Category: Real Estate Market

November 2024 – Housing Update

Posted on by Christie Garella

The housing market is seeing an uptick in new listings across the nation, particularly in the South and the Charlotte MSA. Nationally, new listings have increased by 4.9% compared to this time last year. In the South, inventory has grown by 2.9%, and the Charlotte area has experienced a notable 5.4% rise in new listings compared to October 2023.

However, prices remain on the rise. Through October, total new listings in the Charlotte MSA climbed by 12.6% in 2024, while the average sales price also increased by 7.2%, reaching $513,694.

The silver lining for buyers lies in the year-over-year comparison. October 2024 saw a 5.4% increase in new listings and an impressive 34.6% boost in the total inventory of homes for sale compared to October 2023. While prices are higher, the expanded inventory offers buyers more options.

Here’s hoping for lower interest rates to reinvigorate the market for everyone!

Local Neighborhood sales information from the last 60 days (as of 11/11/2024)

 

Neighborhood Available Listings Homes Under Contract (U/C) Homes Closed Price per/Ft
Myers Park 12 9 23 $489.86
Eastover 8 2 6 $557.94
Foxcroft 5 2 3 $680.71
Cotswold 17 7 20 $504.29
Midwood 8 8 19 $443.98
Madison Park 6 5 10 $376.87
Randolph Park 0 1 3 $376.38
Barclay Downs 3 4 1 $550.37

 

*Available listings include those shown as coming soon

*Homes u/c include those still available for showings

*Price per foot only includes closed properties

Why to use a realtor – more than 50 reasons, and counting…

Posted on by Christie Garella

Realtors are a critical resource when it comes to buying and selling a home. Not only do they have in-depth knowledge of the real estate market – from current trends to neighborhood characteristics to appropriate pricing – but they also provide incredible guidance and insight throughout the process, which (let’s be honest) can be daunting. There are so many reasons for a buyer or seller to use the services and the expertise of an agent and firm. Here are just a “few” things our agents provide…

  1. An understanding and overview of current market conditions and direction
  2. Explanation of transactional and agency relationships
  3. Federal and State laws and Realtor Code of Ethics
  4. Confidentiality
  5. Preparation of legal documents
  6. Assurance that material facts become known
  7. Understanding of market pricing, market trends, and MLS services
  8. Information as to popular features in a home
  9. Understanding of zoning and building restrictions and how they might affect value- sellability
  10. Help protecting against risks of wire fraud
  11. Help reviewing closing documents for tax, HOA, utility, and other appropriate prorations
  12. Help assuring that all prepays are included and verified
  13. Confirmation of title insurance
  14. And a communication advocate throughout the process.

A Buyers Agent:

  1. Helps make and confirm appointments
  2. Is available to answer and advise Buyer
  3. Can check credentials and accomplishments of the Selling agent and firm
  4. Can help plot communication during the sale
  5. Can learn Buyers non-negotiable needs
  6. Help direct a Buyer to quality lender resources and analyzing loan estimates
  7. Partner with buyer matching suitable with available properties
  8. Help explain property disclosures and available resources about neighborhoods and schools
  9. Help explaining closing costs and costs of home ownership
  10. Help coordinating between the Buyer and lender
  11. Help with market research as to prospective house to view and schedule showings
  12. Network with other agents to help find homes being considered for sale
  13. Assist in negotiating strategies the best price
  14. Explaining contingencies, inspections, appraisal, and financing
  15. Help navigating multiple offers and ways to turn that into a successful offer
  16. Organize inspections- plumbing, electrical, HVAC, radon, mold, termite, and appraisals
  17. Negotiate repairs and explain Sellers responsibilities as well as assisting finding contractors and assuring their payment
  18. Follow loan processing and coordinate clear-to-close with lender, Seller, and attorney helping meet contract deadlines including due diligence periods, earnest money deposits and managing/ protecting escrow account funds
  19. Schedule walkthroughs
  20. Mediate any conflicts that arise in the process

Listing Agents:

  1. Research comps and advise on Best pricing and pricing strategies
  2. Research and verify all subdivision, deed, land use, zoning restrictions that might affect a properties value
  3. Verify legal ownership
  4. Recommend changes to improve curb appeal
  5. Recommend changes to interior decor to improve saleability
  6. Advise Seller on market conditions and projections
  7. Discuss goals, benefits of different types of marketing that an agency can offer
  8. Reconfirm square footage and lot size, liens and easements
  9. Verify HOA fees and restrictions
  10. Verify utility providers, termite bonds, ownership of natural gas tanks etc.
  11. Lead paint disclosures
  12. Detail amenities
  13. List repairs and updates
  14. Arrange to have property photographed and proper signage installed
  15. Enter into MLS and company website, adding pertinent documents
  16. Prepare brochures and marketing fliers
  17. Plan a way for the home to be shown- lockbox, coordinate with Seller etc.
  18. Receive, present, and advise on offers
  19. Negotiate with Buyers Agent or Buyer and advise on repairs
  20. Assist providing Seller info as needed to the closing attorney.

We could go on! Clearly our agents have value.

Charlotte Region Quick Facts

Posted on by Christie Garella

Our homes are our sanctuary. They are providing security and a basis for community; and happily, they have proven to be a VERY good investment in the Charlotte Region:

Year           Average Sales Price       Change in Average Sales Price

2015          $238,444

2016          $254,417                     6.7%

2017          $269,655                     6.0%

2018          $286,699                    6.3%

2019          $303,722                    5.9%

2020          $336,098                    11%

2021          $387,465                    15.3%

2022         $445,197                     14.9%

2023         $461,014                     3.6%

(Quick facts provided by Canopy MLS)

Wood-Williams arguably provides a level of experience unmatched in Charlotte. Charlotte is a proven market, and we have the experience to help you find the Right home and or help selling your existing home. Call us!

Ann Holladay         (704) 617-7678

Scot Williams        (704) 953-8256

Renee Cerwin        (704) 502-5307

Robbie Horn          (704) 905-0967

Morgan Rooney     (704) 560-0450

January 2022 – Market Update

Posted on by Christie Garella

So here we are in 2022 after another crazy year of tight inventory and escalating prices. According to a Charlotte Business Journal article and the Case-Shiller index, annual home-price gains in the Charlotte metro were up over 20% in October. They have been up 20%+ for the fourth month in a row! Charlotte’s results ranked 8Th amongst 20 metro areas in this analysis, so things are crazy everywhere. According to Redfin, home prices reached an all-time high of $361,171 at the end of the year while the number of homes sold fell to a record low thanks to a continuing lack of inventory.

What do these numbers suggest for 2022? Well, it is clear that the housing markets are driven to some degree by location preferences thanks to a willingness of businesses to allow their employees to work remotely during the COVID pandemic. But how permanent will those changes be? I think it may be revealed this year.

Regardless, the Realtor.com forecast for the Charlotte market in 2022 calls for an increase in median home prices of 5.6% and an increase in sales of 9.9% with an eye to the following trends:

  1. Competition by millennials as first- time buyers thru 2025
  2. Mixed affordability
  3. Opportunities created by shifting workplace dynamics
  4. New demand for indoor and outdoor spaces thanks to COVID
  5. And homeowner diversity

Stay tuned – Wood Williams Realty has some fun news to bring you later this month!

Welcome Home

Posted on by Christie Garella

I heard a great story today that defines the Charlotte that I grew up loving:

We were all stunned to hear the news of Prices Chicken Coop closing. A Charlotte fixture that found after 60 years that they could no longer staff their kitchen nor depend on their suppliers. Lines formed immediately as folks clamored for on last serving.

A caller on a local radio program explained that he had driven by Friday June 18th, but found the lines longer than he had time to give. He decided to come back Saturday at 9 AM knowing that Price’s opened at 10. Unfortunately, it was not a unique idea and he was forced to park several blocks away and get in line. The line was full of young, old, Black and White; many had chairs and all were willing to brave the heat for one last meal. Well 6 hours later the caller finally got inside only to hear that Prices had just run out of food and the business was coming to an end. There was no grumbling, no fighting; instead, the announcement was greeted with applause and well wishes.

To our new friends from other cities, this is the Charlotte that we have grown to love. We hope you’ll will find it here also!

Welcome Home

Charlotte Real Estate Update – Spring 2021

Posted on by Christie Garella

The weather is great, the trees are in bloom, and Charlotte’s real estate market is rocking!

WOW it’s still crazy out there. Decembers all time low mortgage rates have amplified buying particularly by Millennials and second home buyers nationally accelerating prices and depleting inventories.

Nationally January’s prices were up 11.2% continuing an 8 month broadly based trend all the while February saw the largest plunge in inventories nationally on record (29.5% according to Lawrence Yun NAR chief economist).

Locally the trends are no different! Market-wide inventory levels are down 64.2% amounting to a .6 months’ supply for single family homes and a .8 months’ supply for condos. Even with very limited inventory pending sales (total units) were up in February year over year 8.5% for single family homes and 11.7% for condos. You know what that means. Multiple offer situations and % of list prices market wide at 98.3% on single family homes and 98.8 percent for condos.

Charlotte Business Journal recently shared a list compiled by Niche (a web company focused on connecting colleges and schools with students and families) of the best neighborhoods in each state and where they rank nationally. Twenty Charlotte-area neighborhoods made the top 25 in the state:

  1. Ballantyne East (state rank 3, nationally 162)
  • A+ public schools, good for families, and health and fitness
  • C+ Cost of living
  1. Dilworth (state rank 4, nationally 185)
  • A+ good for families, nightlife, health and fitness
  • C Cost of living
  1. Fourth Ward (state rank 5, nationally 207)
  • A+ Nightlife
  • C+ Public schools
  1. Uptown (state rank 6, nationally 305)
  • A+ Nightlife, health and fitness, and commute
  • C Cost of living
  1. Davidson (state rank 7, nationally 313)
  • A+ Good for families, jobs
  • B- Cost of living
  1. Ballantyne West (state rank 9, nationally 343)
  • A+ good for families and health and fitness
  • B- Cost of living
  1. Providence Crossing (state rank 11, national 421)
  • A+ Public schools and good for families
  • C+ Cost of living
  1. Sharon Woods (state rank 12, nationally 422)
  • A+ Good for families and health and fitness
  • C+ Cost of living
  1. First Ward (state rank 13, nationally 450)
  • A+ Nightlife, health and fitness, and commute
  • C cost of living
  1. Commonwealth (state rank 14, nationally 501)
  • A+ Good for families and nightlife
  • B- Cost of , diversity and commute
  1. Cherry (state rank 15, nationally 519)
  • A+ Nightlife and health and fitness
  • C cost of living
  1. Freedom Park (state rank 17, nationally 622)
  • A+ good for families, nightlife, and health and fitness
  • C cost of living
  1. Ashbrook (state rank 18, national rank 628)
  • A+ good for families, nightlife, and health and fitness
  • C+ cost of living
  1. Piper Glen Estates (state rank 19, national rank 637)
  • A+ good for families and health and fitness
  • C+ Cost of living
  1. Hempstead (state rank 20, national rank 663)
  • A+ good for families and health and fitness
  • B- cost of living and commute
  1. Chantilly ( state 21, nationally 688)
  • A+ good for families and nightlife
  • C+ cost of living
  1. Colonial Village (state 22, national 694)
  • A+ good for families and nightlife
  • B cost of living and commute
  1. Third Ward (state rank 23, national rank 699)
  • A+ nightlife and commute
  • C+ schools
  1. Providence Plantation (state 24, national rank 727)
  • A+ good for families and health and fitness
  • C cost of living
  1. Provincetowne (state rank 25, national rank 769)
  • A+ public schools and good for families
  • C+ cost of living

A fun list. Maybe your neighborhood made it or maybe your next neighborhood will! Obviously, people are buying and selling; and We would love to hear from you.

Numbers compiled from Canopy Realtor Association Charlotte region overview and from the Charlotte Business Journal “The Charlotte area’s best places to live, according to Niche.

Year End 2020 Update

Posted on by Christie Garella

It’s been a crazy year that’s thankfully coming to a close. As I so apply heard a five-year-old put it, ”I’m sick of groceries!”

As we tiptoe into 2021, where do we expect the Charlotte housing market to go?

One by one, real estate economists are coming out with startling predictions, all forecasting growth:

  • The National Board of Realtors Chief Economist is predicting new home sales to jump 21% in 2021 along with a 9% jump in existing homes nationally.
  • Zillow is predicting annual home sales growth to be the highest in almost 40 years, forecasting 21% annual growth to almost 6.9 million homes sold (the largest since 1983). They believe that as the market begins to find certainty, economic recovery will pull people off the sidelines and send 18 to 25 years old out of their parent’s homes and back to amenity-rich cities. They also argue that this surge will drive prices up more than 10%.
  • Realtor.com’s Chief Economist predicts a 13.8% increase in sales in the Charlotte metro area, trailing only Sacramento, CA and Harrisburg, PA. They expect mortgage rates to rise, going from sub 3% lows to around 3.4% at years end. The new work from home environment fueled by COVID-19 should moderate, thanks to impending vaccines, but is expected to become a permanent part of our future work force. Charlotte is positioned to benefit from the “new” reality, drawing home buyers from the larger metro areas on the East Coast like New York City, Boston, and even Washington, DC.

Our team had a great real estate year as we helped people buy and sell across the city. We also added another experienced realtor to the team this fall! Robbie Horne joined the group and we are thrilled to have her.

Wherever we end up in the new year ahead, Wood-Williams Realty can help. We live and breathe the Charlotte market, have some great listings coming up, and have clients searching for just the right home. So if you are thinking of selling your home or looking to buy one, please give us a call.

Cheers and Happy New Year!

The Early Spring Market is Hot!

Posted on by Christie Garella

Image result for myers park charlottePunxsutawney Phil called for an early spring and the Charlotte housing market was already one step ahead of him. The market is moving and doesn’t show signs of slowing down. Dr. Lawrence Yum, Chief Economist at The National Association of Realtors, recently visited the Queen City and agrees, “You are in a very good Market”! 

Charlotte is one of 10 markets in the country that will outperform the national average for home appreciation in the next five years. And, according to Yum, Charlotte has seen twice the job growth than the national average over the past 20 years.  Not only that, but weekly wage growth has grown by 33% in the last dozen years. That’s a recipe for a strong market! Yum also expects optimism in the stock market thanks to the recent Canada-Mexico Trade agreement and fading discussion about a 2020 recession.

Charlotte’s home market is not without its challenges. In December inventory dropped to 1.7 months, historically low (three months is considered a healthy market), and Millennials continue to put off home ownership as they tackle college debt and postpone marriage. ………And then there are those ugly unresolved national issues including divided government, deficit spending, and affordable housing hanging over housing.

But all problems aside, Dr. Yum expects us to see the return of the Millennials and for Charlotte to outperform the national averages by 5%. He is forecasting improvement in real estate four out of the next five years. Exciting times and welcome news for home Sellers! And, the perfect time to give us a call.  Let’s find a new home this spring!

January 2020 Market Updates

Posted on by Christie Garella

2020 has started with a bang! According to The Charlotte Realtor Association home sales in December surged 17.2% year over year. It looks like the spring market has started early.

For the year, 50,854 properties sold in the Charlotte Region (12 counties in NC and 4 in South Carolina), up 5.9% in 2019. Additionally, pending sales increased 8.9%, implying continued momentum.

  • List price to sales price finished 2019 at 96.7%.
  • The average price of a home increased 5.9% to $303,722, while median sales price, rose 7.1% to $255,000.
  • List to close was unchanged at 93 days, while days on market averaged 43 days in 2019.

The weather is unseasonably warm. The market is hot. It’s a great time to call us!

November 2019 Market Updates

Posted on by Christie Garella

This week the Fed reduced benchmark rates for the third time this year, leaving “market” rates in the neighborhood of 3.6%; approximately 1% lower than this time last year. In Charlotte inventory is down, pending sales are up, and new listings continue to decrease. Obviously, these factors are pushing up pricing (median home prices are $253,080 up 9.3% year over year), shortening time property is on the market (91 days list to close), and lowering months supply to 2.2 months. Clearly the Charlotte metro market remains strong.

Interestingly TransUnion predicted this week that the US Market is on the verge of a surge in First Time Buyers! They are predicting that the 2020 to 2023 period will find a huge increase in buyers, climbing from the last full three-year period 2016,2017,2018 of 7.6 million first time buyers to between 8.3 and 9.2 million in the 2020,2021, 2022 period. They argue that driven by:

  • Low unemployment      3.5%
  • Wage growth
  • Expected slowing home price appreciation
  • Low interest rates         3.6% (Freddie Mac)

that first-time buyers will be entering in waves. Where have they been? Analysis say that 40% have delayed their first purchase looking for a steady job, that 35% are blaming high home prices and a lack of homes priced under $200,000 for the delay, and a good percentage are trying to unload education debt. Regardless of the reason, their entry will be welcome and will open opportunities for move up buyers in all price categories.

Maybe its time to make a move!

Sourced from Weekly Market Activity Report 11/2/2019 Canopy/CMLS, and TransUnion report.