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June 9, 2022

6-9-2022 Charlotte Real Estate Update

The current market is being shaped by a spike in mortgage rates, increased building costs, and extremely low inventory that continues to drive prices higher in the Charlotte Region.  For the 12- month period spanning June 2021 through May 2022, Pending Sales in the Charlotte region were down 3.8 percent overall. The price range with the largest gain in sales was the $300,001 and Above range, where they increased 20.2 percent.

For a deeper look at the housing market and beyond, I highly recomend reading this FORBES article titled:  Will the Housing Market Crash?  I think it does a great job explaining the current situation across the country.

Search all available homes on the MLS in the Charlotte Region at www.CLTREA.com.  If you see anything you would like to see in person, I would be thrilled to help.

Posted in Market Updates
March 10, 2022

3-10-2022 Charlotte Real Estate Update

Below are the updated statistics for Charlotte and the Surrounding Areas through the end of February 2022.  With inventory levels still low Charlotte continues to see an extremely strong Seller's market.


For the 12-month period spanning March 2021 through February 2022, Pending Sales in the Charlotte region were up 2.7 percent overall. The price range with the largest gain in sales was the $300,001 and above range, where they increased 27.9 percent.

The overall Median Sales Price was up 17.5 percent to $335,000. The property type with the largest price gain was the Single-Family segment, where prices increased 18.1 percent to $348,540. The price range that tended to sell the quickest was the $200,001 to $300,000 range at 13 days.

Market-wide, inventory levels were down 45.9 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 42.5 percent. That amounts to 0.5 months supply for Single-Family homes and 0.4 months supply for Condos-Townhomes.

With a shortage of existing homes for sale, many prospective buyers are turning to new construction for their next home purchase. 

If you have any questions, please feel free to contact me at your convenience!

Posted in Market Updates
Jan. 20, 2022

1-20-2022 Charlotte Real Estate Update

The US inflation at its highest level in nearly 40 years.  Economists expect the actions taken by the Federal Reserve to combat inflation will move mortgage interest rates higher through the end of 2022. Although still low by historical standards, an increase in interest rates may reduce buyer demand as affordability becomes a more influential factor in home purchases.  Less demand would likely be healthy for the Real Estate Market as Demand in this Seller's market has been extreme.

A great example of how this rate change will change affordability is available below thanks to https://www.mortgagecalculator.org/:

- A buyer purchasing a home at $300,000 with a 3% interest rate with 20% down and the standard tax/home insurance rates provided would have an estimated Total Monthly Payment of $1,295.18

- At 3.5% the Total Monthly Payment is $1,361.04  ($65.86 increase over 3%)

- At 4.0% the Total Monthly Payment is $1,429.13  ($133.95 increase over 3%)

These increases get more dramatic with higher price point homes.

If you are looking to buy a home in the next 12 months, this may be a great time to take your search to the next level. 

Please let me know how I can be of assitance. I would love to help with your Real Estate Purchase.

Feel free to search for homes in the Charlotte Metro and Surrounding Areas at our Website at www.CLTREA.com

Posted in Market Updates
Sept. 3, 2021

9-3-2021 Charlotte Real Estate Update

The weather isn’t the only thing cooling off a bit in September, the Real Estate market also seems to be getting back to a more normal state in and around Charlotte.  According to the Canopy MLS Statistical Analysis of the Charlotte Region, months inventory remained level at 0.9 months for the second consecutive month and has only wavered between 1 month and .9 months over the past four months.   

The most important number that has continued to increase is the number of homes for sale.  There has been a large increase since March 2021 when listings were down 6.5% from pre-pandemic levels.   As of August 2021 listings were actually up 3.5% versus pre-pandemic levels, and up 10% from March 2021.

A number of other factors have also leveled off.  The surge of buyers viewing each home as stabilized over the last three months at 14.5 per listing.  The number of closed sales per month remains flat over the last three months as well.

New construction single-family options are popping up in the $400,000+ range.  There also are some townhome opportunities in the $300,000+ range that are becoming available.

If you have delayed your home search until the market craziness has calmed down, this may be the correct time to start looking again. Please contact us today as we would love to help with your home search.
 
 
 
With the last days of summer on the horizon, experts are expecting an unusually busy fall market, as sellers continue putting more homes on the market, hoping to take advantage of record-high sales prices and strong buyer demand.

The National Association of REALTORS® reports the median existing home price was up 17.8% year-over-year, and new listings were up 7.3% in July compared to June, defying seasonality trends typically seen in the fall. In the Charlotte region, for the week ending August 21:

• New Listings increased 8.6% to 1,421
• Pending Sales increased 6.6% to 1,294
Search Homes in the Charlotte Metro and Surrounding Areas at CLTREA.com
 
Posted in Market Updates
July 12, 2021

7-12-2021 Charlotte Real Estate Update

Below is your local market weekly update including all data from June 2021 from the Canopy MLS System.  
 
 
 
Summer’s here and buyers continue to flood the market in search of their next home, with rock bottom inventory and record high sales prices reported throughout much of the country. Although closed sales were down nationally, overall demand for housing remains high, in part due to attractively low interest rates, offering buyers some relief and affordability in a fiercely competitive market. For the 12-month period spanning July 2020 through June 2021, Pending Sales in the Charlotte region were up 14.2 percent overall. The price range with the largest gain in sales was the $300,001 and Above range, where they increased 42.4 percent.

The overall Median Sales Price was up 13.2 percent to $300,000. The property type with the largest price gain was the Single-Family segment, where prices increased 13.8 percent to $312,000. The price range that tended to sell the quickest was the $150,001 to $200,000 range at 17 days; the price range that tended to sell the slowest was the $100,000 and Below range at 37 days.

Market-wide, inventory levels were down 51.8 percent. The property type that lost the least inventory was the Condo-Townhome segment, where it decreased 42.4 percent. That amounts to 0.7 months supply for Single-Family homes and 0.8 months supply for Condos-Townhomes.
Search Homes in the Charlotte Metro and Surrounding Areas at CLTREA.com
We are seeing an increase in New Construction availability around the Charlotte Metro Area  
  • Most of the homes are in the $400,000+ range
  • Locations include Steel Creek, Pineville, and West Charlotte
  • Some have availability as soon as October 2021
  • We are being told to expect more new construction options to become available by the end of the summer
Please contact us and we will be happy to discuss your needs and determine if any of the new construction options could possibly work for you as well.
Posted in Market Updates
June 14, 2021

6-14-21 Charlotte Real Estate Update

 
Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows.

Nationwide, inventory remains much lower than it was at the same time last year, and sales prices are surging as a result. While the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time in most market segments.

For the 12-month period spanning June 2020 through May 2021, Pending Sales in the Charlotte region were up 16.8 percent overall. The price range with the largest gain in sales was the $300,001 and Above range, where they increased 45.3 percent. The overall Median Sales Price was up 12.4 percent to $295,000. The property type with the largest price gain was the Single-Family segment, where prices increased 12.9 percent to $306,500.

The price range that tended to sell the quickest was the $150,001 to $200,000 range at 17 days; the price range that tended to sell the slowest was the $100,000 and Below range at 39 days.

Market-wide, inventory levels were down 62.0 percent. The property type that lost the least inventory was the Condo-Townhome segment, where it decreased 52.8 percent. That amounts to 0.6 months supply for Single-Family homes and 0.7 months supply for Condos-Townhomes.
Posted in Market Updates
April 5, 2021

4-5-21 Charlotte Real Estate Update

This week's Charlotte Market Report from My Charlotte Real Estate Agents at Fathom Realty includes a special report for clients looking to purchase a home under $300,000, as well as weekly sales numbers from the Canopy MLS system.
With the Real Estate Market moving so quickly, I wanted to provide some context on what we are seeing especially under $300,000 in the Charlotte Area. This data below is from the CANOPY MLS system and includes all single-family home closings of resale properties in Charlotte, NC in the last 15 days under $300,000.  During that time period, there were 128 homes that officially closed in the MLS.

Of the 128 homes that closed, 102 (80%) went under contract within the first seven days on market.  Of those 102 homes that went under contract, 80 (78.4%) of the homes CLOSED over list price.  The average home closed $11,100 (4.7%) over list.  Additionally, five homes closed at list price, and 17 homes closed under list price.

Of the 128 homes on the market, 21 (16%) additional homes went under contract between eight and 30 days on market.  Of those homes, seven (33%) closed above the list price, four closed at list, and 10 closed under list.  The remaining five homes that sold between 31 and 62 days on market had one close at list, and the remaining four under list price.

What Does This Data Tell Us?

If a home goes under contract the first week on the market, there is an 80% chance it will go over list price.  With the average sale closing 4.7% over listing, buyers need to be prepared to factor that into their offer in order to be competitive.

Even if a home does not go under contract during week one, there is still a 33% chance the home will sell over list price during the first month on the market.

Can I Still Buy a Home?

Absolutely.  By knowing what is happening in the market, you are better prepared for what to expect. There are a number of things a homebuyer can do to strengthen their offer beyond just purchase price to help win in multiple offers.  We would be happy to walk through those scenarios with you at your convenience.
 
In the Charlotte region, for the week ending March 20:
• New Listings decreased 18.6% to 1,197
• Pending Sales increased 26.3% to 1,278
• Inventory decreased 64.1% to 3,100
 
 
Posted in Market Updates
March 19, 2021

3-19-21 Charlotte Real Estate Update

This week's Charlotte Market Report from My Charlotte Real Estate Agents at Fathom Realty includes detail on the following:
  • Charlotte's Monthly Sales Update from February 2021
  • Realtor Magazine's Article on Homes Available in 2021
  • How To Stage A Room in 10 Easy Steps
  • Our Best of Charlotte Series featuring The Best Weekend Getaway From Charlotte
Search Homes in the Charlotte Metro and Surrounding Areas at CLTREA.com
 
 

Report: 50% Fewer Homes for Sale This Year

The attached article from the National Association of Realtors®: Realtors Magazine goes into detail on what to expect in 2021 with new home sales.  It details why inventory is low, and also provides detail on increasing house prices as well as details for cities across the nation.

Link to the FULL ARTICLE
 
 
The Best Weekend Getaway From Charlotte
Michael’s Pick:
Blowing Rock, NC

https://blowingrock.com/
 
Blowing Rock is an extremely charming Blue Ridge Mountain retreat just under two hours from Uptown Charlotte.  Skiing, hiking, and wonderful views are why thousands flock to this town yearly.

When in Blowing Rock, I personally love staying at the Chetola Resort.  It is a 78-acre resort right in the heart of Blowing Rock with great recreation activities, food, and a wonderful spa.

Here is a link to Charlotte Axios article on the "20 Things to See and Do and Eat in Blowing Rock" to help plan your weekend visit!
Frank’s Pick: 
Pinehurst, NC
https://www.visitnc.com/pinehurst-sandhills

Just under two hours away from Charlotte as well, Pinehurst is the North Carolina Golf Capital with over 40 courses in the area.  The most famous of course is Pinehurst #2 but the area is filled with wonderful golf courses. 

The Village of Pinehurst, which is not just about golf, is a treasure to visit for the whole family.  You can sit on the wrap-around porch at the Famous Carolina Hotel, or have dinner in the historic Magnolia Inn in their fantastic Italian Restaurant the Villaggio Ristorante (my personal favorite). 
March 6, 2021

3-6-21 Charlotte Real Estate Update

This week's Charlotte Market Report from My Charlotte Real Estate Agents at Fathom Realty includes detail on the following:
  • Charlotte's Weekly Sales Update from the Week of February 20, 2021
  • FAQ:  Essential Homebuyer Tips
  • Our Best of Charlotte Series featuring The Best Restaurant You May Not Know

For the week ending February 20, 2021:

From the CANOPY MLS:  Freddie Mac reported this week the average 30-year fixed-rate mortgage interest rate rose to 2.81%, its highest point since mid-November, but still far lower than the 3.49% average from the same time last year. Interest rates may rise further in coming weeks, but according to Freddie Mac chief economist Sam Khater, “while there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.”

In the Charlotte region, for the week ending February 20:
 • New Listings decreased 7.6% to 1,040
 • Pending Sales increased 17.2% to 1,188
 • Inventory decreased 59.9% to 3,280

For the month of January:
 • Median Sales Price increased 12.9% to $285,000
 • List to Close decreased 16.0% to 84
 • Percent of Original List Price Received increased 2.9% to 98.9%
 • Months Supply of Homes for Sale decreased 57.9% to 0.8
 
 
The Best Restaurant You May Not Know
Michael’s Pick:
Tacos El Regio

8829 E W.T. Harris Blvd
Charlotte, NC 28227
tacoselregionc.com
 
Authentic and fantastic tacos in Charlotte, NC.  That is the entire pitch. 

Currently the restaurant is not open Monday-Wednesday.  They have dine-in and takeout available, and also are on the GrubHub app.  
Frank’s Pick: 
Cajun Yard Dog 
8036 Providence, Suite 900
Charlotte, NC 28277
http://www.cajunyarddog.net/

Real Louisiana cooking in the Arboretum. 

I love their po'boys and their jambalaya.  Their smothered cabbage side is one of my absolute favorite bites in Charlotte.  The restaurant is small but the flavor is big!  
Feb. 6, 2021

2-6-2021 Charlotte Real Estate Update

This week's Charlotte Market Report from My Charlotte Real Estate Agents at Fathom Realty includes detail on the following:
  • Charlotte's Weekly Sales Update from the Week of January 23, 2021
  • The 12 Top Homes On the Market Right Now With More Than One Acre of Land Under $500,000
  • FAQ:  Am I Ready to Buy A Home?
  • Our Best of Charlotte Series featuring The Best Upscale Dining Experience in Charlotte

For the week ending January 23, 2021:

  • New Listings decreased 15.7% to 914 
  • Pending Sales increased 24.9% to 1,261
  • Inventory decreased 53.3% to 3,914
Charlotte's Current Months Supply of Homes for Sale:  0.9 Months
* This is -55% from the Prior Year
10531 Mount Holly Huntersville Road, Huntersville, NC 28078
List Price:  $499,900                       
MLS#     3651501
Acres:    5.25                      
Distance from Charlotte: 9.8 mi                
View Property: https://www.cltrea.com/property/CAR3651501
 
6512 Mill Grove Road, Indian Trail, NC 28079     
List Price:  $489,900                       
MLS#     3643381                              
Acres:    5.1                        
Distance from Charlotte: 14.7 mi                             
View Property: https://www.cltrea.com/property/CAR3643381
 
1483 Mathis Road, Rock Hill, SC 29732  
List Price:  $419,900                       
MLS#     3639410                              
Acres:    2.1                        
Distance from Charlotte: 24.8 mi                             
View Property: https://www.cltrea.com/property/CAR3639410
 
3315 Clayton Drive, Maiden, NC 28650  
List Price:  $419,000                       
MLS#     3693424                              
Acres:    1.3                        
Distance from Charlotte: 29.9 mi                             
View Property: https://www.cltrea.com/property/CAR3693424
 
114 Teross Lane, Troutman, NC 28166   
List Price:  $380,000                       
MLS#     3681026                              
Acres:    1.34                      
Distance from Charlotte: 29.5 mi                             
View Property: https://www.cltrea.com/property/CAR3681026
 
110 Lawson Lakes Drive, Clover, SC 29710
List Price: $349,900                        
MLS#     3658373                              
Acres:    1                            
Distance from Charlotte: 21.1 mi                             
View Property: https://www.cltrea.com/property/CAR3658373
 
101 Teton Place, Mount Holly, NC 28120
List Price:  $313,500                       
MLS#     3693197                              
Acres:    1.25                      
Distance from Charlotte: 15.2 mi                             
View Property: https://www.cltrea.com/property/CAR3693197
 
880 Dusty Road, Clover, SC 29710
List Price:   $295,000                      
MLS# 3695355                  
Acres:    5.64                      
Distance from Charlotte: 22.2 mi                             
View Property: https://www.cltrea.com/property/CAR3695355
 
20051 Tucker Road, Oakboro, NC 28129
List Price:   $285,000                      
MLS# 3675696                  
Acres:    2.9                        
Distance from Charlotte: 26.9 mi                             
View Property: https://www.cltrea.com/property/CAR3675696
 
107 Sawtooth Lane, Stanley, NC 28164  
List Price:  $279,900                       
MLS# 3678737                  
Acres:    1.26                      
Distance from Charlotte: 15.4 mi                             
View Property: https://www.cltrea.com/property/CAR3678737
 
1222 Crowell Dairy Road, Indian Trail, NC 28079
List Price:  $250,000                       
MLS#     3695107                              
Acres:    1.37                      
Distance from Charlotte: 16.2 mi                             
View Property: https://www.cltrea.com/property/CAR3695107
 
 
 
The Best Upscale
Dining in Charlotte
Michael’s Pick:
The Stanley

1961 East 7th Street
Charlotte, NC  28204
https://thestanleyclt.com/
 
This is by far Michael's favorite restaurant in Charlotte.  James Beard Award Nominee Paul Verica's farm-driven restaurant in Elizabeth is known for its mixture of crafted small plates and special entrees and a killer cocktail bar. 

The atmosphere is warm, the menu changes constantly, and reservations are absolutely a necessity.  
Frank’s Pick: 
5Church Charlotte
127 N Tryon St #8
Charlotte, NC 28202
https://5churchcharlotte.com/

5Church is Chef Jamie Lynch's, of Top Chef fame, flagship restaurant in Uptown Charlotte.  It is the "date night" atmosphere you imagine with it's industrial-chic high ceilings and exposed ductwork. 

The food is a combination of creativity, family-style Southern, and decadence paired with a brilliant wine list that makes 5Church my favorite dining experience in the Queen City.