Q1 Market Report 2021

Ivester Jackson Christie's Lake Norman Luxury Market Report

Q1 2021

Q1 Market Report

contents April 2021

MARKET REPORT Lake Norman Emerging From Covid With New Growth Areas

COMMUNITY UPDATES Cornelius Davidson Mooresville Denver | West Shore North Shore Concord & Kannapolis

FORECAST Summer Market Conditions Point to Continued

Limited Inventory

2020 YEAR IN REVIEW Read our latest blog post

PODCAST & VIDEOS From market forecasts, interviews, and house marketing ideas, join the team at Ivester Jackson I Christie's for the latest in Carolinas luxury real estate content.

1st Quarter Luxury Market Report LAKE

NORMAN

EMERGING

FROM

COVID

WITH

NEW

GROWTH

AREAS

The Lake Norman luxury real estate market emerges from Covid 19 restrictions this spring as a changed real estate market.

Inventory in traditional high demand areas like River Run, The Peninsula, and The Point, has shrunk to historic single digit levels in terms of available homes. The region currently shows 269 pending homes above $500,000 in value, with a whopping 76 homes over $1 million in list price under contract as we head into May. The ultra luxury segment over $2 million in list price shows 20 homes pending, with 8 homes pending over $3 million in list price ( 50% of which are Ivester Jackson brokered deals). The market has now seen multiple closings over $6 million in listed value, raising the bar for the top end of the resale market. New areas have also emerged, with the North Shore communities of Sherrills Ford, Terrell, Troutman, and north Mooresville showing 22 pending contracts over $1 million in list price after posting 14 closings in the first quarter (compared to just 4 closings over $1 million a year ago in the Q1). Both Davidson and the West Shore area have also seen spikes in their million dollar markets, as the Charlotte region and Lake Norman's popularity, continue to drive out of state luxury interest.

CORNELIUS Cornelius saw tight inventory positions in most price ranges, leading to multiple offers and quick sales.

51 total luxury homes pending over $500k 11 pending over $2 million, leading Lake Norman Just 5 homes active in the $500k-999k range Historic low Showings continue at an above average pace, but buyers are also evaluating other areas.

LAST 90 DAYS

CORNELIUS Q1 HOMES SOLD

Listings Cornelius

18013 Whispering Oaks Drive $1,800,000 20141 Northport Drive $430,000 21123 Torrence Chapel Road $3,750,000 Listings Under Contract 17335 Players Ridge Drive $1,185,000 17300 Wavecrest Court $3,250,000 16501 Green Dolphin Lane $3,590,000 16741 100 Norman Place $3,199,000

Sold Cornelius

18912 Peninsula Club Drive $675,000 18701 Lanteen Brook Court $1,250,000 18802 Halyard Pointe Lane $2,210,000 18916 Brigadoon Place $3,500,000 21450 Country Club Drive $1,950,000

DAVIDSON Like other high demand areas, Davidson saw continued demand between $500k - 999k. ·A record 12 homes closed over $1 million in list price vs just 3 last year's first quarter. ·Inventory has declined from 90 days to 45 days with updated homes selling immediately. ·There are 6 homes pending over $1 million in list price showing continued strength. .

LAST 60 DAYS

DAVIDSON Q1 HOMES SOLD

Listings Davidson

527 Griffith Village Lane #12 $674,900 477 Main Street S $889,900 Listings Under Contract 413 South Street $750,000 519 Griffith Village Lane #10 $649,900

Sold Davidson

19928 Callaway Hills Lane $870,000 6640 Fox Ridge Circle $850,000 17125 Arkansas Lane $1,265,000 ,.. $527,000 124 Martin Street 19338 Wildcat Trail $955,680 15305 Holly Trail Lane $1,175,000 15909 Heath Aster Way $1,275,000 18717 Hammock Lane $890,000

MOORESVILLE Mooresville continued to see high activity in the $500k - 999k range, 78 pending contracts.

While closings are higher than Q1 of 2020, they are off from the recently completed Q4 2020.

Inventory continues to be tight in the lower ranges with less than 30 days inventory.

Inventory in the $2m ultra luxury range sits at about 4-6 months, but can surge in activity as evidenced by the 18 closings at year end 2020.

LAST 60 DAYS

MOORESVILLE Q1 HOMES SOLD

Listings Mooresville

469 Tuskarora Trail $5,300,000 125 Quiet Waters Drive $6,750,000 000 Williamson Road $2,200,000 168 Broad Sound Place $6,995,000

Sold Mooresville

110 Turnberry Lane $335,000 107 Tisbury Court $2,600,000 105 Gainswood Drive $2,000,000 109 Kensington Street $252,000 184 Herons Gate Drive $522,500 670 Normandy Road $1,950,000 122 Wellfleet Lane $1,000,000 184 Montrose Drive $425,000 107 Homer Lane $1,547,150 134 Dry Rivers Lane #39 $348,029

WEST SHORE While the number of homes closed vastly exceeded Q1 2020, it actually declined from the 4th quarter just ended.

Tight inventories with 33 homes pending in the $500k - 999k range pushed people elsewhere.

The luxury market saw a 100% increase in sell through including 4 deals over $2 million.

LAST 60 DAYS

DENVER | WEST SHORE Q1 HOMES SOLD

Listings Denver & West Shore

8343 Norman Estates Drive $3,190,000 187 Ivey Hollow Court #187 $85,000

Sold Denver & West Shore

3423 Governors Island Drive #28 $2,225,000 2810 Cherry Lane #1 $2,900,000 8158 Blades Trail $685,000 6131 Raven Rock Drive $369,900 1703 Newland Road #124 $310,000 2273 Moss Haven Lane #28 $320,925

NORTH SHORE The North Shore range above $1 million continues to surge with 14 closings and 22 pendings.

The price segment between $500k - 999k posted another hefty increase over 2020, albeit down slightly from Q4 2020 due to tight inventory.

Inventory in the $500 - 999k range stood at about 30 days, the $1m market at about 45 days.

LAST 60 DAYS

NORTH SHORE Q1 HOMES SOLD

Listings & Sold North Shore

5400 Little Parkway $1,750,000 27 Mt Pleasant Road $499,000 Under Contract 146 Maple View Drive $1,299,000

CONCORD & KANNAPOLIS Concord and Kannapolis had another solid quarter, with 27 homes closing vs 19.

Luxury activity continued to percolate above $1 million, with 4 closings to follow 4 at year's end.

Inventory is in decline, yet still available in roughly 90 day absorption rates.

LAST 60 DAYS

CONCORD & KANNAPOLIS Q1 HOMES SOLD

LAKE NORMAN MARKET FORECAST Summer Market Conditions Point to Continued Limited Inventory As we move into the height of the spring market, showing patterns have remained high, with requests for showing appointments via the MLS running at or above traditional spring levels in almost all price segments despite less inventory to browse through.

This scenario seems unlikely to change in the traditional high demand areas and is now radiating outward to more rural areas around Lake Norman. Mooresville has 120 luxury homes pending with an existing active inventory of 65, while even the North Shore and West Shore areas now show less than 60 days' inventory in all but the highest price segments. All of this demand has of course imparted upward pressure on list prices, and an increased frequency of multiple offers.

While this would seem an easy market to navigate on the listing side, complications arise when the demand for homes is so high. For example - unique circumstances like assigning the correct amount of risk to nonrefundable due diligence fees and determining appropriate inspection periods in situations where a home has multiple interested parties but must go temporarily off market - require the evaluation of a seasoned real estate professional. Often in such circumstances, hundreds of thousands of dollars are at stake, requiring a proper assessment of market momentum and appropriate terms.

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