Ivester Jackson Christie's Lake Norman Luxury Market Report
Q3 2021
Q3 Market Report
contents October 2021
MARKET REPORT Lake Norman Market Sees Record Transaction Activity as Inventory Remains Scarce
COMMUNITY UPDATES Cornelius Davidson Mooresville Denver | West Shore North Shore Concord & Kannapolis
FORECAST The Lake Norman and North Charlotte markets continued to show explosive growth.
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3rd Quarter Luxury Market Report LAKE NORMAN MARKET SEES RECORD TRANSACTION ACTIVITY AS INVENTORY REMAINS SCARCE
While record sell-through in the luxury price ranges at Lake Norman continued to be robust through the end of the third quarter, signs of buyer fatigue were beginning to show. A brief look at the past 90 days showing activity indicates a pattern in which showing requests per MLS data dipped during the July vacation season, then rallied again in August to rival peak months in April and May. September appears to have seen a slight downward trend in total showing requests, some of which are driven by inventory shortages in the lower luxury price ranges. Average showings per house actually rose in the lower range, while declining just slightly over the summer months. This is indicative that the pace, regardless of inventory has remained steady, albeit no longer increasing month over month as it had been in earlier months.
Lake Norman Area
Lake Norman Area
Lake Norman Area Lake Norman's core communities continued to enjoy record years despite tight inventory conditions. In the million dollar + category, a record 316 homes have closed by the Q3 end period, compared to 247 last year. With 84 pending contracts, the Lake is set to smash its alltime sold record, last year's 354 units. In the ultra-luxury range, the Lake Norman area is smashing all previous records for sell-through above $2 million in list price. With 67 homes already sold (including a $6.5 million IJ brokered home in The Peninsula this quarter) vs last year's 36 at this point, as well as another 17 homes pending to close above the $2 million level, the market will smash last year's full-year record of 62 closings by at least 30% by yearend. These numbers do not include new construction totals, which are booming as well.
CORNELIUS Cornelius saw another very active quarter with the only constraint being inventory. 40 homes traded over $1 million in price, including 10 over $2 million with another 6 pending. The highlight is a $6.5 million Peninsula home in which the buyers were represented by Ivester Jackson.
The quarter saw 72 closings over $500k in value, with 26 remaining in active inventory.
CORNELIUS Q3 HOMES SOLD
Listings | Cornelius
21123 Torrence Chapel Road $3,600,000 16821 America Cup Road $1,499,900 19532 Weavers Circle $1,125,000
Under Contract 16439 Jetton Road $3,750,000 18619 John Connor Road $849,000
Sold | Cornelius
16101 Jetton Road $5,400,000 21308 Norman Shores Drive $724,000 21512 Lake Point Lane $1,325,000 10038 Switchyard Drive $379,000 18800 Coveside Lane $1,000,00 20241 Colony Point Lane $360,000 9241 Glenashley Drive $351,000
DAVIDSON As Davidson's outlying areas continue to provide new construction opportunities, the million-dollar segment has established itself as one of the Lake Norman area's "go-to" destinations for new construction options. A whopping 21 homes in the million-dollar range closed in the just-completed third quarter, compared to 13 last summer, an increase of 50% year over year.
The area ended the quarter with 41 homes pending and just 25 in active inventory, which given we're moving toward the holidays, should represent about a month's inventory.
DAVIDSON Q3 HOMES SOLD
Listings | Davidson
10600 Archer Road $4,150,000 2451 Shiloh Church Road $869,000
Under Contract 15715 June Washam Road $1,400,000
Sold | Davidson
13416 Robert Walker Drive $1,350,000 8391 Hounds Crossing Trail $765,000 17600 River Ford Drive $862,000 15738 Laurel Oak Crescent $716,000 18708 Greyton Lane $730,000 515 Spring Street $405,000 233 Walking Horse Trail #130 $897,000
MOORESVILLE Mooresville's development northward and outside The Point continued in Q3, as luxury infill and development continued to offer additional inventory options in some areas. Overall luxury closings over $500k in value declined just slightly but remained robust with 189 closings compared to 212 in last summer's Q3.
The ultra-luxury segment saw 10 deals over $2 million in value close, right on par with last summer's ultra-lux activity. Active inventory remains at about 60 days in the range under $1M while the million-dollar range has about 30 days absorption. The ultra-luxury segment sat at about 90 days active with 10 listings.
MOORESVILLE Q3 HOMES SOLD
Listings | Mooresville
Rendering - 115 Keats Road
113 Keats Road $2,999,000 Under Contract 182 Brownstone Drive $1,750,000 543 Isle Of Pines Road $1,080,000
Sold | Mooresville
120 Southhaven Drive $520,000 469 Tuskarora Trail $5,300,000 173 Brawley Harbor Place $2,094,800 111 Chatham Road $2,000,000 251 Flanders Drive $333,000 330 Cove Creek Loop $700,000173 Brawley Harbor Place $2,094,800
WEST SHORE The West Shore communities of Lake Norman showed an increase in the market below $1million, as both closings and pending remained on pace for a record 2021 year. In the luxury segment above $1 million, most of the activity took place in the $1m to $1.5m area along the waterfront, with two closings coming in just above the $2 million range, including a high sale of $2.1 million by Ivester Jackson.
DENVER | WEST SHORE Q3 HOMES SOLD
Listings Denver | West Shore
8343 Norman Estates Drive $3,190,000
Sold Denver |West Shore
4791 Burton Lane $649,000 8055 Windsong Road $2,100,0005339 Pembrey Drive $395,000 221 Birdie Drive $739,900 8073 Andrew Franklin Drive $450,000
NORTH SHORE The North Shore communities of Terrell, Sherrills Ford, Troutman, and Statesville also saw active quarters, as a surprising 100% increase in sell-through posted in the segment above $1 million in list price, with 16 homes trading vs 8 in last summer's same quarter. The milliondollar range up the lake also shows a healthy 10 pending contracts which should close by year-end, putting the once quiet northern shore areas on pace to have a record year in million-dollar closings along the water. New construction along both sides of the shoreline, along with the rapid expansion of amenities in the highway 150 corridor have driven popularity. The Maiden corridor off Highway 16 is expected to see explosive growth over the next 5 years.
NORTH SHORE Q3 HOMES SOLD
Listings & Sold North Shore
180 Eagle Chase Lane $2,850,000
Under Contract 5400 Little Parkway $1,750,000
Sold | North Shore
2558 Penngate Drive #7 $1,014,336
CONCORD & KANNAPOLIS Cabarrus County's continued emergence as a luxury option was on full display in the justcompleted Q3 activity. Activity in the mid-market luxury range between $500k and $1 million soared, with 85 homes closing during the quarter, compared to 42 last summer, a total that at the time was a record for the price segment. Proximity to Davidson, new construction options, cheaper county taxes all contributed to explosive growth in Charlotte's northeast side and both Concord and Kannapolis saw spikes in activity. The million-dollar segment continues to emerge, with 6 homes closing during the quarter and another 3 pending moving into Q4.
CONCORD & KANNAPOLIS Q3 HOMES SOLD
Listings 2562 Shoal Park Road $589,000
Sold 112 Pounds Avenue SW $282,224
LAKE NORMAN MARKET FORECAST The Lake Norman and North Charlotte markets continued to show explosive growth, with several areas recording 50-100% increases in luxury home sell-through. Three areas that stood out, in particular, were Davidson's million dollar plus segment, and the continued emergence of both Cabarrus County and Lake Norman's north shore communities as popular options, first in the mid-market luxury segment, and now spreading up into the ranges above $1 million in price. As tight inventory in many areas has become the norm, late September has in fact seen a slight downturn in both showing requests and internet page views, perhaps an indicator that the activity meter may recede from "complete frenzy" to "extremely robust" as we move into the holiday season. The tight inventory conditions continue to place a premium on access to inventory coming on the market, something we specialize in at Ivester Jackson. While we've moved in some areas to the point where we are actually seeing sporadic price reductions in rare instances where list prices overshot even a frenzied market, we continue to experience instances of multiple offers in many ranges, and homes in flagship condition continue to be highly contested from the onset.
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.
IVESTER JACKSON IS OPEN AT THE COAST North Carolina’s leading upscale real estate brokerage has once again partnered with global purveyor of fine collectibles and estate properties, Christie’s International Real Estate, to open its 6th brokerage office, this one covering the Carolinas coast from its sparkling new location in Wrightsville Beach. Cornelius-based Ivester Jackson announced the opening. “Our market-leading partnership with Christie’s led to over 70 estate home closings in excess of $2 million in value statewide last year, placing us at the top of the state’s luxury brokerages. Coastal inquiries from both Christie’s clients and our own network of luxury brokerages, along with Wilmington’s dynamic growth, led us to select this new location for our next partnership”, said Ivester Jackson-Christie’s managing partner, Reed Jackson. The Ivester Jackson Coastal office is being led by Christie’s Master’s Circle managing broker, Britt Allen, who previously led Ivester Jackson and Christie’s wildly successful joint venture with Blackstream International, in Asheville, NC. Allen relocated to Wilmington’s flagship Landfall community. The new office is located at 527 Causeway Drive in Wrightsville Beach, and has already attracted several leading area brokers to join the new Ivester Jackson Coastal team.
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Our Offices Charlotte Office 1515 Mockingbird Lane Suite 900 Charlotte, NC 28209 (704) 817-9826 Lake Norman Office 21025 Catawba Ave #101 Cornelius, NC 28031 (704) 655-0586 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
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