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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.

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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.

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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.

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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.

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Lennar and CalAtlantic to Merge

Lennar Corp. and CalAtlantic Group Inc. announced a merger agreement yesterday. This $9.3 billion valued deal would poise the combined company to be one of the country’s leaders. The merger will mean 240,000 homesites in 49 markets across 21 states will all be under one company. The deal has been approved by the boards of directors at both companies. The deal will put the combined company in the top 3 builders in 24 out of the top 30 markets in the country.

Lennar and CalAtlantic expect to execute the merger in the first quarter of 2018 with shareholder approval. The combined companies would have revenues of about $17 billion.

Both companies seem eager for the merger. They are predicting a strong market profitability for years to come. There is a solid homebuilding market with job and wage growth, consumer confidence, low inventory, and a production deficit. These factors make a merger a smart move as they can save on purchasing, land, labor, and overhead if they combine.

Lennar has 21 communities currently under construction ranging from Rock Hill, SC up to Mooresville, NC. Most of these communities have price ranges in the $200,000’s to the $500,000’s. They offer mainly single-family homes with a few multi-family projects.

CalAtlantic has 41 communities under construction in Charlotte and surrounding areas with 142 quick move-in homes. Most of these communities have price ranges in the $200,000’s to the $600,000’s. Most homes are single-family, but they do have a few townhome projects currently in the works.

Both builders have been in the Charlotte area for a long time and are well respected for building quality homes and neighborhoods. Many of these have amazing amenities, fantastic locations, and all of the upgrades that people want for the way we live today.

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

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Last Two Homes Available in Arbor Way II

Now is your last chance to get in on the ground floor in Arbor Way II. There are only two homes left where you can be the original owner. These energy efficient homes are nestled along Sardis Road just across the street from James Boyce Park and Charlotte Christian School. Don’t miss the opportunity to own one of these amazing homes.

Builder Meritage Homes developed these homes to be energy efficient. This is especially important because these homes are large at over 3,000 square feet each. Heating and cooling a space this large can be costly, but with energy efficient heating and cooling, great insulation, upgraded windows, and more, costs are kept to a minimum saving you and your family thousands of dollars on utility costs.

The location of Arbor Way II is fantastic. Just minutes away from SouthPark, Ballantyne, and Uptown Charlotte you can get anywhere with ease. A night out is as easy as a trip to SouthPark for the pops in the park, a great restaurant, or a stroll past the shops. A trip to Uptown will have you ar sporting events, concerts, art museums, restaurants, nightlife and more.

There are great schools, literally across the street as well as zoned for the neighborhood. There are also private, preschool, mother’s day out, and preschool options close by. Please verify school assignments as they are subject to change.

Homes in Arbor Way II are grand. Many of them have 5 bedrooms and 4 and a half bathrooms. Open floor plans are common with large kitchen islands for gathering spaces. Great rooms typically have ten foot ceilings and fireplaces. Upstairs has flex space that can be a game room, home office or playroom. Many plans have formal and informal dining spaces. All have two car garages and are two story plans.

In the past year, homes in Arbor Way II have sold for between $560,000 and $649,034 with an average sale price of just under $600,000. The two currently listed homes are offered at $524,900 and $544,900 respectively.

If you are interested in owning one of the remaining homes in Arbor Way II, or any other home, give us a call at (704) 525-4045. You can also view current listings on our website here.

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New Projects coming to South Charlotte

South Charlotte will be getting two new projects that we are excited about. They won their rezoning petitions at the Charlotte City Council Meeting this week.

The first project we are excited about is a redevelopment of Melrose Apartments in Madison Park. The site is the current home of 54 apartments originally built in 1967. There are also four single-family homes on the redevelopment site. Those four homes and the old apartments will be demolished to make way for the new project. This redevelopment project was first proposed in 2015 and has finally won unanimous approval by City Council.

The new project will have up to 265 apartments and eight townhouse-style units on the 2.9 acre site. This upscale complex will contain four and five story buildings, a parking garage, parking for each unit, a swimming pool, and central courtyard.

There are some concerns about the project being inconsistent with the surrounding neighborhood and issues with the elevations associated with the project. However, this project near the intersection of Park and Woodlawn Roads is still exciting. Revitalizing that corner is a great opportunity to add some character and better functionality to the area.

The second project we are excited about is an expansion of Phillips Place. Phillips Place has long been a place with restaurants, specialty retail, apparel, and home furnishings. The main street has an old world feel with fountains, benches, and lush landscaping. A hotel, movie theater, residences, office space and more made Phillips Place revolutionary as it was Charlotte’s first mixed-use development.

The expansion will add about 100,000 square feet of commercial space. Currently there is about 80,000 square feet of retail space excluding the hotel and movie theater. The plan also calls for parking decks with a smaller footprint allowing denser development. The project is slated for 15.1 acres just south of Fairview Road. The expansion of the Phillips Place retail center in SouthPark was unanimously approved by City Council.

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

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September Market Statistics

Sales across the Charlotte region fell again in September. They dropped 3.9% from last year from 4,121 down to 3,960 sales. These numbers all come from the Charlotte Regional Realtor Association’s monthly report based on data from the Carolina Multiple Listing Services, Inc.

According to the report, inventory was also down. Last year at this time there were 12,297 homes for sale in the region and this year there are only 10,140. This is a 17.5% decline year over year. The region is left with only a 2.5 month supply of homes. A balanced market giving equal power to buyers and sellers in a transaction is generally considered to be a six month supply.

Home prices on the other hand, continue to rise. The average sales price was 6.3% higher at $271,606. Median sales price was up 9.2% to $225,000. This shows that the seller’s market that has been the trend is showing no signs of stopping.

Pending sales were up 16.4% to 4,137 up from 3,555. The strength of pending sales shows that we should have a stable market for a while to come.

New listings are up year over year. They are up 3.3% to 4,700 from 4,550. This shows seller’s confidence in the market continuing to be strong.

Homes are selling quicker than last year as well. The time on the market from list to close was 99 days last year and this year is down to 90 days. Loans still take about the same time to come through so this means that the days on the market until the sale were also down from 47 to 39 days.

The market shows all indications of remaining a strong seller’s market, even with sales in a slump. 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.

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Check out the Parade of Homes

If you are interested in new construction in the Charlotte area but aren’t sure what you want in a home, the Parade of Homes is a great place to start. This showcase highlights model homes in communities all around the area in a wide variety of styles, home builders, and price points. The Parade of Homes is also a great way to learn your way around if you are new to town.

The Parade of Homes began last weekend, and continues this weekend and the next. Dates are October 13-15, and 20-22. Homes are open from 11:00 am to 6:00 pm on Fridays and Saturdays, and from 1:00 pm to 6:00 pm on Sundays. The tour is free of charge and even has an app this year that will help you navigate. You can also check out http://www.paradecharlotte.com/ for the interactive website to plan your tour.

The Parade of Homes is like a huge open house. The best home builders in Charlotte and the surrounding area are all participants. They pull out all of the stops to show you everything they can do for you. Builders show fully furnished model homes and hope to get you to sign on the dotted line for a new home.

Some important things to remember about purchasing a new home. Just like purchasing an existing home, it is important to have your own Realtor represent you in the transaction. All of the sales staff for the builder work for the builder’s interests. You want to make sure you have someone to help guide you through what will probably be the single biggest investment in your life. A Realtor can help you through the process of choosing all of the options, upgrades, and finishes that will make your house a home, but will also make it appreciate and if necessary, get you the best price on resale.

Eighty homes will be a part of the tour this year highlighting 21 builders. Prices range from $240,000 up to $1.4 million. The show is organized by the Home Builders Association of Greater Charlotte. This year the homes are in Fort Mill, Rock Hill, Weddington, Huntersville, Concord, and in Charlotte as well. Builders represented this year are:

  • Alan Simonini Homes
  • Arthur Rutenberg Homes
  • Bonterra Builders
  • Century Communities
  • Chelsea Building Group
  • David Weekley Homes
  • Epcon Communities
  • Essex Homes
  • Fielding Homes
  • H & H Homes
  • Knotts Builders
  • Kolter Homes
  • Mattamy Homes
  • Meritage Homes
  • Niblock Homes
  • Saussy Burbank
  • Shea Homes
  • Smith Douglas Homes
  • Taylor Morrison
  • Terrata Homes
  • Toll Brothers

If you are interested in a new home in the Charlotte area, go tour the Parade of Homes, then give us a call at (704) 525-4045 and we will be happy to help you navigate through the process of purchasing your new home. You can also view current listings on our website here.

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Cramer’s Pond to be Developed by Grandfather Homes

Homebuilder Grandfather Homes is in the works to build ten custom homes in Cramer’s Pond. This location is right around the historic Barnhardt-Cramer House located at 2733 Country Club Lane in Plaza-Midwood. The historic home will be preserved by the Charlotte-Mecklenburg Historic Landmarks Commission. They are purchasing the original estate with four adjacent lots. They will eventually sell the historic home as a single-family residence.

Plaza-Midwood is home to many Charlotte favorites. This diverse and eclectic area has art galleries, funky stores and delicious restaurants. From a streetcar suburb during the great depression, when the Barnhardt-Cramer house was built, to today, Plaza-Midwood has been a great place to call home.

Eventually there will be up to 40 homes around Cramer’s Pond. They will join the original 6,500 square-foot plantation home built in 1938. Grandfather Homes will take 15.3 acres of the original plantation and develop ten custom homes. The remaining 26 lots will be developed later.

What we know at this point about Grandfather Homes plans is that each home will be distinct. Floor plans will range from 2,500 to 4,500 square feet. Homes will have between three and five bedrooms and three to five bathrooms. Homebuyers can work with Tammy Coulter Design to select interior options. Prices should start in the $800,000’s and construction should start sometime next month. Floor plans are available or buyers can work with plan designers to build to suit.

Homes in Cramer’s Pond will follow along with the same craftsmanship and attention to detail that are a hallmark of Grandfather Homes. Based in Charlotte, they offer premiere custom homes that offer close attention to detail. They make sure the home you build is perfect for you and your family.

If you are interested in a home in Cramer’s Pond, give us a call at (704) 525-4045. Remember that bringing representation to a builder is in your best interest as the builder’s reps work for the builder, not for you. You can also view current listings on our website here.