Ivester Jackson Christie's Charlotte Luxury Market Report
Q3 2019
Q3 Market Report
contents October 2019
OVERALL MARKET REPORT Charlotte Luxury Market Surges Ahead in September
COMMUNITY UPDATES SouthPark Myers Park & Eastover Lake Wylie & The Palisades Providence, Weddington & Waxhaw Ballantyne & South Carolina
FORECAST The Charlotte region is on pace for a record 2019.
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3rd Quarter Luxury Market Report Charlotte Luxury Market Surges Ahead in September Following a year long trend in most areas of Charlotte, the luxury market surged in September, as the quarter ended with 351 luxury homes under contract above $500,000 in list price, including 73 homes pending over the $1 million dollar mark. Those pending totals rival results seen in the high spring markets, as much of the Charlotte market has exceeded last year’s activity by as much as 15-20%. In the ultra luxury range above $2 million in price, 16 homes were under contract with a total inventory of 68 homes, pointing to improving conditions yet still favorable to buyers due to available selection. Inventory in the range between $1 million and $1.99 million reported 141 homes active with 73 pending, roughly less than 6 months’ inventory.
SOUTH PARK The SouthPark area displayed similar strong levels of interest in the mid-market range between $500,000 and $999,000 range, as sell thru jumped slightly from 13 units to 16 this summer. The range above $1 million was mixed, with a slight decline occurring in the $1 million to $2 million range (5 units vs 9 the year before), while the ultra luxury range saw 3 homes close in the $2million plus range due to higher activity in Foxcroft. The area also saw 10 more homes over $1 million go pending including 3 over $2 million. The ultra luxury range continues to improve yet still boasts 68 homes in the city limits listed over the $2 million mark with an annualized sell thru tracking to be somewhere around 50 homes total.
LAST 60 DAYS
SOUTHPARK Q3 HOMES SOLD & SHOWINGS
Listings SouthPark
3230 SUNNY BROOK DRIVE 5026 MOUNT CLARE LANE 1813 SUNCHASER LANE 5150 MOUNT CLARE LANE | UNDER CONTRACT 4286 PARK SOUTH STATION BLVD 2823 PROVIDENCE ROAD #354
Sold SouthPark
6605 Central Pacific Avenue #301A
2032 Delpond Lane
MYERS PARK & EASTOVER After a sizzling first half of the year in Myers Park and Eastover, contractual activity returned to levels more in line with the summer of 2018. The range above $1 million in list price reported 22 sales vs 19 last summer, with an additional 21 homes pending as the quarter ended, pointing to another very solid level of closing activity in the 4th quarter and possibly record totals for 2019. Showing activity has been on par with the early fall of 2018, particularly in the ultra luxury range over $2 million, as Charlotte’s relocation and inbound migration traffic continues to bring luxury buyers to the region.
LAST 60 DAYS
MYERS PARK Q3 HOMES SOLD & SHOWINGS
Listings Myers Park & Eastover
2610 SELWYN AVENUE
SOLD MYERSÂ PARK, EASTOVER & COTSWOLD
3033 Park Road
1640 Sterling Road
1429 Lilac Road
526 Sedgewood Lake Drive
LAKE WYLIE & PALISADES Luxury activity along the South Carolina border and Lake Wylie shoreline areas spiked over the past 60 days, as 16 luxury homes closed vs just 9 during the same 60 day period ending last summer. Particularly active was the range just below $1 million in list price, as the quarter also ended with another 15 homes under contract, 4 over $1 million in list price, some of the best activity this region has seen recently.
LAST 60 DAYS
LAKE WYLIEÂ & PALISADES Q3 HOMES SOLD & SHOWINGS
LAKE WYLIE & THE PALISADES LISTINGS
16919 Youngblood Road Under Contract
PROVIDENCE, WEDDINGTON Â & WAXHAW Union County continued what looks to be record pace from an annualized closed sales pace, as 100 homes closed over $500,000 in the past 60 days vs 75 during the same period last year (an increase of 33%). Sell thru in the million dollar plus range was fairly flat to last year as conditions in the luxury range have been very solid once again as the summer comes to a close. The area also has 59 homes pending in the luxury segment, including 7 over $1 million, as Longview, Highgate, and the Providence Road corridor continue to experience solid levels of interest from luxury buyers.
LAST 60 DAYS
PROVIDENCE, WEDDINGTONÂ & WAXHAW Q3 HOMES SOLD & SHOWINGS
Listings Providence, Weddington & Waxhaw
8812 Thornbury Place
1311 Venetian Way Drive | Under Contract
8104 Skye Knoll Drive
9205 Kingsmead Lane
Sold Providence, Weddington & Waxhaw
11341 COLONIAL COUNTRY LANE 5509 PROVIDENCE COUNTRY CLUB DRIVE 1806 FUNNY CIDE DRIVE (REPRESENTING BUYER) 1006 MEADOW VISTA DRIVE (REPRESENTING BUYER) 3612 MCPHERSON STREET (REPRESENTING BUYER) 213 EDEN HOLLOW LANE #142 (REPRESENTING BUYER) 606 GRESSENHALL LANE (REPRESENTING BUYER) 3203 THAYER DRIVE (REPRESENTING BUYER)
BALLANTYNE & SOUTH CAROLINA Another really solid quarter came to a close in the Ballantyne/Ft. Mill area, as 25 homes listed over $500,000 closed over the past 60 days vs 19 during the same period the year before. The quarter ended with 18 homes pending heading into the 4th quarter, including 3 listed above $1 million in list price. Showings continued to be strong moving into October, with appointment requests running 20% ahead of last year’s late summer period, particularly strong in the range over $1 million.
BALLANTYNE & SOUTH CAROLINA Q3 HOMES SOLD & SHOWINGS
LAST 60 DAYS
Listings Ballantyne & South Carolina
5160 LONGBROOKE COURT 3263 MILLSTONE CREEK ROAD 316 CORNER LAKE COURT 10729 SUMMITT TREE COURT 11729 ROYAL CASTLE COURT
Sold Ballantyne & Â South Carolina
486 TWELVE OAKS LANE 957 ROCK FOREST WAY 306 MONTMORENCI CROSSING (REPRESENTING BUYER) 1869 CAPRINGTON DRIVE (REPRESENTING BUYER) 1912 BURNING ACRES COURT (REPRESENTING BUYER) 11208 LAZIO LANE (REPRESENTING BUYER)
CHARLOTTE MARKET FORECAST With some 73 houses under contract over $1 million in list price heading into the 4th quarter, the Charlotte region is on pace for a record 2019. Nearly 50 homes priced over $2 million should close, as showing activity in nearly every luxury price segment has exceeded 2018 by 15-20% for much of this year. Traditional high demand areas like Myers Park, Eastover, and SouthPark, have been joined by areas like upper Union County as growing luxury enclaves. There remain some price segments in which inventory continues to offer buyers a variety of options, such as the ultra-luxury segment above $2 million in some areas. The segment around the million dollar price point has been exceedingly solid much of the year and in almost all of the region’s individual communities. In recent weeks, the variance by which realtor showing requests have exceeded last year’s pace, has narrowed from around 20% ahead of last year’s same week, to less than 10%, indicative that the robust activity in some ranges this summer may be leveling off to be more in line with last year’s October conditions. Given the strong spike in pending contracts heading into this quarter, the region will post very solid closing levels in comparison to last year’s finish, which occurred as interest rates neared 5%. Overall, given the market is heading into an election year, the first quarter should be solid. Historically, in presidential election years there has been some 3rd quarter sluggishness due to uncertainty surrounding elections, there are also multiple other potential impact issues such as trade discourse, Brexit resolution, and others to keep an eye on.
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