South Blvd Neighborhoods Market Update Winter 2016
South Blvd Neighborhoods Market Update Winter 2016
A look at Madison Park , Colonial Villiage, Collins Park and Starmount as the year comes to a close
South End and really the entire South Blvd codoor has continued it's revitalization since the Lynx Blue Line started operation in '07. Starmount had some of the hottest appreciation in 2013 - 14 in the Charlotte area (a whopping 19% for those counting). But how has Starmount and the other South Blvd neighborhoods down the rail line done recently? Let's take a look below...
(Note: We're not including Sedgefield as a South Blvd neighborhood for the purposes of this post because it would have skewed the data upwards and because in many ways, Sedgefield has become closer to a "Dilworth South" than the other South Blvd neighborhoods.)
South Blvd Market Activity (last 90 days)
Total # of homes sold
Median Days on Market
There was basically the same volume from 2014 to 2015 but check out the median cost/sqft and the median days on market. Both speak to these South Blvd neighborhoods being hot hot hot! The problem for many first and even second time home buyers is that south Charlotte is becoming expensive. As such, the South Blvd neighborhoods, Matthews and even Steele Creek (a bit farther out) areas are seeing a boom because you can find nice homes in that $200 - $250 range.
For the purposes of this post we're looking at 4 South Blvd neighborhoods so the numbers above hide the variations between the neighborhoods. Let's take a look at year over year appreciation below for each neighborhood:
With the exception of Collins Park (appreciation has slowed considerably this year) all of the South Blvd neighborhoods have done quite well. We can see that Starmount has been the big appreciation winner over the past 3 years. This isn't especially suprising since Starmount started at a much lower median sales price and cost/sqft than the other South Blvd neighborhoods.
Madison Park has also done quite well -- it's the closest to Uptown of the 4 neighborhoods selected, is close to popular shopping and dining at Montford and Park Rd Shopping Center. In addition to the walkability, there are also parts of Madison Park that have highly rated schools.
It's a bit surprising to only see 1.8% appreciation in Collins Park over the last year. Further investigation is needed to be sure, but it's a small neighborhood and I'm thinking that the small number of homes may have skewed the results this past year.
South Blvd Homes Sold Data
A total of 56 homes have sold in these 4 neighborhoods over the past 90 days -- not a significant increase in volume over last year but let's take a deeper look:
Wow, take a look at that SP/LP column for the last 90 days. On average homes have been selling at 98% of list! 99% of list is the median. That's telling us that these neighborhoods are in demand. This doesn't surprise me at all. Over the past 6 months it has been extremely competitive to win a nice home in these neighborhoods (or really in any desirable area). Figure on multiple offers within the first week for the best looking/well priced properties! In the past my clients would find a home they really like and I'd tell them to go home and sleep on it/think about it. Unfortunately if you do that now you stand a good chance of losing the home!
Most recently I had clients who paid $5,000 over list to win a home in a situation with 4 other offers -- the home had only been on the market 3 days! There are simply not enough homes on the market -- and don't necessarily expect it to get better this spring. More homes will be on the market in these neighborhoods but there will also be many other buyers. Simply put, we're in the midst of the strongest seller market in Charlotte in recent memory. If you have a nice home in one of these neighborhoods I hope you'll give me a call or shoot me an email. We have at least 3 or 4 clients looking for something nice in these areas between $200 - $300k!
The McDonald Group at Wilkinson ERA is a group of professionals, dedicated to helping our Clients win in real estate. Expert and honest advice, local area knowledge, and seriousness of purpose but with folks who don't take themselves too seriously. The founder Terry McDonald, was a builder for 20 years, and has been a broker for the last 13 years. Buying a home or selling, first home buyer or relocating to Charlotte,the McDonald Group is here to serve. Our client list includes first home buyers to luxury homes, professional athletes, business owners and physicians. From in town to South Charlotte, Lake Norman too, we know Charlotte.
The Group's core values are all about integrity and market expertise. We look out for their clients interest above all others. We are a learning organization, and big believers in training and lifetime learning. Sellers know us for our technological savvy, our aggressive marketing, and the ability to consistently beat the averages in Days on Market. Buyers love us, we never pressure anyone, yet were able to save our Buyer clients 44% off the market average in 2013- and now that the market has changed we win more than our fair share of multiple offer situations.
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"I was living in Florida and looking to move to Charlotte area. I found Terry through the internet and explained my plans of moving to the area with my wife and kids. He was very diligent and honest in market values, location, schools, etc.. even offered advice for relocating. While I was in FL. he would send me listing meeting my criteria, he also advised for things I should be aware of that I hadn't even thought of. I eventually made my way to Charlotte and met up with him for a weekend. We nocked it out in a weekend, he had found the perfect home for me and my family. We made an offer and I went back to Fl. I thought it was going to be difficult to close while being away, but he made it happen..
I only needed to come back to sign the closing.
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In 2014, It became apparent that I would no longer be moving back to Charlotte, I then contacted Terry to put the home up on the market in a time when it was a very difficult time to sell property, but again he made it happen. This time around, I was in Virginia the whole time.. It was difficult for me to make in back to Charlotte for any type of transaction. I trust Terry so much and am very thankful for having met him. he completed all transactions without me having to be there. Once the property closed. I received a check within weeks..
In a time when you need for things to happen and you need to trust someone unconditionally. Terry will be there.