November Market Report

Dear Neighbor,

Selling a cherished home, particularly one with significant value and many memories, is a high-stakes and often emotional decision. The process can be daunting, given the need to protect privacy, minimize disruptions, and stay informed of the dynamic and unpredictable market conditions.

For many of us, our homes are our largest financial asset. It is important to understand the local market and its impact on the value and sale of your 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:

Rising Home Prices Offer Profit Potential for Sellers Despite High Interest Rates.

Strong price appreciation continues despite persistently high interest rates. The median sales price is currently at $1,862,500, up 12.2% YTD and at $532, price per square foot is also up 9.3%. This trend suggests a resilient demand, fueled by limited housing inventory and higher-income buyers sustaining the market.

This environment is prime for sellers as higher prices mean potentially greater profit margins. However, the high interest rates may limit the pool of qualified buyers, impacting the pace of sales as evidenced by a 50% increase in days on market. Sellers should remain adaptable to market conditions.

Strong Buyer Demand Amid Limited Supply Creates Advantageous Conditions for Sellers.

A drop in new listings by 3.4% combined with a 5.1% increase in closed sales in a market with limited supply at 1.6 months suggests strong buyer demand.

Fewer available properties create urgency among buyers and can lead to more competitive offers and possibly higher sale prices. Sellers looking to maximize their return and close deals efficiently understand the importance of strategically pricing their home from the start.

Sellers Achieve Full Listing Prices Despite Increase in Days on Market.

Closed sales are averaging 100% of the original listing price indicating strong market demand. However, with days on market increasing by 50% year-to-date, buyers are taking longer to make decisions and present offers.

For sellers, patience may be necessary as properties are staying on the market longer than they did previously. To achieve top dollar, it is essential for sellers to continue pricing and presenting their homes effectively to maintain buyer interest.

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. You can rely on me to provide professional direction and support throughout the entire transaction. With in-depth knowledge of the market, property values and local trends, I will help you make well-informed decisions as you navigate the complexities of the real estate transaction.

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, no obligation 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 November 2024

Single Family Home Stats	2023 vs 2024	Analysis
Median Sales Price	Up 12.2%	Median sales price is $1,862,500 and has grown steadily for the past year.
New Listings	Down 3.4%	140 new listings hit the market this month.
Median Days on Market	Up 50%	Median days on market are at 6, which is still very low compared to 21 days 5 years ago.
Price per Square Foot	Up 9.3%	At $531, price per square foot has grown 63% in 5 years

*Source: Canopy MLS through 10/31/2024

What Clients Are Saying

Stephanie never gave up on or became frustrated with our long time search for a home. She is a seasoned negotiator, expert ‘numbers cruncher’, and she was always on our side. She had helpful suggestions that a lesser experienced business person would have been unable to provide. She always does her homework and is a creative thinker. Fearless and respectful in her approach. We highly recommend Stephanie and her team of experts who helped us through what is normally a nerve wracking and complicated process of selling and buying simultaneously. Thanks for helping us and staying so positive!

Seller and Buyer

Stephanie was referred to me by a friend and I could not have found a better real estate agent. I have always been somewhat skeptical of the true value an agent provides but I can honestly say Stephanie far exceeded my expectations and worked extremely hard to find the perfect house for me. She is very responsive and provides the appropriate balance of market intelligence and local insight. Her diligence in the contract and negotiation process made it painless for me. I am in my new home and could not be happier. Thank you, Stephanie.

Buyer

Stephanie attended to every detail with incredible attention, and made the purchasing process a complete breeze. Frankly it felt like she was a real teammate in the process, with the skill set to make a deal, but really pushing for our best interests. I couldn’t give Stephanie any higher praise, and hope that you will consider her when you have a real estate need.

Buyer