Charlotte Christie’s Luxury Homes Market Report

First Quarter Charlotte Luxury Property Report

Welcome to our first Charlotte luxury real estate report for 2018. The area saw heavy activity in some emerging areas, with the communities in the [SouthPark](http://www.ivesterjackson.com/eng/community/southpark) and Carmel Road corridors surging, as well as luxury price segments in the Lake Wylie / Palisades area.

Myers Park and Eastover saw lower sell thru than the first quarter of 2017 but ended this quarter with a burst of pending contracts in the $1 million plus range, a positive sign for the second quarter. Showing activity in the luxury homes across Charlotte remained active, albeit slightly lower in some ranges ($1 million to $2 million), while the ultra-luxury segment above $2 million saw improved action all the way up to the $3.5 million range. The top of the market remained a much more finite audience above the $4 million plus range.

South Park

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2032 Delpond Lane

SouthPark Area Matches Q1 2017, Million Plus Market Surges

The SouthPark area, which stretches from Foxcroft and Barclay Downs southward down Carmel, Park, and Colony Roads to the Quail Hollow area, saw a solid start to 2018, with 48 homes closing in the $500k to 999 range, while 12 closed over $1 million (including a Charlotte high bar sale at 5.3 million in Seven Eagles). With showings in both ranges running at or above 2017 levels for the first quarter, buyers in the million-plus price range got serious and put 31 homes under contract, including an impressive 13 over $2 million, one of the strongest performances in any luxury price segment in the entire regional MLS. Foxcroft, Old Foxcroft, Pellyn Wood, and the Carmel CC area all saw action at the high end of the market.

Myers Park & Eastover

christies charlotte real estate homes for sale
964 Granville Road

First Quarter in Myers Park and Eastover Trails 2017 But Rallies in March

The first quarter sold activity in Myers Park and Eastover trailed last year’s sold results by a significant margin of over 50%, which by itself might indicate a serious slowdown.
However, showing activity in the area had been running at last year’s levels, and it appears that as March comes to a close, pending activity, particularly in the million dollar plus category trended upward significantly with 25 homes pending to close in that price range, including 2 above $3 million in value. The sub-one million range continues to lag early 2017 and will warrant watching in quarter 2.

Lake Wylie / Palisades

The Lake Wylie / Palisades area saw a surge in luxury home sales in the 1st quarter of 2018, with closings in the sub-million dollar range jumping from 23 sales to 37 sales, and a whopping 61 homes now pending in the 500-999k price range.

The million dollar range also saw a resurgence, with 9 closings vs just 1 in the first quarter last year, and 5 additional homes pending.

Providence, Weddington & Waxhaw

christie's homes for sale charlotte real estate
8500 English Turn Lane

Luxury home sales in the South Providence/Union County corridor showed steady progress thus far this year with the sub-million dollar category showing an 8% increase from 84 to 91 units sold.

The million dollar range saw an increase from 11 units to 13, an increase of 18%. The pending home index in both categories has jumped heading into spring, with 113 homes pending.

Ballantyne / Ft. Mill

The Ballantyne / Ft. Mill area saw a solid increase in the sub-million dollar luxury market, with 44 units closing compared to last year’s 1st quarter total of 38, a 15% increase. This range also saw a large jump in pending contracts as the quarter ends.

The million dollar plus segment saw a small decline from 5 units to 3 units sold but rebounded with 5 homes pending as the quarter ends.

Charlotte Market Forecast

As discussed above, while some communities stumbled out of the gate in early 2018, March has seen surges in luxury activity in most of the region’s key communities. Initially sluggish Myers Park and Eastover communities now boast 25 contracts over $1 million in value as they begin to replicate the hot start seen in the SouthPark, Providence/Union County, and Lake Wylie/Palisades areas.

Pending contracts have begun to equal or surpass last year’s comparable period, particularly in the luxury price ranges over $2 million, which now looks on pace to have one of its best years in history. While only 8 closings occurred in the first quarter over $2 million this year versus 5 last year, there are now a whopping 21 pending, which puts the first half of the year on pace to close 30 homes in that range. By comparison, there were only 32 sold all year last year in Charlotte. Given there had been over 2 years of inventory on the market at year end 2017, this sell-through is a welcomed assistance in returning the ultra-luxury market to a more balanced buyer/seller conditions.

While the prospect of rising rates and changes in favorable tax treatment of mortgage interest and property taxes might be slowing the dynamic growth below $1 million ever so slightly, the coming impact of corporate earnings flow through upon bonuses and stock prices may be more than enough to offset any drag on luxury housing in the short term, as is evidenced in the ultra-luxury range.

Ivester Jackson Named “Christie’s International Affiliate of the Year.”
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Last month, in Buenos Aires, Argentina, Christie’s International Real Estate convened its prestigious annual owner’s conference, comprised of leaders from Christie’s flagship luxury network of 145 of the world’s leading real estate brokerages.

The conference annually recognizes the pinnacle of marketing for its network by awarding an Overall International Affiliate of The Year.

Ivester Jackson Distinctive Properties was honored as Christie’s “Best of the Best” Overall International Affiliate of The Year for excellence in innovation, marketing, and growth. “Since joining Christie’s 4 years ago, Ivester Jackson
has grown by more than 200%, the company is now the top seller of homes valued at over $2 million in the Charlotte region,” said Christie’s CEO, Dan Conn. “It excelled in every category.”

Read More: [Christie’s Recognizes Ivester Jackson as “Best of The Best.”](http://www.ivesterjackson.com/blog/christies-recognizes-ivester-jackson-as-affiliate-of-the-year/)

Read Our Q1 Lake Norman Market Report

We Look Forward To Providing Advice On Your Next Property Transaction_
Ivester Jackson I Christie’s International Real Estate
704.655.0586 (9-5 M-F)
Info@IvesterJackson.com


Charlotte Real Estate – Lake Norman Luxury Homes Market Report

The Lake Norman area luxury market got off to a solid start for 2018 although, in several communities, the range below $1 million took until March to crank into high gear. Most areas lagged last year’s first quarter in that range but have also seen a large surge in pending contracts in recent weeks, which portends a very good second quarter. In the luxury range over $1 million, Cornelius saw a strong start to the year, particularly in the $1 million to $1.99 million range.

Lake Norman Christie's Real Estate
Cornelius also currently has 7 homes pending above $2 million. Mooresville has seen an upswing in the million-plus market in pending contracts heading into April, as has the West Shore area.

Cornelius

Cornelius Reports Mixed First Quarter  

Christie's Charlotte Lake Norman Homes
19319 Betty Stough Road – Cornelius

Despite active showing trends, luxury price segments in Cornelius produced mixed first-quarter results. The range under $1 million saw a slight downturn from last year’s first quarter, yet enjoyed a huge burst of pending contracts (33) as we move into the 2nd quarter.

The luxury range over $1 million saw a solid uptick from last year, with 10 houses closing vs 6 previously, and a jump in pendings with 13, including a very strong 7 homes pending over $2 million. The first quarter also saw the first resale over $4 million in Cornelius in several years, an Ivester Jackson listing on Connor Quay. The Peninsula currently reports 27 active homes for sale.

Davidson

Christie's Charlotte Homes Real Estate
839 Hudson Place – Davidson

Davidson’s luxury market tends to follow the more traditional spring upturn pattern, and this year appears to be no exception. While sales in the sub-million dollar range dropped slightly in Q1 vs last year’s totals (15 vs 17), pending contracts surged to 24 heading into April.

The million dollar plus market declined slightly with 3 closings vs 4 last year in the same period, while currently, 2 homes are pending in Davidson over 1 million, including this year’s high water mark, a 1.55 million dollar Ivester Jackson listing in Westmoreland Farm. River Run currently reports 20 homes for sale.

Mooresville

Christie's Charlotte Homes Real Estate
163 Rehoboth Lane – Mooresville

Mooresville’s luxury segment started slowly but, like its adjacent communities, has now picked up steam. The sub-million dollar range saw a visible downturn in closings from 2017 (36 vs 46 sold), yet also saw 52 homes in that range go pending.

The million dollar plus segment roughly matched last year’s first quarter, with 13 homes trading vs 14 last year, and 19 homes currently pending over $1 million. The first quarter’s high bar closing was a 3 million dollar Ivester Jackson listing at Mariner Pointe. The Point has also seen inventory come down to 45 homes active, which should point to more balanced conditions for buyers and sellers with 11 homes now pending.

The West Shore

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2649 Cherry Lane – Denver

The West Shore communities of Denver, Terrell, and Sherrills Ford saw a solid start to 2018. First quarter sales in the sub-million dollar range nearly matched last year’s first quarter with 20 deals closing vs 22 last year, and 24 more pending as we head into April. The million dollar plus range saw similar action to last year, with 3 homes trading in both this year and last year’s first quarter. There are currently 5 homes pending on the West Shore listed at over $1 million.

Ivester Jackson Named “Christie’s International Affiliate of the Year.”

Last month, in Buenos Aires, Argentina,  Christie’s International Real Estate convened its prestigious annual owner’s conference, comprised of leaders from Christie’s flagship luxury network of 145 of the world’s leading real estate brokerages.

The conference annually recognizes the pinnacle of marketing for its network by awarding an Overall International Affiliate of The Year.

Ivester Jackson Distinctive Properties was honored as Christie’s “Best of the Best” Overall International Affiliate of The Year for excellence in innovation, marketing, and growth. “Since joining Christie’s 4 years ago, Ivester Jackson
has grown by more than 200%, the company is now the top seller of homes valued at over $2 million in the Charlotte region,” said Christie’s CEO, Dan Conn. “It excelled in every category.”

Read More: Christie’s Recognizes Ivester Jackson as “Best of The Best.”

christies real estate charlotte homes

Lake Norman Market Forecast

Overall, Lake Norman’s luxury market looks as though it will slightly outperform 2017’s very solid performance. Heading into April, most price ranges are either in line with 2017’s totals or trending ahead. Looking forward, overall showings in the luxury price ranges are running 3% ahead of last year through the first quarter which provides an indication that second quarter closings should meet or exceed last year’s same period. In particular, the ultra-luxury range above $2 million appears to be headed for one of its better years, as lower inventories and showing activity currently running 8% ahead of last year’s first quarter pointing to very solid activity in the $2 million range.

Last year, the Lake saw 30 resales above $2 million, this year, with 17 either sold or currently under contract, the area seems headed for a total beyond 30 transactions, which should further bring inventory in that range down into a more balanced buyer/seller market, after several years of high inventory levels.

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