Charlotte Market Outlook – Real Estate Market Minute

By: Matthew Paul Brown – Senior Managing Broker, Broker Associate

The fall season clearly has not shown signs of a slowing real estate market in the Charlotte region. Although sales have tightened this seems to be a normal cycle during this time of year. The market has brought the Fed back into play for December on the heels of a very strong payroll report. Fed funds predict a 68% probability of a rate hike in December.

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Dilworth Cooling Off

The Dilworth community in May-June experienced 31 closings over $500,000.00 compared to only 9 in October and November to date. This significant decrease is an indicator that the market has certainly cooled off in Dilworth compared to a very strong summer market.

Last year in Dilworth, there were 7 closings in October and November. Ballantyne too, has experienced a decrease in activity compared to May and June. There were 19 sales in the summer months of May and June, to only 6 sales in October and November to date. Ballantyne experienced 7 closings in the same time period last year.

Myers Park and Eastover remain strong

However, Myers Park and Eastover remain very strong and consistent with the summer market. In May and June there were 54 active homes for sale in Myers Park compared to a healthy 49 active homes for sale now. Closings remain consistent with 22 in May and June. To date, in Myers Park we have experienced 17 closings from October to date. Myers Park experienced 20 closings last year during the same period of time.

Eastover neighborhood also remains consistent with the summer market. At the current time, we have 18 homes for sale with 5 closings in the last 60 days. May and June market report reflected 21 homes on the market with only 3 closings. Eastover was up last year in closings 8 to 5 in the same time frame this year.  Historically, Myers Park, Dilworth and Eastover have remained strong given their sought after location and proximity to Uptown Charlotte.

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Showings remain steady this fall

My real estate team has not slowed down showing property as well. The previews of homes across the Charlotte market remains strong in all price points and close to the number of showings in the summer months of May and June.

The Big Picture

The better than expected jobs report last Friday has moved the probability of a Fed liftoff at the December meeting to 70 percent from below 50 percent previously. We believe that the Fed hikes will be gradual, targeted and patient throughout 2016. We continue to believe that the Charlotte real estate market will move forward in a positive growth pattern. Although volatility remains somewhat elevated, economic indicators suggest that it is way too early for a recession. It seems that some have exaggerated the risks of recession and the housing market should remain on a longer-term uptrend as new construction continues throughout the city.

Residential new construction remains very strong.

Residential new construction remains very strong. Gains in September were led by private residential construction, which was up 1.9%. Private housing construction is up a very strong 17.1% year-over-year and improvements are up 21.6%, near the peak growth rates seen during the housing boom in 2006. (Source BLS, U.S. Trust, CMLS)

Also quite encouraging is the number of leading indicators continue to suggest that the expansion has further staying power. For example, leading indicators of domestic demand in the developed world suggest that growth is poised to remain above trend, furthering reducing unemployment and boosting consumer incomes.

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Fortune 500 companies calling Charlotte Home

Major Fortune 500 companies also continue to relocate their business to our region furthering increasing the demand for housing.

As I travel throughout the city of Charlotte, I see a large volumes of new construction, home renovations, and residents supporting local exclusive boutiques and restaurants. It will be interesting to see how retailers fair during the holiday shopping season.

 


Community Spotlight – The Patriot Gala

By Lee Steinour: Digital Marketing Manager

Ivester Jackson Christie’s International Real Estate was honored to sponsor Charlotte’s premier black tie Gala, The Patriot Gala, last weekend at Quail Hollow in Charlotte.

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Reed Jackson, Lori Ivester Jackson, Matthew Paul Brown, Elizabeth Brown

This year marks the 10th anniversary of the Patriot Charities, this annual event raises funds to support wounded military and their families in the Carolinas. Attendees enjoyed fine wine and food, along with exciting silent and live auctions.

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Honored military speakers addressed the audience, attendees viewed a military tribute video, and Congressman Robert Pittenger led a salute to fallen soldiers.

Special guests included Dr. David Callaway; Associate Professor of Emergency Medicine at CMC Charlotte, US Congressman Robert Pittenger, and members of the North Carolina National Guard.

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During the event Patriot Charities also awarded four service dogs to four deserving veterans.

To learn more about Patriot Charities visit their website. 

To  learn more about other charities we support, please visit our Community Involvement page.

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Community Spotlight – The Peninsula Community Foundation

By Lee Steinour: Digital Marketing Manager

Ivester Jackson / Christie’s International Real Estate is excited to sponsor The Peninsula Community Foundation’s annual fundraising event, “Mardis Gras in November,” which will be held this weekend at The Peninsula Club at Lake Norman.

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This annual fundraising gala will help raise money to support local organizations, improving the lives of those in need in our community.

Founded in 2001, The PCF slogan is “Neighbors helping Neighbors,” it’s an all-volunteer organization serving North Mecklenburg County. “PCF brings people, capital, and ideas together to help local Lake Norman charities and the communities they serve.”

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Projects include; contributing money to help build Habitat homes, funding for The Ada Jenkins Center, improving the Hope House in Huntersville, and providing  need-based college scholarships to students from North Mecklenburg public high schools.

This just touches on the work of PCF, they support many more charitable organizations, to learn more visit the PCF website.

Read about other organizations we support around Charlotte.