Q3 2021
Q3 Market Report
contents October 2021
OVERALL MARKET REPORT Charlotte's Surging Luxury Segment Sees Suburban Flurry
COMMUNITY UPDATES SouthPark Myers Park & Eastover Lake Wylie & The Palisades Providence, Weddington & Waxhaw Ballantyne & South Carolina Center City Luxury Condos
FORECAST The Charlotte region's overall popularity in terms of inbound migration continues to drive increases in luxury home sales.
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3rd Quarter Luxury Market Report
Charlotte's Surging Luxury Segment Sees Suburban Flurry Charlotte's luxury housing segment, which for decades has concentrated in the city's generationally popular SouthPark, Foxcroft, and Eastover/ Myers Park communities has experienced expansive migration since the onset of the Covid Pandemic. While those flagship communities remain extremely popular, it's the region's emerging suburbs that have seen explosive growth in luxury activity over the past three quarters. The Providence Road Corridor into Union County, as well as from Ballantyne over to Lake Wylie, have all seen explosive growth in the luxury segments above $1 million in home value.
SOUTHPARK Continuing high demand in the SouthPark area led to another quarter in which pending and closing activity outpaced inventory availability. In all three luxury price segments, mid-market, luxury, and ultra-lux over $2 million, inventory levels have dropped to around 30 days in the lower segments, and about 90 days in the segment above $2 million, where 12 homes remained active after 12 closed in Q3. 6 homes were under pending contracts above $2 million in list price. Closing activity above $1 million outpaced 2020's third quarter by almost 20%, with 41 houses pending as we move into quarter 4, ending with a strong finish to 2021.
LAST 60 DAYS
SOUTHPARK Q3 HOMES SOLD
Listings SouthPark
2823 PROVIDENCE ROAD #214 - $798,000 - COTSWOLD 9020 TYNECASTLE COMMONS COURT #12 - $1,099,900 - TYNECASTLE
Sold SouthPark
6005 SHARON VIEW ROAD - $750,000 - SUMNER HALL 4639 CURRAGHMORE ROAD - $515,000 - WATERFORD 2219 WHITFORD LANE - $387,000 - PARK SOUTH STATION 5520 SHARON VIEW ROAD - $2,500,000 - SOUTHPARK
MYERS PARK & EASTOVER Myers Park and Eastover have shown such an increased value that much of the inventory below $1 Million in value has gone the way of new construction/tear down. Sold results in that range can fluctuate based upon what is in very tight supply. In the historically popular ranges over $1 million in value, this year's third quarter was off from 2020's Q3 with 30 units closing versus 42 last year at the same time. The same dynamic was on display in the ultra-luxury segment, perhaps a manifestation of the more broad overall market's consideration of locations elsewhere in Charlotte's surrounds. Inventory also played a role, with 18 homes pending over $1 million in value and just 10 active remaining.
LAST 60 DAYS
MYERS PARK Q3 HOMES SOLD
Listings Myers Park & Eastover
2251 VERNON DRIVE - $5,950,000 - EASTOVER 2332 PROVIDENCE ROAD - $1,495,000 - MYERS PARK 2536 VAIL AVENUE #15A - $1,475,000 - ELIZABETH 2532 VAIL AVENUE #15B - $1,475,000 - ELIZABETH 1122 KINGS DRIVE - $1,299,000 - MYERS PARK 3200 SELWYN AVENUE - $875,001 - MYERS PARK - UNDER CONTRACT 5029 SILABERT AVENUE - $349,900 - ANTHEM - UNDER CONTRACT 4121 WALKER ROAD #UNIT 8 - $145,000 - WALKER WOODS - UNDER CONTRACT
Sold Myers Park & Eastover
410 MEACHAM STREET - $690,000 - DILWORTH 438 FENTON PLACE - $2,350,000 - EASTOVER 1315 EAST BOULEVARD - $382,000 - DILWORTH
LAKE WYLIE & PALISADES Gaining in popularity similarly to Union County, upstate South Carolina and the Lake Wylie area saw a spike in activity over $500,000 in value, with 219 homes trading between that price point and $1 million in list price, versus just 135 last summer. The luxury range continued its improved performance in the range over $1 million in list price, as 28 homes traded hands versus 20 last summer. This area two years ago saw less than 20 transactions over $1 million for the entire year with the dramatic shift in interest over the past 12 months. The Lake Wylie area still has slightly more selection from an inventory standpoint when it comes to the million-dollar range, but if the recent quarterly sell-through continues at its current pace, it’s a matter of months until the area drops below 90 days inventory in the upper price segment.
LAST 60 DAYS
LAKE WYLIE & PALISADES Q3 HOMES SOLD
PROVIDENCE, WEDDINGTON & WAXHAW Conditions down the Providence Road corridor out into Union County continued to reflect robust interest, with the million-dollar range spiking to 84 closings vs just 36 in last year's third quarter, an increase of over 100%. The mid-market luxury segment below $1 million in list price ended the quarter with 132 pending contracts vs just 49 active homes. This was due to buyers flocking to larger lots and newer construction options, lower taxes, and improved amenities replicating emerging conditions in areas like Lake Wylie.
LAST 60 DAYS
PROVIDENCE, WEDDINGTON & WAXHAW Q3 HOMES SOLD
Listings Providence, Weddington, & Waxhaw
3409 SANDALWOOD LANE - $2,250,000 - PROVIDENCE ESTATES 200 EAGLE BEND DRIVE - $2,275,000 - LONGVIEW 1000 CHAMBERLEYNE WAY #4 - $1,648,000 - STRATFORD ON PROVIDENCE 10811 OLD TAYPORT PLACE - $875,000 - PROVIDENCE COUNTRY CLUB - UNDER CONTRACT 942 BARON ROAD - $949,500 - AERO PLANTATION
Sold Providence, Weddington, and Waxhaw
504 WHITE TAIL TERRACE - $1,025,000 - MARVIN CREEK 1718 CRANE ROAD - $277,500 - WAXHAW 413 BELLE MEADE COURT - $1,200,000 - LONGVIEW 1226 WEYMOUTH LANE - $763,200 - BELLEMEADE 1300 VENETIAN WAY DRIVE - $2,035,000 - PROVIDENCE DOWNS SOUTH 408 MONTROSE DRIVE - $1,300,000 - LONGVIEW 5502 COUNTY LOUTH COURT - $1,039,000 - PROVIDENCE COUNTRY CLUB 1504 CHURCHILL DOWNS DRIVE - $1,100,000 - PROVIDENCE DOWNS 12509 PINE VALLEY CLUB DRIVE - $1,400,000 - PROVIDENCE COUNTRY CLUB
BALLANTYNE & SOUTH CAROLINA The three submarkets below I-485, Union County, Ballantyne, and Lake Wylie, all behaved similarly over the past 9 months. Inventory shortages closer to Charlotte's center city, flexibility in terms of work location, improved new construction, and larger lot options all combined to impact higher sell-through. The Ballantyne/Fort Mill area saw another strong quarter in the midmarket segment below $1 million, with 172 homes closing and another 84 pending to close, leaving just 42 actives after those transactions over the past 90 days. The million-dollar range also continues to emerge, with Fort Mill and areas such as Indian Land starting to crest the million-dollar level consistently, as 27 homes closed above that threshold vs 22 in last year's Q3.
LAST 60 DAYS
BALLANTYNE & SOUTH CAROLINA Q3 HOMES SOLD
Listings Ballantyne & South Carolina
6601 SETON HOUSE LANE - $1,349,000 - PIPER GLEN 7814 PEMSWOOD STREET - $1,150,000 - HIGHGROVE 339 LANCASTER ESTATE ROAD - $894,900 - INDIAN LAND - SC 8206 CHURCHTON PLACE - $319,900 - SOUTHGATE COMMONS - UNDER CONTRACT
Sold Ballantyne & South Carolina
3268 MILLSTONE CREEK ROAD - $625,000 - MILLSTONE CREEK - LANCASTER - SC 11442 DELORES FERGUSON LANE - $278,500 - ELIZABETH TOWNES 11720 HAWICK VALLEY LANE - $416,000 - EDINBURGH
CENTER CITY LUXURY CONDOS Charlotte's bustling multi-family segment within and around the I-277 beltway showed perhaps its strongest quarter yet, with 72 units closing between $500,000 and $1 million, and 113 showing as pending contracts vs an active inventory in the mid-'60s. Emerging projects such as Ivester Jackson's West Trade Townhomes are drawing interest in the city's hot Trade Street corridor. In the luxury segment over $1 million in value, closings doubled from 6 units to 12 when comparing last year's Q3 with this year's just-completed quarter. 16 units over $1 million showed as under contract against an available inventory of 22, roughly a 60-90 day absorption rate, with center city high water marks reaching above $3 million in offering price.
LAST 60 DAYS
CENTER CITY CONDO MARKET Q3 HOMES SOLD
CHARLOTTE MARKET FORECAST The Charlotte region's overall popularity in terms of inbound migration continues to drive increases in luxury home sales in every corner of the city's communities and surrounding areas. Accelerating corporate office relocations, work from anywhere conditions, and the region's historic appeal portend continued expansive growth. Buying habits have seemingly adjusted the too tight inventory conditions in high-demand areas by spreading into more diverse areas. Showing activity, a leading indicator of future contract interest, declined in all 3 luxury segments in July for the first time this year, rebounded in August (producing the current spike in closings), yet dipped again in September. Search result comparisons between August and September also showed a decline in internet searches by a double-digit percentage as well. Attaching too much concern to this trend should be done with consideration, as conditions have moderated from "frenzied" to "robust", all the same, trends are there to be watched and analyzed for hints of what's to come. July actually saw our first inventory increases in almost 12 months, only to see those gobbled up in an August uptick. Given the already record-setting closed results in the region, coupled with the current pending activity moving into the 4th quarter Charlotte, Lake Norman, and much of the Carolinas region will no doubt record historic 2021 closing activity, yet begin 2022 with likewise historically acute inventory shortages. Efforts to improve supply chain delays in the new construction industry by major shippers and suppliers are key to providing some inventory relief next year. There also has been some hinting of buyer fatigue, which may be accommodated by some holiday time out of the market.
Harnessing the Power of the Community to End Homelessness
Ivester Jackson Christie's Team Captains Lori Ivester Jackson (Lake Norman Region) Lisa McCrossan (Charlotte Region)
How It Works Everyone involved in each home transaction is asked to donate a gift of $10 or more to the Homeowners Impact Fund. This includes the agents, buyer, seller, lender, title company, and closing attorney, for a goal of collecting $70 or more per closing.
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IVESTER JACKSON IS OPEN AT THE COAST North Carolina’s leading upscale real estate brokerage has once again partnered with global purveyor of fine collectibles and estate properties, Christie’s International Real Estate, to open its 6th brokerage office, this one covering the Carolinas coast from its sparkling new location in Wrightsville Beach. Cornelius-based Ivester Jackson announced the opening. “Our market-leading partnership with Christie’s led to over 70 estate home closings in excess of $2 million in value statewide last year, placing us at the top of the state’s luxury brokerages. Coastal inquiries from both Christie’s clients and our own network of luxury brokerages, along with Wilmington’s dynamic growth, led us to select this new location for our next partnership”, said Ivester Jackson-Christie’s managing partner, Reed Jackson. The Ivester Jackson Coastal office is being led by Christie’s Master’s Circle managing broker, Britt Allen, who previously led Ivester Jackson and Christie’s wildly successful joint venture with Blackstream International, in Asheville, NC. Allen relocated to Wilmington’s flagship Landfall community. The new office is located at 527 Causeway Drive in Wrightsville Beach, and has already attracted several leading area brokers to join the new Ivester Jackson Coastal team.
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