Ivester Jackson Christie's Luxury Market Report
Q1 2019
Q1 Market Report
contents March 2019
MARKET REPORT Lake Norman recovers from December softness to power into 2nd Quarter 2019
COMMUNITY UPDATES Cornelius Davidson Mooresville Denver | West Shore North Shore
FORECAST As we predicted at the end of 2018, increased showing demand continues to drive the Lake Norman market.
CHARLOTTE’S MOST EXPENSIVE SALE OF 2019 Ivester Jackson begins 2019 with flagship sales, including Charlotte's most expensive sale so far this year.
PODCAST & VIDEOS From market forecasts, interviews, and house marketing ideas, join the team at Ivester Jackson I Christie's for latest in Carolinas luxury real estate content.
1st Quarter Luxury Market Report LAKE
NORMAN
SOFTNESS
TO
RECOVERS POWER
FROM
INTO
2ND
DECEMBER QUARTER
2019
Following the 4th quarter of 2018's slowing due to stock market volatility and rising mortgage rates, the Lake Norman market recovered from initial softness in sell thru during January, to power to a strong end to the first quarter. Pending contracts and increases in showing demand in February and March translated into balanced to seller friendly conditions in many areas, particularly the mid-market segment below $1 million in list price. Inventory conditions in most segments stood at well below 6 months in that popular price range, while the ultra-luxury segment continued to move at a pace similar to 2018.
CORNELIUS Cornelius posted mixed results in Qtr 1, with the midmarket luxury segment posting a strong gain from 16-23 sold units, while the range above 1 million was slightly off. Like many of the other markets, the quarter ended with a surge in pending contracts including 33 in the range below $2 million. Showing activity remained very active and on par with the strong first quarter of 2018. There are a total of 35 pending contracts on the inventory of 85 active homes making for pretty balanced conditions. Â
LAST 60 DAYS
CORNELIUS Q1 HOMES SOLD & SHOWINGS
IVESTER JACKSON | CHRISTIE'S INTERNATIONAL REAL ESTATE
EXPERTS IN LUXURY REAL ESTATE
Listings Cornelius
9214 ROBBINS PRESERVE ROAD 16602 MIZZEN COURT 16814 YAWL ROAD 16501 GREEN DOLPHIN LANE (POCKET LISTING) 10511 MEADOW CROSSING LANE 16409 BELLE ISLE DRIVE 18111 HARBOR LIGHT BLVD (UNDER CONTRACT) 6609 AMERICA CUP ROAD
Sold Cornelius
17107 GREEN DOLPHIN LANE 19607 OLDE SPRING COURT 18218 HARBOR LIGHT BOULEVARD 16606 AMERICA CUP ROAD 16005 LAKESIDE LOOP LANE 16101 JETTON ROAD 16239 SASANOA DRIVE
DAVIDSON While the first quarter in Davidson was flat compared to last year's 1st quarter, low rates and low inventory spurred 36 pending contracts to end the quarter including 7 over $1 million in value. A strong showing for Davidson's emerging million dollar market. Showing activity was stronger than last year's first quarter, with the million dollar range seeing a 100% increase in showings on the available listing inventory. With 74 homes actively listed, the popular Davidson area boasts under 6 months inventory.
LAST 60 DAYS
DAVIDSONÂ Q1 HOMES SOLD & SHOWINGS
IVESTER JACKSON | CHRISTIE'S INTERNATIONAL REAL ESTATE
EXPERTS IN LUXURY REAL ESTATE
Listings Davidson
19940 RIVER FALLS DRIVE 251 KIMBERLY ROAD 18832 GREYTON LANE (UNDER CONTRACT) 19213 DAVIDSON CONCORD ROAD 20504 AVOCA LANE (UNDER CONTRACT | REPRESENT BUYER) 19125 DAVIDSON CONCORD ROAD (UNDER CONTRACT) 18937 ELM ROW COURT (UNDER CONTRACT | REPRESENT BUYER) 18210 BARNHARDT ROAD (SOLD)
Sold Davidson 17328 SILAS PLACE DRIVE
18210 BARNHARDT ROAD
MOORESVILLE The Mooresville area saw significant sell-thru in the mid-market luxury segment below $1 million with 47 homes closing just below $1 million in list price, up from 35 in 2018's 1st quarter. There were also a healthy 44 pending. While the luxury space above $1 million was off from last year, The million dollar range saw 21 pending contracts emerge as the quarter ended, and a very strong spike in sell thru, while the ultra-luxury segment over $2 million started slow but has gained momentum in recent weeks with 5 homes now pending for the 2nd quarter. Active Inventory stood at 6-9 months in the lower luxury ranges which represent fairly balanced conditions. Showing appointments were up across the board in comparison to the first quarter of 2018, with the mid-market price range up to 1682 showings from 1425. The ultra-luxury market also showed a strong spike corresponding to the increase in pendings, with showings tripling from 30 last year to 90 over the most recent 60 days.
LAST 60 DAYS
MOORESVILLE Q1 HOMES SOLD & SHOWINGS
IVESTER JACKSON | CHRISTIE'S INTERNATIONAL REAL ESTATE
EXPERTS IN LUXURY REAL ESTATE
Listings Mooresville
123 TOPSAIL PLACE 239 KNOXVIEW LANE (UNDER CONTRACT) 176 OLD POST ROAD 110 STANDISH LANE 111 STONEWALL BEACH DRIVE 116 NAUTICAL POINT COURT 168 BROAD SOUND PLACE
Sold Mooresville
147 SAINT CHARLES LANE 1671 BRAWLEY SCHOOL ROAD 150 ALDER SPRINGS LANE 132 WELLFLEET LANE 170 EASTON DRIVE 448 STONEMARKER ROAD 163 EASTON DRIVE 134 LANDOVER LANE 115 DONALDSON COURT
DENVER | WEST SHORE While the West Shore area of Lake Norman posted flat to slightly lower closed results, the area saw a huge spike in showing activity as the quarter closed, with the million dollar range doubling compared to 2018's 1st quarter along with a healthy increase in showings in the midmarket luxury space. This typically points to an increase in pending contracts, which should show up as we move into the 2nd quarter of 2019.Â
LAST 60 DAYS
DENVER | WEST SHORE Â Q1 HOMES SOLD & SHOWINGS
IVESTER JACKSON | CHRISTIE'S INTERNATIONAL REAL ESTATE
EXPERTS IN LUXURY REAL ESTATE
Listings Denver/West Shore
4116 WHIM SHAFT DRIVE 6182 DURANGO WAY (UNDER CONTRACT) 7823 CHAPEL CREEK DRIVE (UNDER CONTRACT) 6881 SEA GULL WAY 2810 CHERRY LANE (POCKET LISTING) 5112 PELICAN POINT DRIVE 8236 BAY POINTE DRIVE 7674 TURNBERRY LANEÂ 4000 CHANNEL POINT LANE
Sold Denver/West Shore
8071 E Andrews Drive 4624 Hawkes Bay Court 4334 Rustling Woods Drive
8004 Bay Pointe Drive 2404 Stoneview Court 3406 Lake Shore Road
NORTH SHORE The Northshore areas of Troutman and Sherrills Ford continued their hot streak, with sold homes increasing over 20% in the luxury segments, and the quarter ending with a whopping 33 homes under pending contracts, rivaling the other key areas of the Lake. The luxury segment above $1 million in price showed strength, posting a 200% increase in showings as new construction options not always available in other areas powered showing demand.Â
LAST 60 DAYS
NORTH SHORE Â Q1 HOMES SOLD & SHOWINGS
IVESTER JACKSON | CHRISTIE'S INTERNATIONAL REAL ESTATE
EXPERTS IN LUXURY REAL ESTATE
Listings North Shore
527 CATSPAW ROAD #UNIT C/BLDG 7 101 ISLAND RIDGE DR
LAKE NORMAN MARKET FORECAST As we predicted at the end of 2018, increased showing demand continues to drive the Lake Norman market. Despite the slowing sell thru of the late 4th quarter last year, we continued to see active showing conditions that ran well ahead of 2017's same period. This pointed to what remained as very solid demand despite some economic headwinds. Fast forward to the more relaxed Federal Reserve posture to start 2019, a recovery in the equity markets, and that increased demand blossomed into actual heavy contractual activity near the end of this just completed first quarter.
Showings continue to run ahead of 2018's first 4 months, indicative of what will likely be a very strong second quarter and early third quarter. The wild cards potentially adding some volatility the second half of the year include the ongoing EU/Brexit soap opera and how/if it is ultimately resolved. There are also some interesting things going on in the fixed income markets in terms of risk appetite. From a housing standpoint, the underlying conditions and demand point to a strong second quarter spilling over into the midsummer.
Charlotte’s Most Expensive Sale of 2019
Other Q1 2019 Notable Sales:
8343 Providence Road $3,800,000
18218 Harbor Light Boulevard $2,300,000
Agents Lisa McCrossan and Reed Jackson teamed up to market and negotiate Charlotte’s highest priced transaction so far this year in Mecklenburg County. 8343 Providence Road, a French Country-style home in Charlotte’s Greenwood neighborhood sold for $3.8 million in February. The estate is situated on nearly 5 acres and features immaculately manicured gardens, hand painted frescos, stone bistro wine cellar, pool, and carriage house.
8411 Double Eagle Gate Way $1,610,000 7005 Willow Trace Lane $2,000,000 8500 English Turn Lane $1,870,000 8010 Wicklow Hall Drive $1,365,000
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