First Quarter Lake Norman Luxury Property Report
The Lake Norman area luxury market got off to a solid start for 2018 although, in several communities, the range below $1 million took until March to crank into high gear. Most areas lagged last year’s first quarter in that range but have also seen a large surge in pending contracts in recent weeks, which portends a very good second quarter. In the luxury range over $1 million, Cornelius saw a strong start to the year, particularly in the $1 million to $1.99 million range.
Cornelius also currently has 7 homes pending above $2 million. Mooresville has seen an upswing in the million-plus market in pending contracts heading into April, as has the West Shore area.
Cornelius Reports Mixed First Quarter
Despite active showing trends, luxury price segments in Cornelius produced mixed first-quarter results. The range under $1 million saw a slight downturn from last year’s first quarter, yet enjoyed a huge burst of pending contracts (33) as we move into the 2nd quarter.
The luxury range over $1 million saw a solid uptick from last year, with 10 houses closing vs 6 previously, and a jump in pendings with 13, including a very strong 7 homes pending over $2 million. The first quarter also saw the first resale over $4 million in Cornelius in several years, an Ivester Jackson listing on Connor Quay. The Peninsula currently reports 27 active homes for sale.
Recent Ivester Jackson | Christie’s Sales in Cornelius
New Ivester Jackson | Christie’s Listings in Cornelius
Davidson’s luxury market tends to follow the more traditional spring upturn pattern, and this year appears to be no exception. While sales in the sub-million dollar range dropped slightly in Q1 vs last year’s totals (15 vs 17), pending contracts surged to 24 heading into April.
The million dollar plus market declined slightly with 3 closings vs 4 last year in the same period, while currently 2 homes are pending in Davidson over 1 million, including this year’s high water mark, a 1.55 million dollar Ivester Jackson listing in Westmoreland Farm. River Run currently reports 20 homes for sale.
Recent Ivester Jackson | Christie’s Sales in Davidson
New Ivester Jackson | Christie’s Listings in Davidson
Mooresville’s luxury segment started slowly but, like its adjacent communities, has now picked up steam. The sub-million dollar range saw a visible downturn in closings from 2017 (36 vs 46 sold), yet also saw 52 homes in that range go pending.
The million dollar plus segment roughly matched last year’s first quarter, with 13 homes trading vs 14 last year, and 19 homes currently pending over $1 million. The first quarter’s high bar closing was a 3 million dollar Ivester Jackson listing at Mariner Pointe. The Point has also seen inventory come down to 45 homes active, which should point to more balanced conditions for buyers and sellers with 11 homes now pending.
Recent Ivester Jackson | Christie’s Sales in Mooresville
New Ivester Jackson | Christie’s Listings Mooresville
The West Shore
The West Shore communities of Denver, Terrell, and Sherrills Ford saw a solid start to
2018. First quarter sales in the sub-million dollar range nearly matched last year’s first quarter with 20 deals closing vs 22 last year, and 24 more pending as we head into April. The million dollar plus range saw similar action to last year, with 3 homes trading in both this year and last year’s first quarter. There are currently 5 homes pending on the West Shore listed at over $1 million.
Recent Ivester Jackson | Christie’s Sales in The West Shore
New Ivester Jackson | Christie’s Listings in The West Shore
Ivester Jackson Named “Christie’s International Affliate of the Year.”
Last month, in Buenos Aires, Argentina, Christie’s International Real Estateconvened 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 its 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.”
Lake Norman Market Forecast
Overall, Lake Norman’s luxury market looks as though it will slightly outperform 2017’s very solid performance. Heading into April, most price ranges are either in line with 2017’s totals, or trending ahead. Looking forward, overall showings in the luxury price ranges are running 3% ahead of last year through the first quarter which provides an indication that second quarter closings should meet or exceed last year’s same period. In particular, the ultra-luxury range above $2 million appears to be headed for one of its better years, as lower inventories and showing activity currently running 8% ahead of last year’s first quarter pointing to very solid activity in the $2 million range.
Last year, the Lake saw 30 resales above $2 million, this year, with 17 either sold or currently under contract, the area seems headed for a total beyond 30 transactions, which should further bring inventory in that range down into a more balanced buyer/seller market, after several years of high inventory levels.