Today we're going to dive into the luxury real estate market located close to Lake Jordan in Chatham County.  This includes The Preserve at Jordan Lake, Legacy at Jordan Lake, Seaforth Landing, Seaforth Preserve, Windfall, and the Westfall Neighborhoods.  

• May 2024 (May 2023)
  • Number Sold: 2 (6)
  • Average Price: 942,500 (826,666)
  • Avg/MedDays: 33 (22/4)
  • Price/Square Ft: 245 (227)
    
    
• Year to Date (Last Year)
  • Number Sold:  14 (22)
  • Average Price: 953,571 (836,772)
  • Avg/MedDays: 23/8 (30/10)
  • Price/Square Ft: 250 (228)

Continued good news for those considering selling your home and it gets even better when you drill down into the numbers.  The headline is that homes are going under contract at the same speed as they were in 2021-22 with just 23 days on average, year to-date. Fewer homes closed, but we also have about the same amount of inventory county wide as we did at this point last year so on balance, it’s a similar market.

Every data point is straight-forward.  Homes are selling for more, both in average price and average price per square foot with a VERY healthy 9.6% growth year to date versus 2023’s spring market.  The fact that all points are in the positive direction for sellers (price, time, price/sqft) leads me to believe that buyers in lower-price points have accepted higher interest rates and have stopped waiting for them to drop to where they were before.  This opens the sellers of THOSE homes to buy OUR homes at higher price points. 

But, there’s a very important caveat.  One thing we are noticing is homes that just need a “little” bit of work or updating are starting to linger in the upper price points.  While we don’t have any data, my “gut” is telling me that people are hitting the top of their budgets simply buying the home (thanks to appreciation) and their monthly payment (thanks to appreciation and interest) so they do not have any money for repairs or renovations.  Homes that are up-to-date are moving quicker.  Homes that aren’t…well…aren’t.  That’s something to keep in mind because some homes are 20 years old in our established neighborhoods like The Preserve.  Trends change and homes get a little beat up even if they’re well cared for.  Take the time to fix items before selling and your home should move quicker!