Nov Market Report

Dear Neighbor,

Selling a cherished Myers Park 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:

Continued growth for the city means more opportunities for sellers.

The Queen City is one of the fastest growing cities in the U.S. The presence of Fortune 500 companies and a variety of industries contributes to job creation and economic diversity. Additionally, the cost of housing is 2% lower than the national average. It is not surprising that 113 people a day are moving to Charlotte. With inventory at 1.7 months’ supply, we definitely have a supply and demand issue.

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 3.4% decrease in new listings in October from the previous year. Homeowners are choosing to hold onto to their properties despite the potential for profit. Why? Many are locked in at below 3% mortgage rates and giving up these rates is causing hesitation.

As inventory tightens and buyers have less options, 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.

Despite increased competition among sellers, homes are selling quickly, and for higher prices.

Our growing population has created a strong, sustained demand for Myers Park homes and the market is not keeping up. Demand outweighing supply continues to put pressure on prices, pushing the median sales price up 12.1% from last year to $1,356,000 while median days on market has remained exceptionally low at 6 days. 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 October 2023

Single Family Home Stats	2022 vs 2023	Analysis
Median Sales Price	Up 12.1%	Prices are up a whopping 119.6% at $617,500 in 2013, now at $1,356,000 year-to-date.
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, especially when compared to 73 days 10 years ago. Expertly positioning your home ensures you sell quickly and avoids letting your home linger on the market.
Percent of Original Price	Down 0.9%	Now at 99.1%, it can be tempting to push the market when listing in high demand areas like Myers Park; but rarely does that work for the seller and often causes them to leave money on the table. 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 7.9%	As Charlotte continues to develop and attract top talent from around the world, space comes at a higher premium, now at $467/sq. ft. YTD, nearly double compared to $237 in 2013

LOOKING AHEAD

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.

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.

Why Strategy Matters

The market consistently evolves, but 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 investme