South Blvd Neighborhoods Market Update Spring 2015
South Blvd Neighborhoods Market Update Spring 2015
TL;DR: The neighborhoods between South Blvd and Park Rd continue their hot streak as investment pours into South End
Wow, so the yellow line is the year over year (yoy) appreciation of the entire MLS. Madison Park, in green, saw the least appreciation at a very normal 5.2% (to be fair, it also started much higher on a SP/sqft basis). Collins Park did better with 7.8% appreciation yoy (gray line). And Starmount was the clear winner with a crazy 17.2% appreciation!
The question becomes, what's causing this out-sized appreciation in Starmount which has appreciated 25% over the last two years? In truth there are a number of reasons. The proximity to the light rail and all of the continued investment down South Blvd is the biggest factor. The new Publix recently opend on South Blvd; the new Harris Teetter isn't far behind. The old, somewhat ugly green shopping centers (across from the Pepsi building before you hit Clanton Rd) are being completely renovated too. And that's just the short list of investment down South Blvd. Another reason for the appreciation is simply inventory. It's a strong seller's market in Charlotte right now. and there simply isn't much available in south Charlotte for between $200 - $250k! Even 6 months ago you could find a nice home in Starmount for around $200k. Look at the map of homes for sale between $200 - $250k in south Charlotte currently:
Not a ton, only 37 options across ALL of south Charlotte at the time of this writing... But wait, let's add in another qualifier. How many of these homes have been on the market for less than 30 days? 30% of the homes in Charlotte sell in 14 days or less. In other words, how many are fairly priced for their size, features and conditions? Only 19, in all of south Charlotte!
Last week I had 2 separate clients lose homes in multiple offer situations. Both clients put an offer in the day it came on the market! Simply put there is not enough inventory in the $200 - $250k price range in south Charlotte. The lack of inventory is another factor driving up prices in the South Blvd neighborhoods as well as their suburbs like Pineville (4.5%) and Steele Creek (4.9%).
But wait, does this mean now is not a good time to buy? No, now is a great time to buy! While you might not be surprised to hear that from a real estate agent hear me out ;) You can't save money or improve your credit quick enough to outpace appreciation in south Charlotte. Additionally interest rates are expected to rise this summer or fall. Knowing that, if you are able to buy now and you plan to stay in Charlotte for the next 5 years or so now is a great time to buy, even in a strong sellers' market. If you wait a year or two to buy, you'll end up paying more for less home!
Author:Connie Massetti Phone: 704-340-5967 Dated: April 21st 2015 Views: 338 About Connie: Licensed agent assistant who coordinates with McDonald Group clients and agents during all aspects o...
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