October 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:

Home values remain strong.

Current median sales price is up 13.3% at $1,892,500, reflecting strong buyer interest and competition in the market. Additionally, price per sq foot is up 8% at $528 suggesting that buyers are willing to pay a premium for space, further demonstrating the demand for properties.

For sellers, this creates a favorable environment to potentially achieve higher sale prices and quicker transactions, especially in desirable areas. However, this demand may also lead to increased competition among sellers, which demonstrates the importance of strategically pricing your home.

Buyers are backing off from rushing to purchase at asking price.

A 0.7% drop in the median sold vs. offer price signals that buyers are becoming more cautious and successful in negotiating lower prices than initially listed. Days on market increased 100% YTD suggesting homes are taking twice as long to sell, which often reflects overly ambitious pricing by sellers.

Sellers may need to be more flexible with pricing or offer concessions to close deals, as buyers are not feeling the pressure to make full price offers as quickly as they once were.

Fewer sales, lower listings, and rising inventory show signs of a cooling market.

Closed sales declined 7.1%, which could suggest that buyer activity is slowing down or that more deals are falling through. Similarly, a 6.2% drop in new listings means that fewer properties are entering the market. Meanwhile, month’s supply is up 23.1%, giving buyers more options and reducing the urgency to make offers quickly.

These trends collectively point to a cooling market, where sellers may face longer sales cycles and need to adjust pricing or expectations to attract buyers in a less competitive environment. The last thing you want is for your property to linger on the market or to sell at a price lower than its potential value.

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 October 2024

Single Family Home Stats	2023 vs 2024	Analysis
Median Sales Price	Up 13.3%	Median sales price is $1,892,500.
New Listings	Down 6.2%	137 new listings hit the market this month.
Median Days on Market	Up 100%	Median days on market have been consistently 4 since Jan 2023, but are beginning to creep up and are currently at 8.
Price per Square Foot	Up 8%	At $528/sq. ft, Charlotte’s persistent low inventory is driving property values up, causing space to command higher prices.

*Source: Canopy MLS through 09/30/2024

What Clients Are Saying

Stephanie is more than a realtor to facilitate a real estate transaction. Her expertise, built on experience, helped us make the best decisions in both the buying and selling processes. In a market making some wild swings that could tempt us to act too quickly, Stephanie gave us calm guidance resulting in great outcomes. She used what she picked up about our likes/dislikes to give useful input when evaluating options. This made her indispensable when viewing potential houses. She has a knack for visualizing what living in a particular house would be like according to our preferences. She gives frank, honest input while always willing to work with our decisions. Stephanie is friendly, tactful and very sharp, which made her a great advisor and advocate.

Seller and Buyer

Stephanie is phenomenal to work with. She knows the Charlotte market inside and out, is up to speed on all the latest developments in the always changing real estate transaction landscape and knows how to get things done. I purchased my home in the Myers Park area and Stephanie made the process really smooth for me. And she thinks outside the box and recommended we ask the seller for something that I wouldn’t have thought of, which saved me a lot of money once I moved in. I was just speaking with someone last week who is moving to Charlotte and I told him he has to work with Stephanie. You will not be disappointed!

Buyer

Stephanie was AMAZING! She was beyond helpful in finding the perfect home for our family. We loved working with her and would recommend her without hesitation.

Out-of-state buyer