2nd Quarter Luxury Market Report

Ivester Jackson Christie's 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, whileothers show more balanced, or in the case of the ultra luxury range over $2million in list price, a 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’sMay/June, which was strong. The area saw 7 transactions over $2 million to rival 6 in the Myers Park / Eastover area this past 60 days albeit off slightly from last year’s robust 11 closings during May and June.

SOUTH PARK Q2 HOMES SOLD & SHOWINGS

Listings South Park

4027 CITY HOMES PLACE

2125 SHARON LANE

Sold South Park

2539 Providence Road

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.

MYERS PARK Q2 HOMES SOLD & SHOWINGS

Listings Myers Park

& Eastover

526 SEDGEWOOD LAKE DRIVE (UNDER CONTRACT)

964 GRANVILLE ROAD

SOLD MYERS PARK

1 6 4 0 S T E R L I N G R O A D

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 while 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.

LAKE WYLIE & PALISADES Q2 HOMES SOLD & SHOWINGS

LAKE WYLIE & THE PALISADES LISTINGS

16919 Youngblood Rd

SOLD LAKE WYLIE & THE PALISADES

1 7 0 2 3 T U R T L E P O I N T R O A D

R E P R E S E N T E D B U Y E R

PROVIDENCE, WEDDINGTON

& WAXHAW

The southeast corridor out into Union County continues to prove as a popular choice for residents desiring newer construction, proximity to Ballantyne’s Corporate Park, as well as the availability of larger lot options. While total closings the past 60 days rang 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 year 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.

PROVIDENCE, WEDDINGTON & WAXHAW Q2 HOMES SOLD & SHOWINGS

Listings Providence, Weddington &

Waxhaw

5509 Providence Country ClubDrive | UNDER CONTRACT

Sold Providence, Weddington & Waxhaw

5921 LEGACY CIRCLE

137 MEDEARIS DRIVE

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

Sold Ballantyne & South Carolina

11027 HARRISON’S CROSSING AVENUE (REPRESENT BUYER)

1726 GAITHER ROAD

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 counter balance 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.