Myers Park Charlotte Real Estate Market Report | OCT 2013

There is no better introduction to Charlotte NC than a tour through historic Myers Park and very few communities able to ‘hold their own’ even during a recession.  Myers Park did just that!  You’ll find some of the city’s grandest homes are framed by a canopy of massive, old willow oaks in the Myers Park community.

Myers Park Charlotte NC emerged from a large cotton farm in 1911, when landscape architect John Nolen was hired to create a “garden suburb.”  John Nolen & others, including Earle Sumner Draper, used the winding paths, following the natural landscape to create, what many think is now Charlotte’s most beautiful community.  Most of the historic homes in Myers Park reflect the Classic style from traditional brick Georgians to English Tudor.

Myers Park Charlotte NC is within walking distance to Freedom Park (which is home to some of the best lit public tennis courts in the area), Queens University, fine dining, upscale shopping and is only about 3 miles from Uptown Charlotte NC.

Homes in Myers Park Charlotte NC have retained their value over the years and shown steady but, not over-inflated appreciation.  A Myers Park address remains one of the most prestigious in the city!

Everywhere you turn, residents and newcomers are asking whether the Charlotte housing market is improving or if the slight rise in mortgage interest rates has sparked a slow-down in the market .  This time of the year, it’s truly difficult to determine what is guiding the market–either the typical seasonal reduction in sales or stabilization in the marketplace.  Either way, we’re seeing a bit of a slowing market but, I’d prefer to refer to it as simply, stabilization.
Because we are asked this question on a daily basis by our Myers Park home sellers, we decided to pull seasonal data that will reflect a monthly analysis compared to the previous year and two years prior (during that same time period).

Let’s compare the trends of the Myers Park Charlotte real estate market.

First, let’s compare the inventory of available homes in which buyers have to choose in the Myers Park community over the past 2 years.  In 2011 there was between a 9.9 and 20.2 month supply of homes for sale in Myers Park during the period from October, 2010 through September, 2011.   In 2012 there was between a 7.3 and 12.2 month supply of homes for sale during that same time period.   During the same period this year (2013), there was between a 2.3 and 6.1 month supply of homes for sale in Myers Park, depending upon the price range (see below).  That is a significant reduction of available inventory in two years.



***Data provided from CMLS deemed accurate but, not guaranteed.

***Data provided from CMLS deemed accurate but, not guaranteed.

Lastly, how’s the market absorption trend for the Myers Park community?  From October, 2010 through September, 2011, there were 233 homes for sale in Myers Park. During that same period in 2012, there were 149 homes for sale and in September 2013, the supply of homes for sale in Myers Park fell to 91.

The market absorption trend is key to monitoring the stability of the market and during the past 18 months, we’ve seen Myers Park exit the recessionary period and most recently, over the past couple of months, seen stabilization in the community.  The recent slowing, in our opinion, is merely seasonal as we are still serving buyers looking to land their dream home in this popular historic Charlotte community.

Thinking of selling your Myers Park home?  Give us a call at (704) 491-3310.  We not only sell homes in the Myers Park community, we know the area like the backs of our hands!

Thinking of relocating to Myers Park?  Visit Charlotte’s exclusive home search site – up-to-date listings at your fingertips!

© Debe Maxwell | The Maxwell House Group Real Estate | SavvyBroker@me.com | Myers Park Charlotte Real Estate Market Report | OCT 2013