Just as national media outlets are reporting that the first quarter saw home prices decline, a more recent snapshot of the Lake Norman/Davidson area shows a trend in the opposite direction in the luxury price segment. For the 2 month period beginning April 1 of this year, home prices in the local luxury market actually rose 4.25%, the first meaningful increase in over 2 years.
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According to the Carolinas Multiple Listing Service, there were 62 closed luxury transactions (over 500,000 in home price) since April 1st. The average size per home was 4544 square feet, with a sold price of 858,615. This compares with 73 transactions in 2010 during the same period, with average home size during that period of 4464 square feet, and closed price average of 809,109. This represents an increase in average sold price per foot from 181 dollars per foot, to almost 189 dollars per foot.  Days on market also declined from 183 to 155 (although this does not reflect homes that were re-listed after withdrawing at some point). The average home drew a sold price at 92% of current list price.
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While the price increase is positive news, it comes on a lower number in unit sales, something that is reflective of how robust unit sales were in 2010 during the spring. Inventory levels are lower than they were in either of the last 2 spring markets, something that is at least temporarily helping prices by offsetting a smaller number of active buyers.  Distressed inventory has also declined to just 25 luxury units lake-wide, another major factor in pricing momentum. For the increase to be more than temporary, distressed inventory has to remain low, economic conditions must continue to improve both locally and nationally, rates must continue to remain attractive, and the pace at which distressed properties are absorbed in other markets must improve. The market is still subject to volatility, but considering this is the first positive 60 day swing in a couple years, it definitely paints a different picture than that which has been put forth on the national front this week.oakley twitch sunglasses

With 4 more pending sales in the million dollar plus category, including a 3 million dollar home on Wavecrest in Cornelius, Ivester Jackson brokers continue to set the pace in the Lake Norman area luxury market.  Since January, IJ brokers have sold or put under contract 24 million dollars in million dollar plus transactions, including  the following homes;air jordan Italy

SOLD

Wellfleet, The Point, 1.673m Buyer’s agent by Lori Ivester Jackson

Cape Cod Way, The Point, 1.4m brokered by Doris Nash/Jessica Simpson

Mandrain, Cornelius WF, 1.2m brokered by Lori Ivester Jacksoncheap nike air max

Flying Jib, The Peninsula WF, 2.36m brokered by Patty Howe/Lori Ivester Jackson

Serenity Point, Cornelius WF, 1.405m brokered by Doris Nash

Flying Jib, The Peninsula WF, 1.15m brokered by Reed Jackson

Concord Rd, Davidson Estate, 1.262m brokered by Julie Pfeffer

Norman Colony, Cornelius WF, 1.09m Buyer’s agent by Lori Ivester Jackson

Shipswatch, The Peninsula WF, 1.475m, brokered by Lori Ivester Jackson, Buyer’s Agent Jan Sipe  Oakley sunglasses Discount Code

Mary Ardrey, Cornelius WF, 1.099m brokered by Lori Ivester Jackson

Harbor Light, The Peninsula WF, 1.9m, brokered by Lori Ivester Jackson, Patty Howe, Buyer’s agent-Jan Sipe of IJdiscount sunglasses ray ban

CURRENTLY PENDING TRANSACTIONS As Of Mid-May-

Polpis, The Point, 1.379m, brokered by Doris Nash

19506 Mary Ardrey, Cornelius WF, 1.389m, brokered by Jan Sipe, Lori Ivester Jackson

18218 Betty Stough, Cornelius WF,  1.19m brokered by Clarke Crawford

Wavecrest, Cornelius WF, 3.0m Buyer’s agent Lori Ivester Jackson

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For the third year in a row, Ivester Jackson was actively involved in Davidson College’s annual Buzzkill Charity Youth Basketball Tournament. The Tournament, brainchild of former Wildcats Bryant Barr, and Stephen Curry, features a gala dinner, and a youth 3 on 3 basketball tournament in which Barr, Curry, and the rest of the Wildcats serve as volunteer coaches to the area’s youth.  In 3 years, the tournament has raised over 100,000.00 for malaria prevention and aid to single mothers and children in Africa. One of this year’s middle school teams, sponsored by Ivester Jackson, raised almost 1400.00 going door to door in the area’s communities. http://www.davidsonwildcats.com/news/2011/5/3/MBB_0503110100.aspxnike air max 90 black women's ray ban sunglasses ray ban sunglasses Best Price