Ivester Jackson Christie's Charlotte Luxury Market Report
Q4 2020
Q4 Market Report
contents January 2021
OVERALL MARKET REPORT 2020 Ends With Sustained High Activity in Luxury Segment
COMMUNITY UPDATES SouthPark Myers Park & Eastover Lake Wylie & The Palisades Providence, Weddington & Waxhaw Ballantyne & South Carolina
FORECAST New Trends Emerge Following Strict Covid-19 Lockdowns
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4th Quarter Luxury Market Report 2020 Ends With Sustained High Activity in Luxury Segment Covid 19's impact on the region's luxury real estate marketing was interesting as 2020 came to a close. Early lockdowns gave way to new migration patterns in housing purchases in the Charlotte region. Vacation home destinations like Lake Norman and Asheville saw increases in sell-through in the luxury price segments of more than 50%, as did Charlotte's more rural suburbs. This trend exemplified the move toward people spending more time in their homes, working remotely, and getting creative in where they spent downtime with travel restrictions impacting normal discretionary income distribution.
SOUTHPARKÂ The SouthPark area saw solid increases of 20% or higher sell-through in the ranges between $500,000 and $2 million. Inventory levels remained at around 3-4 months absorption in most price segments, with the ultra-luxury range having higher inventory. Similarly, real estate showing appointment patterns surpassed last year's Q4 numbers by over 25% in all three segments, pointing to a strong start to 2021 activity.
LAST 60 DAYS
SOUTHPARK Q4 HOMES SOLD & SHOWINGS
Listings SouthPark
4205 FOX BROOK LANE - $2,495,000 - MORROCROFT ESTATES 7501 MORROCROFT FARMS LANE - $2,300,000 - MORROCROFT ESTATES 4412 SHARON VIEW ROAD - $1,885,000 - UNDER CONTRACT 4548 PROVIDENCE ROAD - TYNECASTLE SOUTHPARK - 4 UNITS REMAINING
Sold SouthPark
9017 TYNECASTLE COMMONS COURT #4 - $770,123 2203 WHITFORD LANE - $350,000 4545 FOX BROOK LANE - $1,350,000 - SOLD REPRESENTING BUYER
MYERS PARK & EASTOVER Flagship neighborhoods like Myers Park and Eastover posted solid fourth quarters. Q4 sold results exceeded last year's numbers in the ultra-luxury range, and otherwise ran flat to last year's results. Inventory remained at roughly 3-4 month levels on average in all segments. Showing requests leading into the new year were up about 20% over last year, pointing to a solid start to 2021.
LAST 60 DAYS
MYERS PARK Q4 HOMES SOLD & SHOWINGS
Listings Myers Park & Eastover
1122 KINGS DRIVE - $1,299,000 - MYERS PARK 2536 VAIL AVENUE #15A & #15B - $1,395,000 - ELIZABETH 2823 PROVIDENCE ROAD #235 - $1,200,000 - COTSWOLD 2823 PROVIDENCE ROAD #342 - $769,000 - COTSWOLD 2240 CROYDON ROAD - $995,000 - MYERS PARK - UNDER CONTRACT
Sold Myers Park & Eastover
2251 VERNON DRIVE - $4,800,000 - SOLD REPRESENTING BUYER 610 HERMITAGE COURT - $1,600,000 1201 SEWICKLEY DRIVE - $450,000 3804 SELWYN FARMS LANE - $339,900 2219 SARAH MARKS AVENUE - $930,000 - SOLD REPRESENTING BUYER 1410 LOMAX AVENUE - $505,500 - SOLD REPRESENTING BUYER
LAKE WYLIE & PALISADES Echoing migration to Union County, the Tega Cay and Palisades area also spiked. Closings in the $500,000 to $1 million range were up 30%. Closings in the luxury range above $1 million more than doubled, from 9 closings to 20 closings as the year ended. Showings were up 20% in the mid-market and 100% in the luxury segments below and above $1 million.
LAST 60 DAYS
LAKE WYLIEÂ & PALISADES Q4 HOMES SOLD & SHOWINGS
PROVIDENCE, WEDDINGTON Â & WAXHAW Remote working powered the migration out to Union County, with closings up 50% in the $500,000 to $1 million range, while more than tripling in the million-plus range. Inventory is approaching acute levels in the $500,000 to $1 million range, with 45 days inventory active. Showings in both luxury segments were on par with Q4 of 2019, pointing to a solid start for 2021 but with slightly less robust activity than the finish to 2020.
LAST 60 DAYS
PROVIDENCE, WEDDINGTONÂ & WAXHAW Q4 HOMES SOLD & SHOWINGS
Listings Providence, Weddington, & Waxhaw
5921 MASTERS COURT - $1,500,000 - CARMEL ESTATES WEST 9002 MASTERS COURT - $1,550,000 - WAXHAW 1111 DELACOURT LANE #207 - $775,000 - BROOKHAVEN - UNDER CONTRACT 2501 TULIP HILL DRIVE - $624,000 - PROVIDENCE PLANTATION
Sold Providence, Weddington, and Waxhaw
8513 LONGVIEW CLUB DRIVE - $1,485,000 8809 MAN OF WAR DRIVE - $1,135,000 12101 SHOAL CREEK COURT - $770,000 224 CHAUCER LANE - $735,000 304 PAINTED TURTLE COURT - $725,000 757 SKYTOP ROAD - $1,275,000 - SOLD REPRESENTING BUYER
BALLANTYNE & SOUTH CAROLINA The Ballantyne and Fort Mill area saw a spike above the $1 million range, with 17 homes selling in Q4 2020 vs 6 in Q4 2019. The range just below $1 million also jumped by almost 40%, reflecting continued strength in this area which was sparked by new construction options. Showing activity echoed the other southern suburbs of Charlotte, up over 20% in the mid-market to as much as 100% in the luxury range.
BALLANTYNE & SOUTH CAROLINA Q4 HOMES SOLD & SHOWINGS
LAST 60 DAYS
Listings Ballantyne & South Carolina
7399 BARRINGTON RIDGE DRIVE #56 - $869,900 - INDIAN LAND 3244 MILLSTONE CREEK ROAD - $800,000 - LANCASTER - UNDER CONTRACT
Sold Ballantyne & South Carolina
11023 VALLEY SPRING DRIVE - $537,500 12116 LANDING PLACE LANE - $480,000 10401 MISTY RIDGE LANE - $362,000
CHARLOTTE MARKET FORECAST The Charlotte region's luxury real estate market saw new trends emerging in 2020 following the emergence from strict Covid-19 lockdowns. More rural and suburban locations south and west of Charlotte emerged, as did the Lake Norman area, with improved road access, remote working patterns, and new construction availability powering new purchases in the previously less active areas. Union County spiked, as did Cabarrus and York Counties, a trend we think will continue well into 2021 as remote working remains the norm for the foreseeable future. Buyers also slowly began to return to urban areas, with Noda, South End, Dilworth, and even Uptown all enjoying solid finishes to 2020.
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