Ivester Jackson Christie's Luxury Market Report
Q4 2020
Q4 Market Report
contents Jan 2021
MARKET REPORT 2020 Ends With Sustained High Activity in Luxury Segment
COMMUNITY UPDATES Cornelius Davidson Mooresville Denver | West Shore North Shore Concord & Kannapolis
FORECAST Luxury Homes Enjoy a Banner Year
2020 YEAR IN REVIEW Read our latest blog post
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 INTRO: HIGH
2020
ENDS
ACTIVITY
IN
WITH
SUSTAINED
LUXURY
SEGMENT
  The Lake Norman market continued to see active buying in the luxury price segments, with all major areas seeing increases in most pricing segments. The mid-market segment saw closing increases in units between $500,000 and $1 million in price of anywhere from 25% to over 50% in areas like Davidson, Denver, and the Northshore. In the ultra luxury range, Mooresville had a blistering quarter, with 18 Homes closing over $2 million in value vs just 3 last year at the same time.
CORNELIUS Cornelius saw an increase in sell-thru in all 3 price segments with the $1 million to $2 million range up 70%. The area continues to see heavy showing activity, particularly in the luxury ranges over $1 million and very tight inventory, with the inventory of home units in single digits.
LAST 90 DAYS
CORNELIUS Q4 HOMES SOLD & SHOWINGS
Listings Cornelius
19003 Double Eagle Drive - $2,785,000 21123 Torrence Chapel Road - $3,750,000 16741 100 Norman Place - $3,199,000 18704 John Connor Road - $1,475,000 19003 Double Eagle Drive - $2,785,000 19001 Double Eagle Drive - $3,350,000 18701 Lanteen Brook Court - $1,310,000
Sold Cornelius
16700 Tinker Place - $6,600,000 16914 Belle Isle Drive - $5,250,000 15535 Jetton Road - $3,267,000 18101 John Connor Road - $2,850,000 20612 Bethelwood Lane - $2,600,000 18327 Bowsprit Pointe Road - $2,400,000 18823 Peninsula Cove Lane - $1,307,740 17909 Peninsula Club Drive N - $1,200,000 20350 Pinehurst Drive - $1,275,000 16720 Yardarm Lane - $1,175,000 20211 Sloop Court - $935,250
DAVIDSON Davidson saw sales of homes in the $500,000 to $1m range double. The area also saw continued interest in the over $1m range in list price. Davidson has roughly 90 days of inventory at most luxury price segments, experienced a slight seasonal decline in showing activity in the sub-million market, but a spike in the million-plus, with showings tripling.
DAVIDSONÂ Q4 HOMES SOLD & SHOWINGS
LAST 60 DAYS
Listings Davidson
469 Main Street #Lot 1 - $893,200 413 South Street - $795,000 519 Griffith Village Lane #10 -$639,900 15909 Heath Aster Way - $1,275,000 (Under Contract) 15305 Holly Trail Lane - $1,175,000 (Under Contract)
Sold Davidson
14406 Grundys Way - $477,000 18541 Boulder Rock Loop - $450,000 1110 Churchill Road - $477,370 18515 Carnegie Overlook Boulevard $620,000
MOORESVILLE Mooresville saw the area's largest spike in ultra-luxury, selling 18 homes over $2 million. The area saw inventory shrink to under a 90-day supply in the luxury segments. Mooresville did see showing requests in the upper end slow down a bit compared to 2019 Q4.
LAST 60 DAYS
MOORESVILLE Q4 HOMES SOLD & SHOWINGS
Listings Mooresville
000 Williamson Road - $2,200,000 110 Turnberry Lane - $339,000 168 Broad Sound Place - $6,995,000 122 Wellfleet Lane - $1,100,000 (Under Contract)
Sold Mooresville
202 Brownstone Drive - $3,150,000 120 Brownstone Drive - $2,130,000 187 White Horse Drive - $2,360,000 389 Stumpy Creek Road - $2,150,000 543 Isle Of Pines Road - $845,800 111 Marbury Court - $1,650,000 118 Creeky Hollow Drive - $1,700,000 235 Milford Circle - $2,099,999
WEST SHORE The West Shore area saw sell-thru below $1 million in list price double while sales of homes over $ 1 million more than tripled. Showings remained solid but slowed down a bit in the upper end in Q4
LAST 60 DAYS
DENVER | WEST SHORE Â Q4 HOMES SOLD & SHOWINGS
Listings Denver/West Shore
8343 Norman Estates Drive - $3,190,000 2810 Cherry Lane - $2,995,000 187 Ivey Hollow Court #187 - $85,000 7246 James Court - $950,000 (Under Contract) 1212 Eaglecrest Drive - $1,075,000 (Under Contract)
Sold Denver/ West Shore
5008 Webbs Chapel Church Road $1,096,000 4050 Halyard Drive - $532,000 4580 Osprey Run Court - $860,000 8236 Bay Pointe Drive - $2,920,000 470 Bowline Drive #740 - $712,407
NORTH SHORE The North Shore communities saw a 50% increase in closings below $ 1 million in price. The range above $1 million more than doubled, with just 9 units closing in Q4 2019 compared to 23 closed in Q4 2020. Showings remained up in the sub-million market, cooling a bit over $1 million.
NORTH SHORE Â Q4 HOMES SOLD & SHOWINGS
LAST 60 DAYS
Listings & Sold North Shore For Sale 180 Eagle Chase Lane - $2,900,000
Sold 4587 Welborn Drive - $1,200,000 3667 Melica Drive #11 - $645,000 176 Maple View Drive - $1,425,000
CONCORD & KANNAPOLIS Concord & Kannapolis had a breakout quarter in closed homes between $500k and $1 million. The area also saw 7 closings over $1 million, vs zero in Q4 last yearShowings have continued to rise as this area still has some inventory to view.
CONCORD & KANNAPOLIS Â Q4 HOMES SOLD & SHOWINGS
LAST 60 DAYS
LAKE NORMAN MARKET FORECAST As the year ended, the trend continued relative to luxury homes enjoying a banner year. Some areas and price segments ended in acute inventory shortage positions such as areas like Cornelius and the west side just below $ 1 million in list price. Two areas that stood out, were the ultra-luxury range in Mooresville, which saw 18 sales over 2 million in list price, and Cabarrus County's Concord and Kannapolis area, where sell thru in the $500,000 to 1 million range saw a three-fold spike in closings while seven homes over $1 million in price closed vs zero the year before in the same period. Inventory shortages in other areas, as well as the trend towards larger lots and homes due to remote working, have led this trend into more rural areas surrounding Charlotte, a trend we believe will continue into 2021. Second-home purchases have also been extremely popular, with low-interest rates and limited travel options fueling a boom in vacation home purchases. We believe this trend may abate somewhat later in the year as the luxury consumer gets back to more normal patterns of discretionary income use, yet the region's popularity as a remote working destination should help to offset some of this tempering due to the rekindling of international travel.
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