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Home Affordability

A new report was released by Attom Data Solutions about affordability of homes in the Charlotte area. Attom Data Solutions is a California-based real estate data firm. They publish an “affordability index” based on percentage of average wages needed to make monthly payments. The payment number includes property taxes, home insurance, and mortgage insurance for a median-priced home. Their data is for 379 counties in the US. The wage data was from the U.S. Bureau of Labor Statistics. Median home prices were calculated from public sales records.

According to the report, in Mecklenburg County you need 24.8% of your annual wages to cover payments on a median priced home of $195,000. Wages are growing here by 5%, but home prices are growing slightly faster at 5.4% so the percentage of wages needed to cover a house payment seem likely to rise as well.

In York County in South Carolina, a buyer would spend 38.6% of their income to pay for a home. The median sales price for a home in York County is $218,500. Home prices are rising much faster here than wages. Home prices here had an annual median growth of 19.3%. This far outpaces the wage growth of 8.8%.

In Union County in North Carolina, homeowners need a shocking 42.1% of their annual wages to pay for a median priced home. Median priced homes in Union County are $218.500 with a median home price growth rate of 14.7%. With wages only increasing at 6%, buyers may feel the pinch in their wallets.

 

Mecklenburg County

Affordability Index 102

% of Annual wages needed to buy 24.8%

Q1 median sales price $195,000

Annual Average weekly wage growth 5%

Annual median home price growth 5.4%

 

Union County

Affordability Index 96

% of Annual wages needed to buy 42.1%

Q1 median sales price $218,500

Annual Average weekly wage growth 6%

Annual median home price growth 14.7%

 

York County

Affordability Index 84

% of Annual wages needed to buy 38.6%

Q1 median sales price $204,000

Annual Average weekly wage growth 8.8%

Annual median home price growth 19.3%

 

As mortgage interest rates are expected to rise two more times during this year, there may be a slowdown in the median home price growth percentages. There is still a shortage in inventory in the Charlotte area which keeps home prices on the rise due to the laws of supply and demand. With the repeal of HB2, there could be more people seeking out the Charlotte area as we anticipate the probable return of the NCAA tournament and other businesses and sporting events that left in protest. We will keep an eye on the situation and will let you know how it shapes up.

If you are interested in a home in the Charlotte area, give us a call at (704) 525-4045. You can also view homes on our website here.

 

To read the full article in the Charlotte Business Journal about the Attom Data Solution report, click here.

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February Market Statistics

The Carolina Regional Realtor Association just released their monthly statistical analysis today. We have looked at their numbers and there does not appear to be much change from the trend of the past months. There is still a lack of inventory pushing prices higher. The seller’s market continues as there is only 2.3 months of inventory, a balanced market is considered to be 6 months inventory or more.

Digging a little bit deeper into their numbers, there were 4,702 new listings in February, up 14.8% from the 4,097 from the same time in 2016. This stronger spring showing is encouraging as we are just starting the spring when listings usually pick up. We will have to wait and see if this trend continues so we can get inventory numbers up to previous years levels.

Median home price was up year over year from $180,525 to $199,000. Average home price was also up from $229,856 in 2016 to $243,383 in 2017. Sellers are also now getting an average of 96.3% of list price. This lack of discount means that the market is bearing out these higher prices.

Inventory continues to be low in the Charlotte area. In the February report, there are 8,807 homes currently on the market. This is down 21.4% from last year’s 11,210. This leaves us with 2.3 months of inventory down from 3.2 months in February of last year. We are holding steady from last month when there were also 2.3 months of inventory.

While these findings are great for sellers, they can be distressing for buyers. With less inventory on the market, there are fewer choices for each buyer. Buyers will also have to be able to afford the higher prices homes are commanding right now.

We are hopeful that sellers are gaining confidence in the market right now. There have been more new listings than in previous months and the hope is that this is the beginning of the pendulum swinging the other way.

If you are buying or selling a home in the Charlotte area, give us a call at (704) 525-4045. You can also view listings on our website here.

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Spotlight: Weddington Trace

The community of Weddington Trace is a beautiful neighborhood just off New Town Road in Waxhaw. This Union County enclave is just minutes from Providence Road, but has the relaxed feel of the country. This upscale community provides resort-style amenities in an area of equestrian farms. You will be lucky to call Weddington Trace home.

Weddington Trace is located about 20 minutes south of Charlotte, and is about three miles from the South Carolina state line. There is easy access to I-485 making for an easy commute. There is some retail close by, with plenty of additional options if you head to downtown Weddington, a few minutes north, or Ballantyne about 15 minutes away.

Ryan Homes began building Weddington Trace in 2006. Standard Pacific (now CalAtlantic Homes) took over building in 2011 and completed the development in 2015. Homes here are finely crafted with award-winning designs. Most homes are full brick with a few homes have stone and fiber cement exteriors. Lots begin at ⅓ of an acre and some have over an acre offering plenty of privacy.

Weddington Trace consists of two villages. The Estates and The Preserve. Both have access to the wonderful amenities. They include a pond with two fountains, a Junior Olympic-sized swimming pool, kiddie pool with splash area, clubhouse, tennis courts, playground, and walking trails.

Homes in Weddington Trace are generously proportioned. Most homes are at least 3,000 square feet and top out over 5,000 square feet. These large interiors include spacious gourmet eat-in kitchens, grand master suites, Italian tile, hardwood flooring, his and hers walk-in master closets, guest suites, and much more. Many homes have a third story, either finished or unfinished providing additional living space or storage. Many homes even have outdoor kitchens, firepits, decks, patios or water features so you can make the most of the beautiful setting.

Children in Weddington Trace are currently zoned for top rated Union County schools. New Town Elementary, Cuthbertson Middle and Cuthbertson High School are all top rated according to Carolina School Hub. These schools are all within 3 miles of Weddington Trace. There are also many private schools in the area.

In the last 12 months, 11 homes have sold in Weddington Trace. They had an average price of $481,727. All had between 3 and 5 bedrooms and at least 2 and a half baths. The price range for these homes was $347,000 at the low end and $627,500 at the high end.

Six homes are currently listed for sale in Weddington Trace. The list prices range from $464,900 to $559,900. Square footages range from 3,568 to 4,545.

If you’re looking for a high quality home in a relaxed neighborhood, close to everything, with great schools, amenities, and low Union County taxes, Weddington Trace is the place. Waxhaw is a desireable community and Weddington Trace is much more affordable than many other luxury neighborhoods without cutting any corners.

If you would like to view a listing in Weddington Trace or have any questions, give us a call at (704) 525-4045. You can also view listings on our website here.

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Waxhaw Revitalizing Rodman-Heath mill as Cotton Flats

Waxhaw has another landmark that is adding to the charm of the community. DHD Ventures has rescued the old Rodman-Heath Mill building and is revitalizing it into a new community called Cotton Flats. Rodman-Heath Mill used to be the largest employer in the area, but the mill has not been used commercially in 70 years. The reuse of this historic structure will continue the work that has been done in Waxhaw’s town center.

This project has been in the works for quite a while. It was announced back in 2015, but it is finally underway. Cotton Flats will include 63 apartments and 10,000 square feet of retail and restaurant space.

Plan for Cotton Flats due to open mid-summer

DHD Ventures will be keeping much of the history and many of the unique features of the 119 year old building. A restaurant will anchor the space with a Neapolitan theme and will offer craft beer. Other retailers are yet to be determined.

Apartments in Cotton Flats will be either one or two bedrooms and will contain many luxury features. There will also be many amenities including a pool, dog park, and outdoor kitchen(s). The project is expected to be completed and ready for move in by July 4th weekend or before.

The development at Cotton Flats is particularly significant because no new apartments have been built in Waxhaw in the last ten years. There has been so much growth in the single-family market here that apartments need to catch up. Waxhaw is also looking to add to it’s commercial tax base by attracting new businesses. If Waxhaw is going to compete with surrounding towns, people need to see it as a destination for shopping, dining, and entertainment.

The population of Waxhaw (per census data) has been steadily increasing from 2,625 in 2000 to 13,495 in 2015. This growth has done nothing to disrupt the charm of the small town. Revitalizing these historic structures helps keep the character of the area. This is great for current homeowners as property values keep increasing. In fact, Union County homes sold in the past 90 days have averaged $326,391 selling on average for 98% of list price.

If you are interested in a home in the Waxhaw area, call us at (704) 525-4045. You can also view listings on our website here.

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Real Estate News Around Charlotte

Housing Permits

There has been an Increase in housing permits in the Charlotte region over the last year according to The Market Edge. The Market Edge is a marketing research company that tracks residential building permits in several Southeastern regions. This is positive news, but we are not yet at levels seen in 2015.

Overall there was 9% growth in the entire Charlotte region. There were some counties that saw larger growth than others. Lincoln, Stanley, and Rowan counties had the largest growth. Cabarrus, York and Lancaster counties were the only counties with fewer new housing permits.

Mecklenburg County had the most new building permits for homes over $400,000. They had 487 of them, a 36.4% rise over 2015.

 

Zoning Changes

Rendering of the proposed Foxcroft City Homes

There have been many zoning changes on the docket for City Council, but none quite so contentious as Foxcroft City Homes. This proposed residential development is seeking a rezoning from R-3 to UR-2 conditional. R-3 allows three single-family units per acre. UR-2 allows denser, attached residential development.

Neighbors have mobilized against the development on Sharon Lane between Providence Road and Heathmoor Lane. They are afraid the zoning change could set a precedent for high density development in an area of single-family homes.

The proposed homes are said to be targeted at empty nesters looking to downsize. Neighborhood residents question this assertion as the homes are going to start at 3,400 square feet with a price point around $1 million. There is also no age cut off for residents so the target of empty nesters has been called into question.

A third city council hearing on this matter may settle it once and for all. The property will be developed, but it remains to be see if it will be single-family homes on two cul-de-sacs or if the zoning change goes through to allow 24 townhomes in 12 buildings.

 

If you are interested in new construction in the Charlotte area, call us at (704) 525-4045. We can help you find just the right property for your needs. You can also view listings on our website here.

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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: Waxhaw’s Aero Plantation

View of a plane approaching a landing in Aero Plantation

Aero Plantation in Waxhaw is a paradise of natural beauty, and serene living. These custom built homes have some pretty unique features as well. Many of them have private airplane hangers as there is a 2400 foot paved, lighted radio activated aircraft runway and hanger available for residents use. In fact, small aircraft have the right of way on neighborhood roads.

Aero Plantation was originally planned by James D. Nisbet, a wealthy businessman and engineer. His vision for the community included the airstrip, 38 acres of lakes, 88 acres of common land, 7 miles of paved roads, tennis courts, basketball courts, and a nine hole golf course (three of the holes are currently maintained). He divided the remaining land into 110 mostly wooded large lots, each at least 2 acres in size. Lots range from meadow to hardwood forest. They can be lakefront, runway front, or serene and secluded.

There are many unique features in Aero Plantation including custom artwork at the entrance by Tom Nonn. Nonn is a professor of art at UNCC and is a long time resident. There is also a suspension bridge over the lower lake built as a replica of the George Washington Bridge in New York. The bridge provides access to a gazebo and golf green and tee across the lake.

Check out this recently sold beauty in Aero Plantation

Aero Plantation has been declared a wildlife sanctuary. Many species of birds, animals and fish live in the lakes, meadows, and forests. Residents may also own horses, one horse per 2 acres of pasture. They may ride their horses along the road shoulders. Fishing is allowed in the lakes, from shore or using small, unpowered or troll powered boats. One resident pulled a 10 pound trophy bass from the lake.

Aero Plantation lies just 18 miles from Uptown Charlotte, about a 35-45 minute commute by car. There is plenty of great shopping and dining close by. Downtown Weddington is just 8 minutes away.

Children in Aero Plantation attend Weddington Schools. These schools are a short drive away and are some of the best in the area. They are all highly rated and award winning. There are also many private school options within a short drive.

This custom home in Aero Plantation sold earlier this year.

Homes in Aero Plantation have sold recently for $400,000 and $704,275. There are currently some larger homes on more land on the market for over $1 million. Many of these homes have designer features, spa like bathrooms, private pools, gourmet kitchens, media rooms and more.

James D. Nisbet’s “Place of Acres” is an area of beauty for the tranquil, peaceful living of its residents. If you would like to be counted among their number, call us at (704) 525-4045. You can also view listings in Aero Plantation on our website here.