Check out our latest significant sales for June 2018 including a stunning Mediterranean home in Seven Eagles, a gorgeous SouthPark home in Morrocroft Estates and several Lake Norman waterfront listings.
At the start of the new year, it’s never been more evident that both the Charlotte and Lake Norman stars continue to rise. Heading into December, sales of homes priced in the $1 million to $2 million range increased at a double-digit pace compared to 2016. In Charlotte, sales in that range were up 13%, with 257 homes closing vs. 227 in 2016.
Up the road at Lake Norman, the activity was even more dramatic, with unit sales in that same $1M to $2M range up 30% over 2016.
Perhaps more impressive is the momentum the region is displaying. Showings on homes in this range are up 11% in town, and a whopping 46% at the lake. This points to a solid winter and early spring in the luxury market’s most popular price point.
The ultra-luxury price segment above $2 million in list price, while a smaller segment of the market, also showed some strength, with 30 homes closing in Charlotte and 25 at Lake Norman, both markets on pace to double-digit gains in this segment. So far this year’s high water mark in the region is a $5.6 million dollar closing of an Ivester Jackson | Christie’s listing at The Point.
Charlotte Region Featured
Nowhere is the region’s rising profile more visible than in the national and international media. Ivester Jackson | Christie’s listings have been featured in numerous flagship publications.
Southern Living Magazine featured homes we’ve listed on Queens Road West in Myers Park and on Connor Quay Court in Cornelius. The Queens Road West listing was also selected by Architectural Digest for a feature on interior appointments, while our Pellyn Wood listing on Craigmore made a feature on “fairy tale settings” by Southern Living.
A listing in The Point was chosen as North Carolina’s most beautiful home in Architectural Digest’s feature article “Most Beautiful Home for Sale in Every State”. All of this attention points to the elevated profile the Charlotte/Lake Norman region is attaining beyond our local area. Over 40% of this year’s luxury buyers came from areas outside the state of North Carolina, and a small but increasing percentage originated internationally.
Luxury Momentum in Charlotte Continues Upward Climb
Moving into the final month of 2017, luxury activity in Charlotte continued its steady upward trend. 2017 has so far seen 257 homes close in the range above $1 million, compared to 227 last year, an increase of 13% year over year. The ultra-luxury segment has seen 33 transactions versus 21 through the same period last year, an increase of over 50% but one needed as the year started with a large inventory position on the listing side. Much of this activity occurred in the $2 million to $3 million range, with 3 transactions exceeding the $3 million mark versus 4 deals last year.
Showings in the $1 million range continue to track slightly ahead of last year for the 4th quarter, posting an increase of 11%, which should translate into a solid winter/early spring period in the city. Union County also emerged as a popular choice, particularly with properties priced around the $1 million mark.
Lake Norman Sees Surge in Luxury Market Home Sales
With the fourth quarter coming to a close, the Lake Norman luxury market will post a very solid 2017. While sales in the $500,000 to $999,000 range have been roughly equal to 2016’s year-to-date sell-thru that activity remains very solid, with 580 homes selling thru October vs. 578 last year. The luxury price range, from $1,000,000 to $1,999,000, showed tremendous expansion, with 146 homes closing in 2017 vs. 114 in 2016 over the same period, a whopping 30% increase. The ultra-luxury range also showed expansion, with 24 homes closing over $2,000,000 vs. 18 the previous year. The lake area saw 5 deals over $3,000,000, including a 2017 record sale of $5.5 million by Doris Nash of Ivester Jackson | Christie’s in The Point.
July home sales increased 16.9 percent with 4,383 properties sold, compared to 3,750 properties sold in July 2014.
Sales are down slightly (1.2 percent) compared to June 2015.
The average sales price in July 2015 ($255,125) increased 5.6 percent compared to the average sales price in July 2014.
The median sales price ($202,500) rose 5.5 percent when compared to the median sales price for the same period last year (July 2014).
The average list price in July 2015 ($274,811) increased 4.8 percent compared to July 2014 ($262,310), bringing the percent of original list price received measure to 95.5 percent, which is a slight increase (1.0 percent) compared to the same period last year.
Preliminary pending sales counts for the month of July totaled 4,163, an increase of 17.9 percent over the previous period when pending contracts totaled 3,532.
New residential listings increased, up 6.0 percent in July 2015 compared to July 2014. Inventory declined 22.1 percent compared to July 2014, leaving the CarolinaMLS region with a 3.9-month supply of inventory with 13,410 properties for sale at report time.
Inventory in July increased 1.8 percent compared to the number of homes for sale in June 2015.
2015 Association/CarolinaMLS President Maren Brisson-Kuester said, “Three positives stand out regarding July’s indicators: prices compared to June 2015 have fallen slightly and the rate of increase has slowed, which should lessen any concerns about affordability; new listings are up compared to last year and last month; and inventory, though down compared to last year, has also improved, increasing two percent compared to June 2015.”
The average number of days a property was on the market from the time it was listed until it closed (list to close) was 114 days, compared to 125 days last July. Days on Market (DOM), the metric that accrues for “Active” and “Under Contract-Show” statuses only, totaled 59 days, compared to 69 DOM last July.
Based on information from the Carolina Multiple Listing Services, Inc. for the period (7/2014) through (7/2015) for the Charlotte/Lake Norman area.
PROVIDED BY THE CHARLOTTE REGIONAL REALTOR® ASSOCIATION
The U.S. economy continues on its journey upward. Not only have gas prices
hit multi-year lows, but wages have experienced gains not seen since 2008.
As the year picks up steam, and whether you hang out with the bears or bulls
of market recovery prognostication (not Chicago sports teams), one cannot
deny that the economy is in a more stable position than it has been in years.
In the Charlotte region, for the week ending January 31:
• New Listings decreased 0.5% to 915
• Pending Sales increased 40.8% to 897
• Inventory decreased 14.6% to 12,837
For the month of January:
• Median Sales Price increased 4.4% to $175,000
• List to Close remained flat at 141
• Percent of Original List Price Received increased 0.5% to 93.6%
• Months Supply of Inventory decreased 23.1% to 4.0