing spot is close to shopping, dining, boutique shops, spa services, all a short walk or drive away. Castleford is zoned for top schools, is close to top rate golf and country clubs, is close to major employers and is a quick commute from Uptown Charlotte.

Located off Ardrey Kell Road at the intersection of Tilley Morris Road, Castleford is just outside of the I-485 loop. Providence Commons and Waverly are both really convenient for all of your shopping, dining, and entertainment needs. Also close by are Providence Country Club, Quail Hollow and TPC at Piper Glen. A 30 minute drive will have you at Charlotte Douglas International Airport or Uptown Charlotte.

Homes in Castleford are grand. There is a choice from seven different plans that can be customized and upgraded to meet your own unique needs. They range in size from 3,239 to over 5,000 square feet and have between 3 and 7 bedrooms and 2.5 to 7.5 bathrooms. Homes have two or three car garages, some with a courtyard or split garage plan. Exteriors are constructed with stone, brick, and hardie board and have many designer features.

The interiors of these homes contain chef’s or gourmet kitchens, open floor plans, owner’s suites, private guest suites, home offices, flex spaces, outdoor living spaces and much more. Pulte has been designing and building homes for over 65 years and they are bringing all that experience to these homes. Prices start just under $500,000 and can go well into the $700,000’s depending on plan, features and upgrades.

Castleford is currently assigned to some of the highest-scoring schools in the Charlotte area. Children attend McKee Road Elementary, Jay M Robinson Middle, and Providence High Schools. All schools are top rated and Providence High has had the highest SAT scores in the area for the past few years. Please verify school assignments as they can change from one school year to the next.

The first phase of Castleford is currently open with 11 homes and the model home available now. 17 additional lots will be released soon. If you miss out on the first phase, not to worry, 68 additional homesites will be available in the second phase. There is also a planned amenity center which will feature a clubhouse and pool.

If you are interested in a private tour of homes in Castleford, give us a call at (704) 525-4045. You can also create custom searches and view current listings on our website here.

Posted on

March Market Statistics

It looks like the Seller’s market is going to continue for a while in the Charlotte area. According to data from the Charlotte Regional Realtor Association, the Charlotte area is down to just a 2 month supply of homes. This data is based on information provided by the Carolina Multiple Listing Services monthly report. The report was released this week and looks similar to previous months, with a few exceptions.

One of the most striking changes from previous months is the drop in sales. There was a decline of 11.2% from March of last year. This is possibly a sign that the hot market could slow down at last.

New listings were also down 4.5% year over year. The lack of new listings typically indicates that there could be more competition for existing listings which makes a seller’s position in a transaction stronger. Currently the supply of homes is at just 2 months. A balanced market between buyers and sellers is typically 6 months.

One of the things that typically happens when there is a lack of supply in the market is that prices go up. This is what has been happening in the Charlotte area. In March, median sales price was up 7.1% to $235,000. Average sales price was up 4.6% to $279,726. These higher prices are paired with rising interest rates which can price some buyers out of the market entirely.

Another side effect of rising prices and interest rates is that homeowners are staying in their homes longer. This is truly an opportunity for sellers to list their homes as they can get higher prices, but many homeowners are cautious because they worry about not finding their next home. There is a ready and willing buyer base so hopefully we will see inventory rise soon.

If you are interested in buying or selling a home 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.

Posted on

February Market Statistics

The Charlotte Regional Realtor Association has released their monthly report of home sales statistics based on data from the Carolina Multiple Listing Services, Inc. According to the report, home prices in the region continue to be higher than previous months. The average sales price rose year over year to $265,761, an increase of 8.3%. The median price also rose 12.9% to $227,000.

Pending sales were up 8.3% from 2017 with 4,092 sales pending at the time the report was released last Friday. There were 2,792 sales that closed in February, representing a 3.4% increase over 2017.

Despite these gains, inventory was down yet again from a 2.6 month supply to a 2.0 month supply, a decrease of 23.1%. There were only 8,035 homes on the market at the time of the report. This leaves homebuyers with fewer choices, and makes competition more common when a home does come on the market. Buyers are at a disadvantage in negotiations as there are more buyers than sellers at this time.

Buyer demand may be steady, but new listings were down year over year from 4,695 down to 4,627 representing a decline of 1.4%. This means that we can’t expect a reversal of the market any time soon.

It will be interesting to see what will happen as the FED has recently raised rates, which usually tracks with a corresponding rise in mortgage rates. This could cause a slow-down of the market as people may not be able to afford large mortgages. We will keep tracking the trends.

If you are interested in a home 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.

 

Posted on

Get in Early on Rea Farms

Rea Farms is an amazing new neighborhood by CalAtlantic/Lennar. Located off Providence Road just south of I-485 at exit 57, Rea Farms is in a great and desirable location. On the site of the old Golf Links golf course, Rea Farms covers 188 acres and will include up to 500,000 square feet of office space, up to 210,000 square feet of retail in addition to 700 multi-family and single-family homes, and a unique village green.

Harris Teeter is building a new store that will help anchor the site at Rea Farms as well as Lifetime Fitness and Lifetime Tennis, the post office, and a hotel also anchor the neighborhood. The plan calls for a K-8 school which would serve children in the surrounding neighborhoods as well as Rea Farms. Also walkable from Rea Farms are Waverly, Providence Farms, and Stone Creek Ranch. This gives you many shopping, dining, and entertainment options within walking distance.

Homes in Rea Farms have a few different options. There will be rental units for people over 55 years of age. Townhomes are being developed, and also single-family homes. The single-family homes have a few different configurations and will include homes with detached and attached rear load garages. Some of the newer homes look like they will have traditional front or side load garage plans.

The builder’s website says that they will have stunning floorplans with open great rooms, kitchen and breakfast room concept, flex rooms and elegant owner’s retreats. They plan to have unique and flexible floorplans with something to offer for everybody. There will be four collections of homes to choose from and pricing has not yet been determined.

Rea Farms is currently zoned for fantastic schools which makes it even more desirable. Children will attend Polo Ridge Elementary, Jay M. Robinson Middle, and Ardrey Kell High Schools. Please verify school assignments as school boundaries can change.

The project at Rea Farms officially opens this spring, but if you want to get in early, give us a call at (704) 525-4045. You can always view current listings and create custom searches on our website here.