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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.

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Luxury Homes in Waxhaw’s Oldenburg

When you think of unparalleled luxury, amazing schools, first rate amenities, and grand homes, Oldenburg ranks top of the list. Located in Waxhaw near Blakeney, Oldenburg is close to everything you need or want. The homes are grand and the lots are large, what’s not to love.

Oldenburg is located on Crane Road just a few miles from I-485 exit 57 for Providence Road/Highway 16 South. You are close to Marvin, Weddington, and Blakeney giving you options for dining, shopping, fitness, churches, country clubs, outdoor recreation and much more. The convenient highway access can get you quickly to Charlotte Douglas International Airport or Uptown Charlotte.

Builder Shea Homes is developing this project and they have some amazing offerings. There are 11 plans to choose from with endless ways to upgrade and customize. There are also three quick move in homes that will be available in June. All homes have full-brick exteriors and 3, 4 or 5 car side-load or courtyard style garages. There are some basement homesites available, and all lots are around ½ and acre or larger.

The homes in Oldenburg are impressive not just in scale, but also in the level of detail. Homes have between 3,799 and 6,043 square feet in one or two story plans. Homes have between 4 and 6 bedrooms and 3.5-4.5 bathrooms. Custom millwork, custom cabinetry, and huge windows letting in natural light in each room are hallmarks of each plan. Open gourmet kitchens, spa-like bathrooms, outdoor living spaces, mudrooms, butler’s pantries and more are options on each home.

Oldenburg is currently zoned for top rated Marvin school district including Marvin Elementary, Marvin Ridge Middle and Marvin Ridge High Schools. Please verify schools as zoning boundaries can change from time to time.

Neighborhood amenities will include pool and playground. Prices start at $669,450 and can go much higher depending upon upgrades and options. If you would like to schedule a private tour of these homes, 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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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.

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Neighborhood Spotlight: Weddington Preserve

Weddington Preserve is a great new offering from builder Pulte Homes. It has a convenient location, top rated schools, and low Union County property taxes. All of this and more with amazing floor plans, quick move in homes, and unrivaled quality.

Located off Lochaven Road just off Providence Road, Weddington Preserve is south of downtown Weddington. Residents have shopping options in Weddington, or south at the intersection with New Hope Road. North of Weddington is access to I-485 connecting to all parts of Charlotte.

Nearby attractions include retail, dining, entertainment, recreational activities, and public parks. There are many employers nearby, as well as many within a short commute. A longer commute will take you to Uptown Charlotte where you can be a part of the city, but still have a peaceful retreat when you come home.

Homes in Weddington Preserve are large in scale with homes ranging from just over 3,000 to well over 4,000 square feet of living space. They come in a variety of floor plans with many different opportunities for personalization with upgrades and add-ons. Most of the lots are over a third of an acre leaving plenty of room for these large homes and space for outdoor living areas.

The interiors of these homes have large owner’s suites, guest suites, 3-5 or more bedrooms, 2 or 3 car garages, and much more. Some homes are even on basement lots allowing for even more finished living space. Prices start in the high $500’s and can go well into the $700’s.

Children in Weddington Preserve currently attend top rated Rea View Elementary School, Weddington Middle School, and Weddington High School. Please be sure to verify school assignments as they can change from one school year to the next.

Currently seven homes for sale in various states of construction. Some are closer than others and a few are available for quick move in. If you are interested in a private tour of homes in Weddington Preserve, 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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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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Get in on Waxhaw’s Tuscany

Waxhaw’s Tuscany is an amazing neighborhood with a few opportunities to build a home from the ground up. There are just a few homesites left as this neighborhood was begun before the recession and had a pause in construction. Now it is underway again by builder CalAtlantic. You can’t beat the location, the schools, or the styling on these homes.

Tuscany is located off of Billy Howey Road south of New Town Road on the Northeast side of Waxhaw, North Carolina. As you drive into the entrance you will first see the amazing clubhouse and amenity center. Residents can enjoy the pool, clubhouse, fitness center, playground, walking trails and much more.

Head back a little bit further and you will start to see the stunning homes. Homes in Tuscany were built as far back as 2006, but most of the ones currently on the market were built from 2013-2018. There are a few quick-move in homes available, but there are also opportunities to start from scratch. There are many floor plans to choose from and some lots even accommodate a basement style home. Homes here are large, with most over 3,000 square feet. Many homes have three car garages, side-load or courtyard style garages are common.

Exteriors of homes in Tuscany spare no attention to detail. They are truly stunning and have a combination of brick, siding, and stone for a natural look. Windows are plentiful letting in lots of natural light. Ceilings are high making spaces feel more grand. Open floor plans include gourmet kitchens with top of the line appliances. Most homes have 3-5 bedrooms, home offices, flex space, media rooms, and game rooms are in many of the homes as well.

Current zoning has children in Tuscany attending top rated Wesley Chapel Elementary, Cuthbertson Middle, and Cuthbertson High Schools. Please verify school assignments as they can change.

In the past year, homes in Tuscany have sold for between $280,557 and $503,860 with an average price of $364,906. There are currently 6 homes on the market which represents about a 1.4 month supply of inventory.

If you are interested in setting up a private showing of a home in Tuscany, 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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Serenity in Waxhaw’s Wildwood

Deep in the woods South of Waxhaw, North Carolina sits a unique neighborhood called Wildwood. There are 14 beautifully wooded homesites that all sold within a year of being offered for sale. Custom homes are in process of being built on many of the sites while there are others that are already completed.

To enter Wildwood, you drive in from Davis Road and the first thing you will notice is the iconic windmill at the entrance. As you drive up the road you feel like you are entering the Blue Ridge Parkway. The landscaping has been done in such a way that you feel like it has always been that way. There are split rail fences on each side of the road and they welcome you into each private preserve. The peaceful feeling will envelop you as you drive through and all of your stresses and worries will melt away as you steep in the natural surroundings.

Homes in Wildwood that are completed so far are more modest in scale than you would expect for a custom project. Metrolina Construction is the builder on the homes completed so far, but other builders have been brought in by property owners to build as well.

The location of Wildwood makes it a true retreat. You are far enough away from the city that you have a serene and peaceful setting to recharge, while still being close enough to enjoy all of the amenities of the city. There are places nearby to shop, dine, find entertainment, and have outdoor activities.

Current school assignments at the time of this post have children in Wildwood attending Waxhaw Elementary, Parkwood Middle and Parkwood High Schools. Please verify school assignments as they change occasionally.

If you are interested in a home in Wildwood or any other project in the surrounding area, give us a call at (704) 525-4045 and we will schedule a private tour. You can also view current listings and create custom searches on our website here.

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Spotlight: Inverness on Providence

CalAtlantic has done it again. They have a new neighborhood off Providence Road in Waxhaw with amazing homes, great amenities, and fantastic schools. Inverness on Providence is home to 113 home sites with just a few remaining to be built from the ground up.

Located between New Town Road and Cuthbertson Road, Inverness on Providence is in a great spot. A commute to Uptown Charlotte would take around 35 minutes without traffic. You can get to the Charlotte Douglas International Airport in about the same amount of time. Weddington is just 7 minutes away and Ballantyne is 15 minutes. This means great shopping is right around the corner.

Homes in Inverness on Providence can be built from one of five floorplans. There are endless ways to personalize the plans to fit your family’s unique needs. Plans include the Carlisle, Leslie, Downing, Kinley, and Waterford. These thoughtful designs feature mulit-functional living spaces, timeless craftsmanship and distinctive architectural details. Homes have up to 4,500 square feet of living space and 2-3 car garages. Most plans have owner’s suites, guest suites, gourmet kitchens, outdoor living areas, spa-like baths and more. Homes start at $405,900 and some home sites have basements that can be finished as well.

Amenities in Inverness on Providence include sidewalks, competition sized swimming pool, splash and play area, and a clubhouse. There are also hiking trails for the community.

Schools servicing Inverness on Providence include New Town Elementary, Cuthbertson Middle, and Cuthbertson High Schools. All of the schools are top rated and award winning. Please verify school assignments as they are subject to change.

If you would like to view one of the model homes in Inverness on Providence, give us a call at (704) 525-4045. We can also show you one or both of the quick move-in homes currently available. To view current listings or save a custom search, visit 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.