First Quarter Charlotte Luxury Property Report
Welcome to our first Charlotte luxury real estate report for 2018. The area saw heavy activity in some emerging areas, with the communities in the SouthPark and Carmel Road corridors surging, as well as luxury price segments in the Lake Wylie / Palisades area.
Myers Park and Eastover saw lower sell thru than the first quarter of 2017 but ended this quarter with a burst of pending contracts in the $1 million plus range, a positive sign for the second quarter. Showing activity in the luxury ranges across Charlotte remained active, albeit slightly lower in some ranges ($1 million to $2 million), while the ultra-luxury segment above $2 million saw improved action all the way up to the $3.5 million range. The top of the market remained a much more finite audience above the $4 million plus range.
SouthPark Area Matches Q1 2017, Million Plus Market Surges
The SouthPark area, which stretches from Foxcroft and Barclay Downs southward down Carmel, Park, and Colony Roads to the Quail Hollow area, saw a solid start to 2018, with 48 homes closing in the $500k to 999 range, while 12 closed over $1 million (including a Charlotte high bar sale at 5.3 million in Seven Eagles). With showings in both ranges running at or above 2017 levels for the first quarter, buyers in the million-plus price range got serious and put 31 homes under contract, including an impressive 13 over $2 million, one of the strongest performances in any luxury price segment in the entire regional MLS. Foxcroft, Old Foxcroft, Pellyn Wood, and the Carmel CC area all saw action at the high end of the market.
Recent Ivester Jackson | Christie’s Sales in SouthPark
New Ivester Jackson | Christie’s Listings in SouthPark
Myers Park & Eastover
First Quarter in Myers Park and Eastover Trails 2017 But Rallies in March
The first quarter sold activity in Myers Park and Eastover trailed last year’s sold results by a significant margin of over 50%, which by itself might indicate a serious slow down.
However, showing activity in the area had been running at last year’s levels, and it appears that as March comes to a close, pending activity, particularly in the million dollar plus category trended upward significantly with 25 homes pending to close in that price range, including 2 above $3 million in value.
The sub-one million range continues to lag early 2017 and will warrant watching in quarter 2.
Recent Ivester Jackson | Christie’s Sales in Myers Park / Eastover / Cotswold
New Ivester Jackson | Christie’s Listings in Myers Park / Eastover
Lake Wylie / Palisades
The Lake Wylie / Palisades area saw a surge in luxury home sales in the 1st quarter of 2018, with closings in the sub-million dollar range jumping from 23 sales to 37 sales, and a whopping 61 homes now pending in the 500-999k price range.
The million dollar range also saw a resurgence, with 9 closings vs just 1 in the first quarter last year, and 5 additional homes pending.
Recent Ivester Jackson | Christie’s Sales in Lake Wylie / Palisades
New Ivester Jackson | Christie’s Listings in Lake Wylie / Palisades
Providence, Weddington & Waxhaw
Luxury home sales in the South Providence/Union County corridor showed steady progress thus far this year with the sub-million dollar category showing an 8% increase from 84 to 91 units sold.
The million dollar range saw an increase from 11 units to 13, an increase of 18%. The pending home index in both categories has jumped heading into spring, with 113 homes pending.
Recent Ivester Jackson | Christie’s Sales in Providence, Weddington, Waxhaw
New Ivester Jackson | Christie’s Listings in Providence, Weddington, Waxhaw
Ballantyne / Ft. Mill
The Ballantyne / Ft. Mill area saw a solid increase in the sub-million dollar luxury market, with 44 units closing compared to last year’s 1st quarter total of 38, a 15% increase. This range also saw a large jump in pending contracts as the quarter ends.
The million dollar plus segment saw a small decline from 5 units to 3 units sold but rebounded with 5 homes pending as the quarter ends.
Recent Ivester Jackson | Christie’s Sales Ballantyne / Ft. Mill
Charlotte Market Forecast
As discussed above, while some communities stumbled out of the gate in early 2018, March has seen surges in luxury activity in most of the region’s key communities. Initially sluggish Myers Park and Eastover communities now boast 25 contracts over $1 million in value as they begin to replicate the hot start seen in the SouthPark, Providence/Union County, and Lake Wylie/Palisades areas.
Pending contracts have begun to equal or surpass last year’s comparable period, particularly in the luxury price ranges over $2 million, which now looks on pace to have one of its best years in history. While only 8 closings occurred in the first quarter over $2 million this year versus 5 last year, there are now a whopping 21 pending, which puts the first half of the year on pace to close 30 homes in that range. By comparison, there were only 32 sold all year last year in Charlotte. Given there had been over 2 years of inventory on the market at year end 2017, this sell-through is a welcomed assistance in returning the ultra-luxury market to a more balanced buyer/seller conditions.
While the prospect of rising rates and changes in favorable tax treatment of mortgage interest and property taxes might be slowing the dynamic growth below $1 million ever so slightly, the coming impact of corporate earnings flow through upon bonuses and stock prices may be more than enough to offset any drag on luxury housing in the short term, as is evidenced in the ultra-luxury range.
Ivester Jackson Named “Christie’s International Affliate of the Year.”
Last month, in Buenos Aires, Argentina, Christie’s International Real Estate convened it’s prestigious annual owner’s conference, comprised of leaders from Christie’s flagship luxury network of 145 of the world’s leading real estate brokerages.
The conference annually recognizes the pinnacle in marketing for it’s network by awarding an Overall International Affiliate of The Year.
Ivester Jackson Distinctive Properties was honored as Christie’s “Best of the Best” Overall International Affiliate of The Year for excellence in innovation, marketing, and growth. “Since joining Christie’s 4 years ago, Ivester Jackson
has grown by more than 200%, the company is now the top seller of homes valued at over $2 million in the Charlotte region” said Christie’s CEO, Dan Conn. “It excelled in every category.”