Q1 2021
Q1 Market Report
contents April 2021
OVERALL MARKET REPORT 2021 Luxury Market Sees An Active Start, Center City Condo Market Returns
COMMUNITY UPDATES SouthPark Myers Park & Eastover Lake Wylie & The Palisades Providence, Weddington & Waxhaw Ballantyne & South Carolina Center City Luxury Condos
FORECAST The region's luxury real estate market continued to show the same dynamic trends that manifested during Covid-19's lockdown restrictions.
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1St Quarter Luxury Market Report 2021 Luxury Market Sees An Active Start, Center City Condo Market Returns The Charlotte area's luxury real estate market surged forward in the first quarter as active buying reduced inventory levels to those not seen in the past 15 years. COVID-19's impact could be seen throughout the region, manifesting in changes in traditional buying patterns, as more rural areas pulsed with buyer activity. Both the Weddington/Waxhaw corridor and the Palisades/Lake Wylie area surged with over 150 and 200 luxury pending contracts respectively.
SOUTHPARK The SouthPark area saw solid increases in sellthrough between $500,000 and $999,000 from 67 closings in 2020 to 86 in 2021 The luxury segment surged to 80 homes pending over $1 million in list price, 17 in the ultra-luxury segment over $2 million Inventory in the range below $1 million in list price dropped below 30 days while in the $2 million+ market, inventory remained at roughly 90 days
LAST 60 DAYS
SOUTHPARK Q1 HOMES SOLD
Listings SouthPark
9020 TYNECASTLE COMMONS COURT #12 - $1,099,900 9024 TYNECASTLE COMMONS COURT #13 - $1,049,900 9016 TYNECASTLE COMMONS COURT #11 - $849,900 9028 TYNECASTLE COMMONS COURT #14 - $819,900
Sold SouthPark
4205 FOX BROOK LANE - $2,290,000 - MORROCROFT ESTATES 5723 MAYLIN LANE - $750,000 - BEVERLY WOODS EAST 7501 MORROCROFT FARMS LANE - $2,220,000 - MORROCROFT ESTATES 4412 SHARON VIEW ROAD - $1,850,000 - TOWN AND COUNTRY ESTATES
MYERS PARK & EASTOVER Myers Park and Eastover saw solid quarters, with increases in sell-through in all 3 price ranges The luxury segments above $1 million in list price as well as the ultra-luxury segments, both saw surges of pending contracts moving into the second quarter Inventory remained thin, yet closer to 90 days in the $1 million and $2 million+ segments
LAST 60 DAYS
MYERS PARK Q1 HOMES SOLD
Listings Myers Park & Eastover
1122 KINGS DRIVE - $1,299,000 - MYERS PARK 2536 VAIL AVENUE #15A - $1,395,000 - ELIZABETH 2532 VAIL AVENUE #15B- $1,395,000 - ELIZABETH 2823 PROVIDENCE ROAD #235 - $1,200,000 - COTSWOLD 438 FENTON PLACE - $2,296,000 - EASTOVER - UNDER CONTRACT
Sold Myers Park & Eastover
2240 CROYDON ROAD - $955,000 - MYERS PARK
LAKE WYLIE & PALISADES The Lake Wylie and Palisades area surged once again, following the COVID-19 dynamic of more diverse locations throughout the region The mid-market range from $500,000 to $999,000 in list price saw 121 closings in Q1 2021 Pending contracts exploded to 214 in the mid-market, and 18 in the luxury segment above $1 million in list price Active inventory in the $1 million+ range remained fairly reasonable at just over 90 days of inventory
LAST 60 DAYS
LAKE WYLIE & PALISADES Q1 HOMES SOLD
PROVIDENCE, WEDDINGTON & WAXHAW The Providence Road corridor surged in south Charlotte and upper Union County The $1 million+ segment surged to 48 pending contracts which left just 20 active homes Inventory in both the mid-market range below $1 million as well as the luxury segment dropped to less than 30 days of inventory, particularly acute in the lower luxury ranges
LAST 60 DAYS
PROVIDENCE, WEDDINGTON & WAXHAW Q1 HOMES SOLD
Listings Providence, Weddington, & Waxhaw
5921 MASTERS COURT - $1,500,000 - CARMEL ESTATES WEST - UNDER CONTRACT 5502 COUNTY LOUTH COURT - $1,039,000 - PROVIDENCE COUNTRY CLUB 803 EAGLE ROAD - $1,250,000 - AERO PLANTATION - UNDER CONTRACT 8500 LONGVIEW CLUB DRIVE - $1,895,000 - LONGVIEW - UNDER CONTRACT 8109 SKYECROFT COMMONS DRIVE - $1,697,000 - SKYECROFT - UNDER CONTRACT 8117 SKYECROFT COMMONS DRIVE - $1,205,000 - SKYECROFT - UNDER CONTRACT 11915 ROYAL PORTRUSH DRIVE - $965,000 - PROV. COUNTRY CLUB - UNDER CONTRACT
Sold Providence, Weddington, and Waxhaw
9007 PINE LAUREL DRIVE - $2,197,000 - HIGHGATE 4816 COBURN COURT - $765,000 - CARRINGTON 5809 PROVIDENCE GLEN ROAD - $675,000 - PROVIDENCE PLANTATION
BALLANTYNE & SOUTH CAROLINA The border communities along the South Carolina state line also surged, with closings almost doubling the first quarter 2020 totals Pending contracts continued the run, with 78 homes pending in the mid-market segment and 17 pending over $1 million in list price Inventory shortages dropped to acute levels in the range below $1 million, while the luxury segment over $1 million still showed around 45 days of inventory yet trending lower
LAST 60 DAYS
BALLANTYNE & SOUTH CAROLINA Q1 HOMES SOLD
Listings Ballantyne & South Carolina
7399 BARRINGTON RIDGE DRIVE #56 - $869,900 - INDIAN LAND 6601 SETON HOUSE LANE - $1,399,000 - PIPER GLEN 1351 SHINNECOCK LANE - $955,000 - INDIAN LAND - UNDER CONTRACT 8042 PEMSWOOD STREET - $1,195,000 - HIGHGROVE
Sold Ballantyne & South Carolina
3244 MILLSTONE CREEK ROAD - $815,000 - MILLSTONE CREEK
CENTER CITY LUXURY CONDOS The city's luxury condo market inside and just beyond the center city beltway recovered in Q1 2021 While closed contracts for the quarter came in about 40% ahead of last year's Q1, the luxury segment in the mid-market range exploded with 87 pending contracts, erasing an inventory build-up that had occurred during the COVID-19 lockdown The luxury market over $1 million also surged, with 12 units now pending in that segment, as some new offerings came online and attracted buyers Inventory in the city's luxury condo market thinned decisively in the range below $ 1 million, while the luxury segment still showed around 4-6 months of absorption still active on the market
LAST 60 DAYS
CENTER CITY CONDO MARKET Q1 HOMES SOLD
CHARLOTTE MARKET FORECAST As we observed in the second half of 2020, the region's luxury real estate market continued to show the same dynamic trends that manifested during Covid-19's lockdown restrictions. The region saw more migration to suburban and rural areas around Charlotte with major spikes in both Union and upper York Counties in all price segments. Traditional in-town areas were also strong but did not see quite the same proportionate surges that emerging areas did. Showing requests in the MLS system, which document how many people are looking at homes, continued to exceed levels seen in prior normal years, as corporate relocation and inbound migration drove activity around Charlotte. Showing requests in the $1 million to $2 million range were particularly strong, as more interest manifested in some of the aforementioned outlying areas as well as traditional strongholds like Myers Park, Eastover, and the SouthPark area. Buyer fatigue is beginning, with some buyers growing weary of multiple offer situations, declining inventory, and lack of newer/updated supply, pushing them into wait and see mode, something we may see more of the second half of 2021.
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