Ivester Jackson Christie's Luxury Market Report
Q2 2019
Q2 Market Report
contents June 2019
OVERALL MARKET REPORT Charlotte Experiences Another Solid 2nd Quarter Luxury Market
COMMUNITY UPDATES SouthPark Myers Park & Eastover Lake Wylie & The Palisades Providence, Weddington & Waxhaw Ballantyne & South Carolina
FORECAST Charlotte has continued to post strong closed results all spring.
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2nd Quarter Luxury Market Report Charlotte Experiences Another Solid 2nd Quarter Luxury Market The Charlotte luxury real estate market powered ahead in the 2nd quarter on the strength of continued record showing activity in the city’s high demand luxury areas. Year over year, showing appointment requests have run almost 15% ahead of last year’s May and June periods in some areas, pointing to another solid start to the third quarter. Strength in financial services, Charlotte’s continued ascension as a flagship “go to” destination and corporate relocation continued to drive a hot luxury real estate market in the Queen City. As has recently been the case, Myers Park and Eastover led the way, with significant increases in closings over last year’s same quarter, with Foxcroft emerging as a hot high-end luxury choice for infill and remodel projects. Some of the city’s price ranges are seeing tight inventory conditions, while others show more balanced, or in the case of the ultra-luxury range over $2 million in list price, continued availability of inventory choices.
SOUTH PARK SouthPark | Foxcroft has emerged to rival Eastover and Myers Park in the ultra-luxury segment, with several high profile deals closing on newly built or remodeled high-end projects on infill lots. The area below and adjacent SouthPark Mall continues to be a popular option albeit results in this area were more in line with 2018’s May/June, which was strong. The area saw 7 transactions over $2 million to rival 6 in the Myers Park / Eastover area the past 60 days despite being off slightly from last year’s robust 11 closings during May and June.
LAST 60 DAYS
SOUTH PARK Q2 HOMES SOLD & SHOWINGS
Listings South Park
4027 CITY HOMES PLACE 2125 SHARON LANE 2019 CRAIGMORE DRIVE 2823 PROVIDENCE ROAD #335 4205 FOX BROOK LANE 239 BENTLEY OAKS LANE 9514 HEYDON HALL CIRCLE 2032 DELPOND LANE 5520 SHARON VIEW ROAD
Sold South Park
2539 Providence Road 8411 Double Eagle Gate Way (Represented Buyer)
3216 Valencia Terrace
1426 Jules Court
MYERS PARK & EASTOVER Myers Park & Eastover showed yet another upward spike in luxury sell thru, with the sizzling range between $1 million and $2 million in list price showing a 100% increase over last year, with 38 units closing the past 60 days versus 19 in the same May/June period last year. The ultra-luxury range over $2 million, as well as the range below $1 million, flattened out a bit, both recording sell thru in line with last year’s May/June results. Interestingly, showings in the ultra-luxury range remained very strong despite flattened sell thru, with 176 total appointments requested in the over $2 million range compared to 36 during last year’s same period. This price range continues to evaluate both existing residential options along with building, with some luxury contractors reporting backlogs of custom build projects.
LAST 60 DAYS
MYERS PARK Q2 HOMES SOLD & SHOWINGS
Listings Myers Park & Eastover
526 SEDGEWOOD LAKE DRIVE (UNDER CONTRACT) 964 GRANVILLE ROAD 2610 SELWYN AVENUE 3033 PARK ROAD 1431 QUEENS ROAD W 2504 MAYBANK DRIVE 401 HERMITAGE COURT
SOLD MYERS PARK, EASTOVER & COTSWOLD
218 MCALWAY ROAD (REPRESENTED BUYER)
1640 STERLING ROAD
1429 LILAC ROAD
LAKE WYLIE & PALISADES The area near the Lake Wylie shoreline showed mixed results as the 2nd quarter ended. Closed luxury properties over $500,000 in value decreased from 17 sales in the same period last year to 8 in May and June of this year. The area ended the 2nd quarter with an uptick in pending contract activity to 11 homes pending to close moving into the third quarter with 1 home pending over $1 million in list price. The showing request momentum spiked upward from 45 showings last year in May and June to 79 this year which would point to some more activity in the million dollar price range along the shores of Lake Wylie this summer.
LAST 60 DAYS
LAKE WYLIEÂ & PALISADES Q2 HOMES SOLD & SHOWINGS
LAKE WYLIE & THE PALISADES LISTINGS
16919 Youngblood Rd
228 Ridge Reserve Drive #51
SOLD LAKE WYLIE & THE PALISADES
17023 TURTLE POINT ROAD | REPRESENTED BUYER
PROVIDENCE, WEDDINGTON & WAXHAW The southeast corridor out into Union County continues to prove to be a popular choice for residents desiring newer construction, proximity to Ballantyne’s Corporate Park, and the availability of larger lot options. While total closings the past 60 days range in at 86 units over $500,000 vs 101 in May and June, the region showed a robust 104 new pending transactions heading into the 3rd quarter which should keep it on track to exceed 2018’s sold luxury totals by this year's end. Showing activity in the range over $1 million also continued to exceed interest levels during the same period last year, which should point to continued strength in that popular price range.
LAST 60 DAYS
PROVIDENCE, WEDDINGTONÂ & WAXHAW Q2 HOMES SOLD & SHOWINGS
Listings Providence, Weddington & Waxhaw
5509 Providence Country Club Drive | UNDER CONTRACT
408 East South Main Street
11341 Colonial Country Lane UNDER CONTRACT
Sold Providence, Weddington & Waxhaw
5921 LEGACY CIRCLE 137 MEDEARIS DRIVE 5407 PARKWOOD SCHOOL ROAD 8119 SKYECROFT COMMONS DRIVE 305 BELLE MEADE COURT 201 EAGLE BEND DRIVE (REPRESENTED BUYER)
BALLANTYNE & SOUTH CAROLINA The border state area posted another solid end to the 2nd quarter, with 30 homes closing in the range over $500,000 and another 33 pending as we move into the 3rd quarter. These numbers are line with last year’s rolling 60-day number of 34 units sold. While the range below $1 million saw a slight decline in showing activity, the range of showing appointment requests in the million-plus range doubled over last year’s same period and resulted in 5 homes going under contract in that area over $1 million in offering price as we head into the 3rd quarter.
BALLANTYNE & SOUTH CAROLINA Q2 HOMES SOLD & SHOWINGS
LAST 60 DAYS
Sold Ballantyne & South Carolina
11027 HARRISON’S CROSSING AVENUE (REPRESENT BUYER) 1726 GAITHER ROAD 1363 SECRET PATH DRIVE (REPRESENTED BUYER) 41080 CALLA LILY STREET 1654 KILBURN LANE 3086 BARTLETT STREET (REPRESENTED BUYER) 1375 KINGS BOTTOM DRIVE (REPRESENTED BUYER)
CHARLOTTE MARKET FORECAST Charlotte has continued to post strong closed results all spring, with high demand areas like Myers Park, Foxcroft, and Eastover seeing strength in the luxury price points, while SouthPark and Union County continue to show strong and steady sell thru and showing request activity. There are several factors that balance and counterbalance during the mid-summer months. Continued strength in corporate relocation, the financial services, and technology sectors operating in the region, as well as the low cost of borrowing, continue to drive the region’s luxury real estate market. A record-setting summer travel period and possibly lengthy July 4th holiday weekend (this year’s weekend will likely start on Wednesday to go with the traditional week-long vacationer period) could put a slight dent in showing and contractual activity as the 3rd quarter starts off. While much of the state has been running ahead of last year’s same period in showing appointment requests per the regional MLS, the positive gap in several areas has narrowed a bit in recent weeks to be more in line with what was still a pretty solid level of home showing activity last summer. It also appears that this past November and December’s softening due to rates hitting 5% and subsequent stock market declines, appears to have compressed what would normally have been some deal flow in the early first quarter of this year, onward into what has been a hectic 2nd quarter. This compression leaves the region mainly ahead of last year’s sold results but may have slightly skewed the March to May period resulting in a return to more steady midsummer deal flow in line with the past two summers.
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