Q1 2022
Q1 Market Report
contents April 2022
OVERALL MARKET REPORT Inventory Shortages Continue to Push Luxury Housing Activity Despite Mortgage Rate and Price Increases
COMMUNITY UPDATES SouthPark Myers Park & Eastover Lake Wylie & The Palisades Providence, Weddington & Waxhaw Ballantyne & South Carolina Center City Luxury Condos
FORECAST New emerging areas such east, south, and west of Charlotte begin to attract more upscale development while geographic demand across the region's more rural areas spreads.
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3rd Quarter Luxury Market Report
Inventory Shortages Continue to Push Luxury Housing Activity Despite Mortgage Rate and Price Increases Despite two years of double digit luxury home price appreciation and mortgage rates cresting 5%, low inventories and a resilient environment relative to financial assets kept the luxury real estate market striding forward. Many communities in the Charlotte region continued to show strong luxury sell-through, from the mid-market segment below $1 million in list price, upward to the dynamic segment between $1 million and $2 million in list price, and onward to the ultra-luxury segment above $2 million.
Nowhere is demand more pronounced than in the now highly active outlaying communities like upstate South Carolina, Union County, and Cabarrus County to the north east. The $1 million price range below the 485 beltway from Union County over to Lake Wylie surged by almost 100% in Q1 in comparison with last year’s first quarter, with 82 homes closing vs 44 the same period last year. On the showing appointment front, the Canopy MLS reported showing requests in some areas were almost double last year’s activity, pointing to yet another solid Q2, despite mortgage rates cresting 5% for the first time in several years.
SOUTHPARK The SouthPark area was another area in which high “in-town” demand had depleted inventories over the past two years. It's now producing year over year flat quarters as just-in-time inventory conditions produce one-off sales in the lower ranges without enough inventory for ready buyers. The ultra-luxury segment above $2 million continued to draw heavy interest with showing activity leaving many houses with multiple showings per week, despite double digit appreciation impacting pricing at the high end of the market. 14 homes closed over $2 million vs just six last year in Q1, with another nine homes under pending contracts in that range while inventory stands at 10 active homes, roughly 60-90 days of absorption.
LAST 60 DAYS
SOUTHPARK Q1 HOMES SOLD & SHOWINGS
Listings SouthPark
9008 TYNECASTLE COMMONS CT - TYNECASTLE SOUTHPARK - $1.099 M- UNDER CONTRACT 9009 TYNECASTLE COMMONS CT - TYNECASTLE SOUTHPARK - $945,900 - UNDER CONTRACT 9005 TYNECASTLE COMMONS CT - TYNECASTLE SOUTHPARK - $899,900 - UNDER CONTRACT 9016 TYNECASTLE COMMONS CT - TYNECASTLE SOUTHPARK - $849,900 - UNDER CONTRACT
Sold SouthPark
2525 MORROCROFT LANE - VILLAGES OF MORROCROFT - $2.625 M 4142 PARK SOUTH STATION BOULEVARD - PARK SOUTH STATION - $496,000 4802 FONTHILL LANE - PARK SOUTH STATION - $575,000 2823 PROVIDENCE ROAD #243 - ROSEWOOD CONDOS - $1.4 M 1813 SUNCHASER LANE - PARK SOUTH STATION - $615,000 4620 PIEDMONT ROW DRIVE #604 - PIEDMONT ROW - $315,000 9012 TYNECASTLE COMMONS CT - TYNECASTLE SOUTHPARK - $1,090,141
MYERS PARK & EASTOVER Another traditionally high demand in town area which experienced active demand the past two years, this area now exhibits inventory shortages in all three pricing segments. Active inventory levels are sitting in the single digits of available homes and below both pending contracts and 90 day sell-through numbers for the first quarter. The area continues to be highly attractive and the ultra-luxury segment remains in high demand as exhibited by Ivester Jackson Christie’s closing of a $5.7 million dollar home on Vernon Drive, along with nine other pending contracts over $2 million.
LAST 60 DAYS
MYERS PARK Q1 HOMES SOLD & SHOWINGS
Listings Myers Park & Eastover
1633 SCOTLAND AVENUE - EASTOVER - $2.25 M 2536 VAIL AVENUE #15A - ELIZABETH - $1.475 M 2532 VAIL AVENUE #15B - ELIZABETH - $1.475 M
Sold Myers Park & Eastover
2251 VERNON DRIVE - EASTOVER - $5.7 M 2326 FERNCLIFF ROAD - OLD FOXCROFT - $1.55 M 1122 KINGS DRIVE - MYERS PARK - $1.2 M
LAKE WYLIE & PALISADES A large uptick in development in this area produced over 200 home sales in the price range between $500,000 and $1 million, with 16 more homes valued over $1 million closing, a 60% jump year over year compared to last year’s first quarter. The area also ended the quarter with a whopping 273 homes under contract, one of the highest totals in the entire Charlotte region (including 21 pending contracts over $1 million in price).
LAST 60 DAYS
LAKE WYLIE & PALISADES Q1 HOMES SOLD & SHOWINGS
PROVIDENCE, WEDDINGTON & WAXHAW Inventory shortages in the mid-market segment finally produced a more flattened quarter down the highway 16 corridor, yet the $1 million price range continued its impressive performance as more and more buyers opted for Union County and the Waverly area. Closings over $1 million jumped from 23 to 52 in the year over year quarter, with an incredible 67 more homes in the $1 million range under pending contracts leaving just 19 in active inventory.
LAST 60 DAYS
PROVIDENCE,WEDDINGTON & WAXHAW Q1 HOMES SOLD & SHOWINGS
Listings Providence, Weddington, & Waxhaw
3508 MCPHERSON STREET - WAXHAW - $975,000 - UNDER CONTRACT 5318 PROVIDENCE COUNTRY CLUB DR - PROVIDENCE CC - $1.35 M - UNDER CONTRACT
Sold Providence, Weddington, and Waxhaw
723 RIDGELAKE DRIVE - LAKE FOREST PRESERVE - $985,000 610 CASTLESTONE LANE - BLACKSTONE - $840,000 2600 GREENBROOK PARKWAY - PROVIDENCE WOODS SOUTH - $675,000 811 CHAMBWOOD ROAD - WESLEY CHAPEL - $677,000
BALLANTYNE & SOUTH CAROLINA Closings in the first quarter jumped 20-25% in the range above $500,000 in list price, with the $1 million range posting an almost 30% increase in the area straddling the South Carolina state line below South Charlotte. Showing requests also spiked by almost doubling year over year. The period ended with another 19 homes over $1 million under contract to start Q2.
LAST 60 DAYS
BALLANTYNE & SOUTH CAROLINA Q1 HOMES SOLD & SHOWINGS
CENTER CITY LUXURY CONDOS Charlotte’s multi-family luxury housing projects and market continue to trend upward following early Covid-19 restrictions being removed. Over the past 12 months, demand has thrived, with the first quarter of 2022 recording 105 closings in the mid-market range below a $1 million in price, and eight above $1 million in list price, vs 74 and four totals in last year’s opening quarter. New projects such as Ivester Jackson’s West Trade Townhomes have neared sellouts while still under construction, with more new projects coming on line and the center city market rallying.
LAST 60 DAYS
CENTER CITY CONDO MARKET Q1 HOMES SOLD
CHARLOTTE MARKET FORECAST With interest rates forecasted to rise additionally through the year, at some point the mid-market luxury segment below $1 million in list price may start to finally see some actual inventory build up after two years of steady decline. That said, thus far, consumers are displaying a resilience even in the lower price ranges, with showing requests for homes on the market running up anywhere from 10% to 30% compared to last year’s early spring. Over 150 homes in the $1 million price segment and above closed in Q1 in this report’s key Charlotte communities vs just over 100 last year during the same period. Despite double digit price appreciation demand has remained steady albeit the past three weeks have produced the first signs of inventory coming on the market at a pace above that at which it is being absorbed. It appears that we’ll continue to see the spread of geographic demand across the region’s more rural settings, while new emerging areas such east, south, and west of Charlotte begin to attract more upscale development.
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