Ivester Jackson Christie's Charlotte Luxury Market Report
Q4 2019
Q4 Market Report
contents January 2020
OVERALL MARKET REPORT Traditional High Demand Areas Joined By Union County as Luxury Segment Surges
COMMUNITY UPDATES SouthPark Myers Park & Eastover Lake Wylie & The Palisades Providence, Weddington & Waxhaw Ballantyne & South Carolina
FORECAST Tight Inventory In Some High Demand Areas Will Push Buyers Out Geographically
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4th Quarter Luxury Market Report Traditional High Demand Areas Joined By Union County as Luxury Segment Surges Upper Union County continued to see explosive growth in its luxury segment as 2019 came to a close, with double-digit sell-through and showing increases over 2018 powering the area's dynamic luxury market. Union County joined Myers Park, Eastover, Foxcroft, and SouthPark in powering the Charlotte area's luxury market. Most popular, was the $1 million to $2 million range, seeing an increase from 269 home sales in Charlotte in 2018, to 368 in 2019, an increase of 40% over what had previously been viewed as one of the stronger years in Charlotte history. The ultra-luxury segment, which had been plagued by higher inventories in some areas, saw an increase from 51 closings over $2 million in list price, to 61 in 2020, an increase of almost 20%, helping to bring inventory under 1 year's supply for the first time in many years in the high-end price segment.
SOUTHPARKÂ SouthPark's Million Dollar Segment Continues Hot Streak
The SouthPark area saw yet another surge in showing activity in the luxury price points as 2019 came to a close. The mid-market segment below $1 million jumped 12%, while the $1 million-plus segment saw a whopping 65% increase in showings, with the range between $1 and $2 million seeing a 75% increase in showings and a tripling of sold units for the final two months of 2019 compared with the same period in 2018. The same range sported a robust 12 homes pending going into the first quarter of 2020, pointing to another above-average performance for luxury homes in the SouthPark area. Newly remodeled homes, infill new construction, and transitioning older communities amid revitalization drove the increases.
LAST 60 DAYS
SOUTHPARK Q4 HOMES SOLD & SHOWINGS
Listings SouthPark
9013 TYNECASTLE COMMONS COURT #5 9009 TYNECASTLE COMMONS COURT #6 9021 TYNECASTLE COMMONS COURT #3 2823 PROVIDENCE ROAD #264 2823 PROVIDENCE ROAD #147 7501 MORROCROFT FARMS LANE
Sold SouthPark
6605 CENTRAL PACIFIC AVENUE #301 4286 PARK SOUTH STATION BLVD
MYERS PARK & EASTOVER Myers Park & Eastover Ride Hot Financial Markets To Record Closings
The always in-demand areas of Myers Park and Eastover finished 2019 with yet another flurry of activity, as 36 luxury homes closed in the final 60 days, vs 23 in the final 60 days of 2018. The areas ended the year with another 20 homes pending, which pointed to another solid start to 2020. Inventories in the luxury ranges dropped to well under 1 year's supply after the ultra-luxury segment sported higher inventories in 2018 and early 2019.
LAST 60 DAYS
MYERS PARK Q4 HOMES SOLD & SHOWINGS
Listings Myers Park & Eastover
2610 SELWYN AVENUE 2346 OVERHILL RD
SOLD MYERSÂ PARK, EASTOVER & COTSWOLD
526 Sedgewood Lake Drive
114 Cottage Place (Representing Buyer)
1431 Queens Road W
2320 Queens Road E (Representing Buyer)
LAKE WYLIE & PALISADES Lake Wylie/Tega Cay Area Finishes 2019 Solidly
The communities along the Lake Wylie shoreline finished solidly the last 2 months of 2019, although luxury activity over $1 million in list price tapered off. The range between $500,000 and $1 million saw a nice increase, with 17 homes closing in November and December, vs just 11 trading in the final months of 2018, an increase of 60%. The area also started 2020 with a solid 12 homes pending below $1 million along with the first $1 million dollar pending contract in over 60 days.
LAST 60 DAYS
LAKE WYLIEÂ & PALISADES Q4 HOMES SOLD & SHOWINGS
LAKE WYLIE & THE PALISADES LISTINGS
16919 Youngblood Road
PROVIDENCE, WEDDINGTON Â & WAXHAW Union County Powers To Record Year
Riding a year-long wave of increased activity in all luxury pricing segments, Union County continued to post strong year-over-year gains in the last 60 days of 2019. 79 luxury homes closed vs 57 in the same period of 2018, the $1 million-plus segment nearly doubled down the stretch, as showing requests continue to outpace the closing months of 2018, all pointing to a strong start to 2020.
LAST 60 DAYS
PROVIDENCE, WEDDINGTONÂ & WAXHAW Q4 HOMES SOLD & SHOWINGS
Listings Providence, Weddington & Waxhaw
8812 Thornbury Place
8605 Trethorne Court
5001 Oxfordshire Road
9205 Kingsmead Lane
Sold Providence, Weddington & Waxhaw
5509 PROVIDENCE COUNTRY CLUB DRIVE 11341 COLONIAL COUNTRY LANE 1311 VENETIAN WAY DRIVE 3612 MCPHERSON STREET (REPRESENTING BUYER)
BALLANTYNE & SOUTH CAROLINA Ballantyne & Fort Mill Areas Post Solid Increases as 2019 Comes To a Close
The border communities of Fort Mill, Ballantyne, and Springfield saw a 25% increase in showing activity as 2019 came to a close in comparison with the same period in 2018. This increase helped produce a 20% increase in sold units, including 3 homes trading over $1 million in list price during the final two months of 2019. The area continues to draw strong interest in the range just below $1 million in list price and is seeing improved conditions over $1 million.
BALLANTYNE & SOUTH CAROLINA Q4 HOMES SOLD & SHOWINGS
LAST 60 DAYS
Listings Ballantyne & South Carolina
3263 MILLSTONE CREEK ROAD
Sold Ballantyne & Â South Carolina
11729 ROYAL CASTLE COURT 11208 LAZIO LANE (REPRESENTING BUYER)
CHARLOTTE MARKET FORECAST Tight Inventory In Some High Demand Areas Will Push Buyers Out Geographically Low-interest rates, surging corporate relocation, and strong performances from financial services and technology continue to drive Charlotte's luxury real estate market. For much of 2019, showing appointment requests, one of the best leading indicators of sell-through, rode along at a pace almost 20% ahead of an already strong 2018. While there was some moderation near the very end of 2019, January has started with similar increases, particularly in Union County, where newer homes and larger lots continued to draw buying activity. SouthPark continued to draw typical high levels of interest, as well as emerging areas such as The Palisades and the upstate border communities of South Carolina. Charlotte's burgeoning young professional employment base continues to be a catalyst in attracting corporate hub type activity, as leading employers scramble to locate themselves near pools of elite talent in a tight job market. As January begins, year-over-year website visits to IvesterJackson.com, our flagship online portfolio of homes, have jumped almost 30% compared to last year's first 21 days, indicative of an active home shopping segment both in our region and beyond. Tax law and mortgage deduction changes have seemed to accelerate what was already a solid flow of migration from higher property tax rate communities in the northeast and west, another dynamic which should continue to positively impact our region.
2019 YEAR IN REVIEW IVESTER JACKSON | CHRISTIES
From launching a commercial division, closing the highest-priced residential listing in Troutman, & hosting a Christie’s conference in Asheville… 2019 was an active year for Ivester Jackson Christie’s International Real Estate.
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