Jan 24′ Market Report

Dear Neighbor,

Selling a cherished home, particularly one with significant value and many memories, is a high-stakes decision. The challenges of ensuring privacy, managing potential disruptions, and maneuvering an always changing market can be overwhelming.

For many of us, our homes are our largest asset. It is important to understand the local market and how it affects the value and sale of your Myers Park home. You don’t want to leave a transaction of this magnitude up to chance and you’re right to want the facts.

Here are the top things you need to know:

Homeowners are poised to see more appreciation.

Lowering interest rates make borrowing cheaper, which can increase the number of people who can afford to buy homes. This heightened demand can push up home prices, as more buyers compete for available properties, especially with low inventory. Closed sales are down 18% from December 2022 and our neighborhood inventory remains extremely low at 1.6 months’ supply.

The numbers demonstrate strong opportunity for sellers in our neighborhood. Homeowners who want to take full advantage of current demand should be putting a pricing and marketing strategy in place now to win top dollar.

Less homes are entering the market, which is strengthening the ‘sellers’ market.

Myers Park saw a 1.8% decrease in new listings in December from the previous year. Locked in at low mortgage rates, homeowners are continuing to hold onto to their properties despite the potential for profit.

Tightened inventory means buyers have less options and the demand for your home increases. A solid strategic pricing and marketing plan brings top dollar and a quick sale that gets you where you are going faster.

Homes are selling quickly, and for higher prices.

Myers Park remains one of the most desirable areas for buyers. Demand outweighing supply continues to put pressure on prices, pushing the median sales price up 12.6% from last year to $1,363,000 while median days on market has remained exceptionally low at 6. There is definitely a supply crunch and buyers are feeling it.

This high demand really demonstrates the importance of pricing and marketing your home strategically. The last thing you want is for your home to linger on the market or to sell for less than you could have gotten.

As a homeowner, what does this mean for you?

If you are thinking of selling in the next 12 months, preparing now gets you the results you deserve and avoids the stress you don’t need.

This is likely your largest personal investment, so you can count on me to act as your professional guide throughout the entire transaction. With clear communication and a strategic plan with a step-by-step layout, I help you make thoughtful, informed decisions so you never feel lost or out of control.

From day one, the weight of this transaction is lifted from your shoulders. We start with your customized strategic marketing plan and go from there. To maximize your ROI, I can help connect you with top-notch professionals to help you ensure your home can win the highest possible price. And when it’s time to go to market, I combine detailed market research with proven marketing strategies to get you the best possible price in the least amount of time.

If you are thinking of selling your home in the next 12 months, call me today for your initial consultation => 704-604-1210

We will cover your goals, my unique approach to getting you the highest possible price in the fewest days on market, and if it’s a fit, next steps from there.

Call today => 704-604-1210

To your success!

Stephanie Cline
Belle Properties
belleproperties.com
stephanie@belleproperties.com
704-604-1210

 

Myers Park Market Highlights for January 2024

 

Single Family Home Stats	2022 vs 2023	Analysis
Median Sales Price	Up 12.6%	Houses continue to appreciate even with higher interest rates. At $1,363,000, current prices are up 78% from 5 years ago.
Median Days on Market	Up 20%	Median days on market are exceptionally low at 6 YTD. Current high demand and very low supply play a major role. Expertly positioning your home ensures you sell quickly and avoids letting your home linger on the market.
Percent of Original Price	Down 0.6%	At 99.4%, sales to list ratios have been very stable over the last 5 years. This stability indicates a very low risk of a housing crash. Correctly priced, strategically marketed homes sell at or above list price, and sellers focused on ROI often seek my advice on how to invest in strategic updates before listing their home for sale.
Price per square foot	Up 7%	As Charlotte continues to experience low inventory, space comes at a higher premium, now at $475/sq. ft. YTD.

LOOKING AHEAD

1. Inventory Remains Low

There is only so much property available in Myers Park in the first place, and with new listings dropping from the previous year, inventory is even tighter. A low number of homes for sale combined with a strong pool of buyers yields healthy competition. Homes that are priced correctly and marketed strategically often sell quickly, and with multiple offers.

 

2. Home Values Continue To Rise

Home values in Myers Park have steadily increased. Demand for our homes is consistently strong with our unique combination of beautiful tree-lined streets, proximity to Uptown, top-rated schools, access to stellar health care, easy access to cultural amenities, and more. Home values, especially in areas of high demand like ours, will always remain on the higher side. Strategic marketing and positioning allow you to capitalize on the equity you’ve built to get top-of-the-market return on your investment.

 

3. Why Strategy Matters

The market consistently evolves and strategy must be relevant. With the guidance of a real estate professional who knows your local area and how to properly market to buyers that are the most qualified, you can easily ensure your home sells within a reasonable timeframe and for a healthy return on your investment.