Q2 2022
Q2 Market Report
contents July 2022
Overall Market Report Lake Norman region’s luxury market posted strong results in the second quarter
Community Updates Cornelius Davidson Mooresville West Shore North Shore Concord & Kannapolis
Forecast With all eyes on the Federal Reserve, North Carolina, in general, has so far proven to be more “downturn resistant” than other areas of the country.
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.
Lake Norman Luxury Market Bucks Headwinds in Q2 The Lake Norman region’s luxury market posted strong results in the second quarter, despite reports of real estate markets across the country starting to slow. While the showing trend across the region’s MLS has trended down over the past 60 days in the mid-market price range below $1 million, sold results for the quarter exceeded last year’s in almost every community. The range between $1 million and $2 million posted both strong sold results, as well as a continued showing appointment trend above last years during the same period. The high-end luxury range above $2 million continued its showing strength despite an active vacation season across the country, while the sold units remained similar to last year’s results.
LAST 60 DAYS
Showings in the Lake Norman Region
Cornelius The always popular Cornelius posted a 20% increase in closed luxury properties for Q2 in comparison with last year. The mid-market range below $1 million saw a 33% increase as more available inventory drove sell-through. The $1 million range jumped 10%, the $2 million-plus range saw 13 deals compared to 16 last year during the same period, while 7 houses were under contract heading into Q3 in the high-end luxury range. Inventory levels in the lower luxury ranges stood at about 45 days, while 17 homes over $2 million remain active, roughly 90 days of inventory.
LAST 60 DAYS
Cornelius Q2 Home Sales
20905 Lagoona Drive | $749,000
20141 Riverchase Drive | $1,830,000 20411 Queensdale Drive | $1,800,000 7220 Swansea Lane | $1,550,000 | Representing Buyer 21917 Satilla Drive | $979,000 21406 Baltic Drive | $665,000 | Representing Buyer 19229 Coachmans Trace | $425,500 21917 Satilla Drive | $979,000 20530 Southshore Drive | $2,250,000 19607 Olde Spring Court | $1,896,500
18434 Peninsula Cove Lane $4,037,500
18843 Flat Shoals Drive | $1,995,500
17315 Belle Isle Drive $2,260,000 |
17723 Springwinds Drive | $1,827,000
18121 John Connor Road | $4,499,000
19700 Shearwater Point Drive | $2,450,000
20705 Bethel Church Road | $3,700,000 18001 Peninsula Club Drive N | $2,099,000 17015 Jib Sail Court | $1,895,000 17209 Green Dolphin Lane | $1,475,000 18726 Old Statesville Road | $849,000 19607 Olde Spring Court | $1,899,000 20905 Lagoona Drive | $749,000 17637 Spinnakers Reach Drive | $2,250,000
Davidson The luxury market in Davidson continues to emerge above $1 million in list price, with 22 homes selling above the $1 million threshold compared to just 8 in last year’s second quarter. The second quarter also included a record-setting $3.65 million Ivester Jackson estate sale on the outskirts of Davidson. The third quarter begins with 54 luxury homes under contract and 43 active listings, roughly 40-50 days of inventory.
LAST 60 DAYS
Davidson Q2 Home Sales
Represented Buyers: 144 Parkview Street | $658,000 18922 Riverwind Lane | $2,045,000 Photo Courtesy: Carlyle Properties
10600 Archer Road | $3,650,000 Represented Buyers: 140 View Lake Street| $1,200,000 17407 Summers Walk Boulevard #113 | $532,000
750 Dogwood Lane | $3,664,000
715 Greenway Street | $950,000
2451 Shiloh Church Road | $869,000
158 Cove View Drive | $1,100,000
118 Maddaket Loop | $1,950,000
Mooresville Mooresville’s larger geography continued to offer more options for buyers than its more land-constrained neighboring communities. 242 homes sold in the luxury segments vs 188 last year and the $1 million range spiked as 48 homes closed between $1 million and $2 million in list price, a 50% increase over last year’s Q2. The area also reported 160 homes under pending contract with just 139 active listings, reducing inventory to about 30 days sell-through.
LAST 60 DAYS
Mooresville Q2 Home Sales
119 Whaling Lane | $1,650,000
111 Moors End Loop | $3,550,000 336 Glenwood Drive | $355,000 | Represented Buyer
124 Castleview Lane | $950,000 155 Brawley Harbor Place | $1,895,000 | Represented Buyer
Denver | West Shore With additional new construction inventory coming to the market in the $500,000 to $999,000 range, the west shore saw a jump in unit sell-through in the mid-market luxury segment, as 82 homes sold in the second quarter vs 56 last year during the same period. The $1 million-plus range also showed strength, with 17 homes closing vs 14 last year, a 22% increase. With 58 active listings and 56 homes pending, inventory conditions showed roughly 40-45 days of sellthrough. The quarter also ended with Ivester Jackson recording a pending contract on the water over $5 million in list price in Denver, set to close in Q3.
LAST 60 DAYS
West Shore Q2 Home Sales
4218 Ash Hollow Lane | $1,395,000
3942 Lake Spring Cove Court | $1,125,000
1606 Marchele Court | $591,000
7309 Windy Pine Circle | $515,000
213 Birdie Drive | $829,000
7737 Cambridge Way | $1,450,000 32 Kingfisher Court #32 | $711,050 | Represented Buyer
North Shore Troutman/Sherrills Ford The north shore communities above the 150 bridge continued to gain in popularity. 64 homes closed during the second quarter in the luxury segments, including 15 over $1 million in list price. The quarter ended with a 10% increase in closings vs last year’s second quarter, with another 41 luxury homes under pending contracts. With 63 active listings, inventory sell-through rested at roughly 45- day supply.
LAST 60 DAYS
North Shore Q2 Home Sales
Concord & Kannapolis Concord and Cabarrus continued to benefit from a supply of development acreage, as several new luxury communities came on line in the $700,000 to $1 Million range, leading to a major spike in closings in that price segment. 258 homes closed in this range in the second quarter, vs 115 last year, an increase of well over 100%. The luxury range matched last year with 7 closings over $1 Million in list price, while also reporting another 4 under contract and 7 active listings heading into the third quarter. .
LAST 60 DAYS
Concord & Kannapolis Q2 Home Sales
1327 Wrenn Street | $292,500
611 J Avenue |$244,900
1108 Berkeley Place | $600,000
Lake Norman Market Forecast With all eyes on the Federal Reserve, North Carolina, in general, has so far proven to be more “downturn resistant” than other areas of the country. The more interest ratesensitive, entry-level luxury segments just below $1 Million in list price have begun to see fewer showing requests according to MLS statistics from the last 60 days when compared to both last year and this year’s spring months. Meanwhile, inventory, particularly in the lower ranges, has just started to edge up in the regional MLS. The pace at which new listings are coming to market vs pending contracts being placed has whipsawed from a negative variance. Where there were once more contracts than new listings, we now have new listings exceeding pending contracts by 500-800 houses per week. At this pace, inventory, which had dropped from 10,000 homes active, down to 2,000 during Covid, should now start trending back up to over 5,000 homes active.
This will eventually begin to domino upward into the luxury segments, although they tend to be driven more by the financial markets. While the financial indices have taken recent hits, they remain well above 5 and 10-year levels, indicative of significant accumulated wealth that continues to fuel our region’s luxury market. While we anticipate conditions in the upper ranges beginning to display more normal characteristics in terms of days on market, there continues to be steady showing activity, which thus far is exceeding 2021’s summer levels.
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.
Our Offices Lake Norman Office 21025 Catawba Ave #101 Cornelius, NC 28031 (704)- 655-0586
Charlotte Office 1515 Mockingbird Lane Suite 900 Charlotte, NC 28209 (704)-817-9826
Lake Norman North Shore Office 350 Morrison Plantation Parkway, Suite C1 Mooresville, NC 28117 (980)-435-5169
Asheville Office Ivester Jackson Blackstream 18 S Pack Square Asheville, NC 28801 (828)- 367-9001
Wilmington Office IJ Coastal 527 Causeway Drive Wrightsville Beach, NC 28480 (910)-300-5140
CHARLOTTE | LAKE NORMAN | NORTH SHORE | ASHEVILLE | WILMINGTON
704-655-0586 | IvesterJackson.com