Ivester Jackson Christie's Lake Norman Luxury Market Report
Q4 2019
Q4 Market Report
contents January 2020
MARKET REPORT Mooresville Rallies to Join The Rest of Lake Norman's Strong Luxury Segment for 2019
COMMUNITY UPDATES Cornelius Davidson Mooresville Denver | West Shore North Shore
FORECAST Lake Norman Off To A Strong Start, Luxury Dollars Chasing New & Remodeled Offerings
2019 YEAR IN REVIEW A Recap of the exciting year we had!
PODCAST & VIDEOS From market forecasts, interviews, and house marketing ideas, join the team at Ivester Jackson I Christie's for latest in Carolinas luxury real estate content.
4th Quarter Luxury Market Report MOORESVILLE LAKE FOR
RALLIES
NORMAN'S
TO
STRONG
JOIN
THE
LUXURY
REST
OF
SEGMENT
2019
  After trailing other popular areas of the lake for much of the year, the Mooresville area showed a strong closing burst in late 2019 as 62 luxury homes closed vs 46 during the closing two months of 2018. Cornelius posted a record year in the million-dollar and ultra-luxury $2 milliondollar-plus segments, including a record 19 transactions closing over $2 million in list price for 2019. Davidson showed strong steady sell-through and an emerging million dollar segment, as did the North Shore and West Shore areas, with Denver showing a nice surge to end 2019. Showing activity around the lake displayed increased activity compared to a very solid 2018, throughout the year, as increases fluctuated in the 10-20% range year over year.
CORNELIUS Cornelius Has Record Luxury Year The luxury market in Cornelius steamed to a solid finish with sold units outpacing 2018 by over 15%. In the ultra-luxury segment, Cornelius saw a record 19 homes close over $2 million in list price, leading the Lake Norman market in that price segment. As the year-end came to a close, showing activity was particularly strong in the million-dollar price segment, and January's first two weeks showed an increase of 15% over last January's starting activity in terms of showing appointments.
LAST 60 DAYS
CORNELIUS Q4 HOMES SOLD & SHOWINGS
Listings Cornelius
18912 PENINSULA POINT DRIVE 17324 WAVECREST COURT 18327 BOWSPRIT POINTE ROAD 20542 HANSELS WAY 20148 WALTER HENDERSON ROAD 21123 TORRENCE CHAPEL ROAD 20142 WALTER HENDERSON ROAD 20148 WALTER HENDERSON ROAD
Sold Cornelius
19519 WEAVERS CIRCLE 17048 JETTON ROAD 16446 PINWHENNY ROAD 19801 BUSTLE ROAD 19207 BETTY STOUGH ROAD 17312 COVE VIEW COURT 16609 AMERICA CUP ROAD 18817 COVESIDE LANE 17209 GREEN DOLPHIN LANE
DAVIDSON Davidson Finishes Solidly The Davidson luxury market finished a strong year in 2019, with sales exceeding 2018 in every price segment. The emerging million dollar market continued to show progress, as showings outpaced December 2018 by almost double in the milliondollar segment, pointing to a strong start to the year.
DAVIDSONÂ Q4 HOMES SOLD & SHOWINGS
LAST 60 DAYS
Listings Davidson
850 CONCORD ROAD 251 KIMBERLY ROAD 719 SPRING STREET 17932 RIVER FORD DRIVE 1530 MATTHEW MCCLURE CIRCLE
Sold Davidson 261 Pat Stough Lane
18009 Davidson Concord Road
MOORESVILLE Mooresville Rallies In The Million Dollar Segment After trailing 2018's sell-through for much of the year, Mooresville rode a strong increase in showings in the 4th quarter of 2019, particularly in the million-dollar segment, where showing appointment requests doubled over 2018's last two months. This points to a strong start to the new year, as relative values in Mooresville compared to some other pricier areas of the lake, lured buyers to the Brawley School corridor and up Perth Road for waterfront values.
LAST 60 DAYS
MOORESVILLE Q4 HOMES SOLD & SHOWINGS
Listings Mooresville
108 TEAKWOOD LANE, 149 CULPEZE ROAD 187 WHITE HORSE DRIVE 195 MAYFAIR ROAD 163 FALMOUTH ROAD 108 STONEWALL BEACH LANE 149 REHOBOTH LANE 109 CONWAY COURT 168 BROAD SOUND PLACE 147 UNION CHAPEL DRIVE
Sold Mooresville
169 SAILVIEW ROAD 111 STONEWALL BEACH LANE 189 GUDGER ROAD 110 WHITEHALL DRIVE (REPRESENTED BUYER) 120 BRIARFIELD DRIVE (REPRESENTED BUYER) 341 BAY HARBOUR ROAD (REPRESENTED BUYER) 293 WOOD DUCK LOOP (REPRESENTED BUYER) 168 MAGNOLIA FARMS LANE (REPRESENTED BUYER)
WEST SHORE West Shore Finishes With a Flourish Luxury homes sales on the west shore of Lake Norman flurried as 2019 ended, with 24 homes closing over $500,000 in list price vs 17 in the same period of 2018. Showing activity was exceptionally strong for the last 60 days of the year, with the million-dollar segment seeing over 3 times the number of showings requested than had occurred as we ended 2018.
LAST 60 DAYS
DENVER | WEST SHORE Â Q4 HOMES SOLD & SHOWINGS
Listings Denver/West Shore
4786 HEATHER LANE 1195 ALMERTON DR #22 | 1106 ALMERTON DR #8 | LOT 12 ALMERTON DR 4000 CHANNEL POINT LANE 8236 BAY POINTE DRIVE 7730 JUNIPER LANE 2381 SHANKLIN LN #4 | LOT 9 SHANKLIN LN 2393 SHANKLIN LN #6 | 2387 SHANKLIN LANE #5 2810 CHERRY LANE 8495 NORMAN ESTATES DRIVE
Sold Denver - West Shore
4168 ASH HOLLOW LANE 7730 JUNIPER LANE 7893 CHAPEL CREEK DRIVE 1486 VALHALLA DRIVE 5363 PEMBREY DRIVE #LOT 50
NORTH SHORE The North Shore Finishes Record Year As development moved north on the lake, amenities and new construction opportunities fueled increase sellthrough on both sides of the lake above highway 150. Sisters Cove is nearing completion, Lakewalk has had a nice sell-thru over the past 24 months and showing activity in the $500,000 to $1 million range increased almost 25% to end the year, pointing to a great start to 2020.
NORTH SHORE Â Q4 HOMES SOLD & SHOWINGS
LAST 60 DAYS
Listings North Shore 3504 SUNNINGDALE LANE
Sold North Shore 135 STILLWATER ROAD
9391 LEGRAND DRIVE
4116 WHIM SHAFT DRIVE
FORECAST: LAKE NORMAN OFF TO A STRONG START, LUXURY DOLLARS CHASING NEW & REMODELED OFFERINGS
Never in the luxury housing market's history, have buyers been more discriminating than over the past 12 months. HGTV, a busy culture that puts a high premium on convenience, as well as the traditional appeal of that "new car feel" continue to power consumer choice in the luxury price segments. The large influx of out of state buying traffic, many relocating for jobs or buying second homes which may not be occupied year-round, also contribute to the demand for turn-key ready to occupy options. This preference is visible in areas around Lake Norman such as Sisters Cove in the northeast quadrant, as well as in pockets of revitalized 20 and 30-year-old homes in areas like Davidson, Cornelius, and Mooresville which have seen updating and improved sell-through. Tight inventories in some lower mid-level luxury segments leave buyers little choice, and the upside of increasing one's return in a remodeled home will continue to draw those willing to take on projects in hopes of being rewarded later. From a macro level, showing requests around Lake Norman have been running 10-15% ahead of prior year totals for the past 12 months and have once again started off ahead of last year's January 2019.
The region has for many years been desirable for inbound migration from other areas, but several new factors have added fuel to the fire. First, tax law changes, particularly the property tax deduction limit, have accelerated interest from high property tax states in the northeast and west, areas that were already sources for our region. Toss in the incredible growth in Charlotte's highly desirable population of young working professionals in places like South End, and you now have major employers scrambling to bring in regional and sometimes national headquarter offices to tap talent in a tight labor market. We believe these factors, in combination with the region's traditional appeals of benign climate, fantastic airport/travel access, and proximity to mountains and coast will drive the first half of 2020 very strongly. On the backside, it is an election year, and historically, as the economy rounds into September, there is a segment of the population who steps to the sideline, particularly in years in which the discourse is particularly angst-inducing, and 2020 appears to be marching toward that type of fall atmosphere.
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. Read Our Blog Here!
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