Hot Properties

Housing market keeps sizzling, mirroring national trend

1200 Old Salisbury Concord Road in Concord sold for $750,000

New data from S&P Dow Jones show that the upward climb in housing prices is continuing unabated in most markets, including Charlotte, where prices are up 6.2 percent year over year.

S&P’s Case-Shiller Indices, the leading measure of U.S. home prices, show Seattle led the way with a 12.9 percent year-over-year price increase. Charlotte came in at a more sustainable 6.2 percent increase between September of last year and September of this year.

Apparently the 12.9 percent increase isn’t sustainable in Seattle. Prices there between August and September of this year fell .3 percent, according to Case-Shiller.

In Charlotte, where prices rose 6.2 percent year over year, they also rose between August and September—a more reasonable .3 percent gain.

It’s been a remarkable year for real estate in Lake Norman and Cabarrus with strong appreciation.

17031 Belle Isle Drive in Cornelius sold for $2.4 million

Combined home sales in all price ranges of the Lake Norman market are up 13.9 percent year-to-date as of the end of October, according to Abigail Jennings, CEO of Cornelius-based Lake Norman Realty. She says not to worry about a real estate bubble despite double-digit growth.

“Although prices are steadily appreciating, our median sales price in the Lake Norman market has not exceeded the peak median price of July 2008 of $380,000,” she says.

As of the end of October this year, the median sales price for the Lake Norman market was only $365,000.

“Our market appreciation is due in part to the lack of inventory in the under $400,000 market, which has brought back the return of multiple offers and sales exceeding listing price,” the real estate veteran says.

In the upper brackets, there is still more than six months of inventory, with considerably more above $1 million and even more above $1.5 million.

“This puts us in a buyers market in the above $450,000 range,” Jennings says.

In spite of a considerably larger supply in the executive and luxury markets, those houses that are priced well, updated and staged are going to move faster.

“We are anticipating our local real estate market to stay on course for another stellar year in 2018,” Jennings says.

In Cornelius

105 Standish Lane in The Point in Mooresville sold for 900,000

A large lakefront home at 17031 Belle Isle Drive has sold for $2.4 million after being listed at $2.575 million by Lisa Cernuto and Leland Oxenford of Mooresville Realty for a little over three months. The house, which sits on nearly an acre lot, has a two story foyer, travertine tile floors, a study and a cabana kitchen next to the saltwater pool. The tax value for the 12 year-old, 7,250 square-foot home is $2.1 million. Mary Deininger of eXp Realty represented the buyers.

In Concord

A nearly 5,000 square foot home on 10.75 acres has sold for $750,000 after being listed at $749,900. Diane Honeycutt of Team Honeycutt/Allen Tate in Concord had the listing. The distinctive property has a gated entry, coffered ceilings, decorative arches and guest cottage. The tax value is $725,000. It was on the market for 15 months. Timothy Harrell from Benham Real Estate represented the buyers of the Southern style home, built in 2003.

In Mooresville

A house at 105 Standish Lane in The Point has sold for $900,000 after being listed at $920,000 almost six months ago. The traditional two-story home has a large saltwater pool and a boat slip across the street at a neighborhood pier. The 4,300 square foot home is valued at $681,360 by the tax man. Stephanie Richard of Allen Tate/Mooresville brought the buyers to the table. Annie Livingston had the listing.

15630 June Washam Road in River Run sold for $940,000

In Davidson

A stately abode at 15630 June Washam Road in River Run has sold for $940,000 after being listed at $969,000 almost three months ago. The 4,400 square foot house, which has a tax value of $842,000, has a screened porch with Tennessee bluestone floors, an upper porch and a three-car garage. Beth Sullivan of Allen Tate/Davidson listed the two-year-old property; Anita Hallman of Berkshire Hathaway HomeServices was the selling agent.


No comments yet.

Post a Comment