3rd Quarter – Charlotte Luxury Market Report
Charlotte’s luxury market experienced yet another solid quarter in the just ended 3rd quarter. After a sluggish start to the year, traditional areas like Myers Park and Eastover have rallied, posting 51 sales in the third quarter vs 40 last year.
The SouthPark and Union County areas also experienced solid 3rd quarters, particularly in the range above $1 million in list price.
Inventory levels in the range below $1 million and just above that level have dropped in most areas, with many communities experiencing less than 5 months of inventory.
The ultra luxury range above $2 million, has seen improved conditions, albeit there remains over a year’s worth of inventory in Charlotte in that segment (down from 18 months).
The SouthPark-Carmel-Quail corridor experienced solid but mixed result compared to
last year’s 3rd quarter. Leading the way was a large spike in sold homes in the $1m to $2m range as this year’s total of 24 sales doubled last year’s 12 total.
The mid-market segment declined compared to last year, but interestingly is showing an increase in showing activity moving into the 4th quarter. Showing activity above $1 million declined but the ultra luxury segment over $2 million saw an increase in pending sales, with 5 homes in that range now pending to close in the 4th quarter.
Recent Ivester Jackson | Christie’s Sales in SouthPark
New Ivester Jackson | Christie’s Listings in SouthPark
Myers Park & Eastover
Riding the strength of record setting financial markets, Myers Park and Eastover, with their proximity to Charlotte’s financial hub, both experienced strong third quarter sell thru. All three price segments, mid-market, $1 million to 2 million, and the ultra luxury range above $2 million saw increases in sell thru as well as overall showing activity, which projects to a solid finish for 2018.
With 69 homes active and 51 having sold in the recently completed 3rd quarter, inventory levels have declined in all but the ultra luxury price range and infill activity in the lower ranges is leading to new construction offerings in the upper ranges as older smaller homes on nice lots make way for larger new luxury construction.
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 experienced increased activity in the range below $1 million, with 34 homes trading in that price range vs 30 last year during the same 3rd quarter.
Activity above $1 million was lighter, yet similar to last year at this time, with one home selling and another pending as we move to the 4th quarter. Inventory levels in this area are actually healthy, with just 39 homes on the market in the lower price segment, following a quarter in which 34 sold.
Recent Ivester Jackson | Christie’s Sales in Lake Wylie / Palisades
New Ivester Jackson | Christie’s Listings in Lake Wylie / Palisades
Providence, Weddington, Waxhaw
The Providence Road corridor down into Union County continued to percolate, with increased sell thru in all 3 price ranges. Both the mid-market range and segment above $1 million saw solid increases in comparison with last year’s 3rd quarter, and the ultra luxury segment scored with 3 homes currently pending over $2 million in Highgate and Longview (2 of which are Ivester Jackson Christie’s deals).
Showings in all three ranges were about average for this time of year. Inventory levels, which had been higher last year, have dropped to well below 6 months of inventory, more indicative of balanced selling conditions.
Recent Ivester Jackson | Christie’s Sales in Providence, Weddington, Waxhaw
New Ivester Jackson | Christie’s Listings in Providence, Weddington, Waxhaw
Ballantyne / Fort Mill
The Ballantyne and upstate South Carolina area saw solid albeit it mixed results in most of the luxury price points. Highlighting the area, was a jump in sold homes in the $1 million to $2 million range, with 9 homes trading vs just 3 during the same period last year. The mid-market segment below $1 million saw solid activity although a slight decline in comparison with 2017’s 3rd quarter. That range does have 39 homes pending moving into the 4th quarter which projects out to a solid number for the end of the year. The ultra luxury price range was fairly quiet but did end the quarter with two homes pending above $2 million, the first such activity of the year.
Recent Ivester Jackson | Christie’s Sales Ballantyne / Ft. Mill
New Ivester Jackson | Christie’s Listings in Ballantyne | Ft. Mill
Charlotte Market Forecast
While the financial markets and their influence on Charlotte’s luxury market segment have remained strong, recent volatility, rising interest rates, and trade concerns have appeared to have had some very slight dampening effect, at least until the mid-term elections conclude (which always create some uncertainty regardless of which political party gains). Showing activity overall in Charlotte had been exceeding last year’s activity in the luxury ranges most of the year. In recent weeks, while showings remain very solid, they have been more in line with last year’s solid finish to 2017. Last year’s 4th quarter saw an uptick in showings as the year drew to a close, in part due to the mid-market buyers anticipating rising interest rates. This year’s finish looks to be above average, perhaps not as wide open in the mid-market segment as it was to begin 2018, but the range just above $1 million has been very active, and continues to see solid showing activity.