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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.

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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.

 

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Custom New Construction in Wendover Hill

There’s a new exclusive neighborhood coming soon to the Cotswold/Myers Park area of South Charlotte. Wendover Hill has amazing custom homes that are grand in scale, yet on a private cul-de-sac less than ten minutes from Uptown Charlotte, five minutes from SouthPark, and two blocks from Cotswold. Currently there are three opportunities to own homes here, one almost completed and two still with plenty of opportunity to customize before completion.

Custom boutique builder/Architect Jain Design LLC is responsible for the project at Wendover Hill. They bring more than 20 years of experience and LEED accredited building expertise. They work in conjunction with leading Charlotte interior designers to make these spaces truly luxurious.

Each home in Wendover Hill has at least 3,000 thoughtfully designed square feet of living space. Open floor plans feature plentiful windows for natural light. Main floors feature 10 foot ceilings and wooden beam accents. Custom furniture-style cabinetry, custom moldings, and site-finished hardwood floors are just a few of the details you can expect in a home in Wendover Hill. Luxurious bathrooms with spa showers, soaking tubs and custom tile work are to be expected as well. Outdoor spaces are high on the list of perks with screened porch areas with fireplaces and gas lamp details. Some plans have fully finished basements. There is community open space as well making yards feel larger and more open. Current prices start in the high $700’s.

The homes and the location are just a few of the features to love in Wendover Hill. Amazing schools are zoned for the neighborhood as well. Children here will attend Cotswold Elementary, Alexander Graham Middle, and coveted Myers Park High Schools. Please verify the school assignments as they are subject to change. There are also many private school options nearby.

If you are interested in learning more about Wendover Hill or touring one of these amazing properties, give us a call at (704) 525-4045. You can view current listing and create custom searches on our website here.

 

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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.

 

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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.

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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.

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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.

 

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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.

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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.