Luxury Homes Under Contract Hit Highest June Number in 4 Years

After taking a breather in early June, the Ivester Jackson Luxury Home Index of 500k or more homes under contract rose to 98 homes this week at Lake Norman and Davidson. Particularly hot is the range from about 500k to 1.2m, as historically low interest rates in the mid 3 % range continue to pull buyers into the market this summer. Given the area was already 20% ahead of 2011’s spring/summer, the current level of pending contracts points to a much better 3rd quarter than the area saw in 2011, when the big debt ceiling fiasco unfolded and left people standing on the sidelines. This year’s election cycle has both parties trying to avoid the voters’ ire, and the resulting quiet has allowed consumer confidence in the housing segment to rise.

The 2 million dollar plus range curiously continues to lag last year, although showing activity has improved recently.

 


Davidson and River Run Surge

After trailing last year’s sold results for much of the spring and early summer, a rash of deals in the past 10 days has both Davidson and River Run back on track in terms of luxury (over 500k) activity. 5 homes have gone under contract in the past 10 days in River Run, which should narrow the deficit of sold results trailing last year’s numbers. Look for this trend to continue through mid-July as families trying to get into new homes prior to the August start of school, make decisions and put homes under contract.