Some Neighborhood Notes from the First Six Months of 2022…
Wood-Williams Realty is thrilled to continue to donate a portion from each closing this year to Project2Heal, an organization that breeds and trains service dogs to help vets and others in need. It’s been a stressful couple of years, and service dogs have never been more important. Thanks to those of you who used our services.
Just a brief look at what is going on in some of your neighborhoods so far this year:*
||Averaging $332.67 per foot
||Average HLA 1,906
If you are looking for knowledgeable agents to help you buy or sell a home. We are here to help! Call us (704)953-8256.
*Data sourced from Charlotte MLS Services
Do I wait or do I buy? As Charlotte grows and buyers try to navigate this crazy market, more and more we are hearing that question asked.
According to Zillow, waiting even a couple of weeks can cost you thousands of dollars. They argue that due to lack of inventory nationally that housing should remain historically hot for many months. That statement is bolstered by national numbers showing units of home sales down in both February and March this year while average days on market has shrunk to 9 days!
But what about Charlotte? Year to date thru March:
New listings -10.2%
Pending Sales -9%
Closed Sales -3%
Days on the market -21.4%
Average Prices +16.4%
% Of original price paid 100.9% (That’s a stat I haven’t seen in 27 years in the business)
The good news in all of this is that we have a very experienced team here to help you navigate this market. Call us today!
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:
- Competition by millennials as first- time buyers thru 2025
- Mixed affordability
- Opportunities created by shifting workplace dynamics
- New demand for indoor and outdoor spaces thanks to COVID
- And homeowner diversity
Stay tuned – Wood Williams Realty has some fun news to bring you later this month!
Punxsutawney 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!
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!
Housing remains bullish. According to the Home Purchase Index, Fannie Mae found that 58% of Americans say it’s a good time to buy a home, and maybe as importantly 65% say it’s a good time to sell one! These sentiments likely have a lot to do with interest rates that, even though they have been bouncing around a bit, are 1% lower year over year and close to historical lows.
Additionally, rents have reached a national average of $1,465/ month in June, up $45 bucks from this time last year. Charlotte comes in at $1,243 up 5% since last year. Throw in rising consumer credit scores, and it really is a good time to call Wood-Williams Realty, LLC.!
A synopsis of data drawn from South State Bank’s Expert Update published 9/20/19
That said, we wanted to share neighborhoods across Charlotte where we are active and provide some single-family activity data from the last 90 days:
||Cost Per Sq Ft
| Myers Park
| Madison Park
| Quail Hollow
| Providence Park
| Sharon Hills
This information was compiled from CMLS on 9/20/2019 at 11 AM. All single-family properties that identified themselves as being in those neighborhoods were used.
This is just a broad look at these neighborhoods. For an expert opinion give us a call. Next month look for a similar survey of condo activity.
Here’s a snapshot of our latest listings. We look forward to hearing from you!
Hold on to your seats, Mecklenburg County’s next big challenge is its recently announced property revaluation. Mandated by NC state law, Mecklenburg County is required to revalue property every 8 years. In 2011 the county’s revaluation collapsed under the weight of lawsuits and property appeals. It’s hoping this one goes more smoothly. Expect to see your new value by early in January 2019. The early word is that Countywide, median residential values will increase 40%, while median commercial values are expected to increase 76%. Ouch! If these are median values, look for bigger increases in intercity neighborhoods and traditional hot spots like Myers Park, Eastover, Foxcroft, and Cotswold. These are values not taxes. Tax rates will not be available until September 2019. County Commissioners could vote to keep values revenue neutral, but I wouldn’t bet on it. My guess is that as a result those owners can expect higher taxes and sub sequentially renter’s higher rents.
Look for notes on activity in Charlotte’s Regional Market in the next couple of weeks. We have a sense that the market has cooled, but will have November’s numbers by mid- month to evaluate.
According to a recent report in Zillow, Charlotte residential real estate prices in September were among the fastest growing metro markets in the US, behind only Seattle, San Jose, and Vegas, at 9%. Zillow argues that these increases are not related to a bubble but due to shrinking inventory, down 12.3%, and that these increases will continue in 2018 but at a more modest 4%. The CoreLogic Case Shiller index also showed big increases in September up 6.2% year to year. Throw in a business friendly Fed Chair who is expected to follow Janet Yellen’s script, Consumer Confidence at a 17 year high, and new tax policy; 2018 is setting up to be another good year in real estate!
January will also mean exciting changes at Scot Williams Realty as we re-market the company to more accurately reflect my partnership with Ann Wood Holladay. Stay tuned!
Look for exciting news at Scot Williams Realty, LLC. Scot Williams and Ann Holladay have partnered, together bringing 50 years of experience to Charlotte’s continuously growing market!
Ann has long been one of Charlotte’s most productive and trusted home resale Brokers. Adding her experience to Scot Williams’ resale, condo, and development experience- WOW what a duo. Together, they expect great things in what looks to be a fantastic 2018 market. This quarter as we finalize name change plans that more accurately reflect our new partnership; expect some re-branding, work on an updated, more mobile friendly website, and quite possibly some new faces!
August/ September 2017 brought a slight cooling to our local real estate markets, typical activity for this time of year, as family focus changed from vacationing to back to school. From key metrics reporting provided by Charlotte Regional Realtor* Association:
Closings were down 3.8% in August and down 3.9% in September year over year, but they are still up 6.1% year over year in 2017. Median sales prices were up 9.2% and inventory was down -17.5%. With inventory down, interest rates and tax policy unchanged, Buyers and Sellers can expect more price acceleration in 2018.
From the Charlotte Regional Realtor* Association:
August 17′ vs August 16′ Sept. 2017 YTD change
New Listings +6.0% +3.3% +4.9%
Pending Sales +15.5% +16.4% +6.8%
Closed Sales -3.8% -3.9% +6.1%
Average Sales Price +1% +6.1% +6.0%
Median sales Price +5% +9.2% +10%
Inventory of Homes -18.6% -17.5%
The Case-Shiller Home Price Index showed similar results nationwide in August. The National Price Index increased 5.8% nationwide, and 6.4% over the previous 12 month period in the Charlotte Census Division.