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January 21st, 2014 Listed Under: Real Estate, Sell a Home

Terry’s 20 Top HOT  Subdivisions in Charlottehot subdivisions charlotte

According to our Carolina Regional Realtor’s Association, the CRRA, year over year 2013 median home prices  rose 7.5% as  sales volume increased 24.6% over 2012.  And 2012 was a good year as well, so yes, real estate here is Hot!

But what about your neighborhood?  The CRRA numbers are averages, and those of you who know me know I frequently say averages hide a lot! Home price averages are no exception, so if your question is  “What about my subdivision? How did I do?” That is the right question because all real estate is local and this post is for you.

I’ve been tracking Charlotte real estate and community  home prices for nearly 10 years. As a Realtor, I have access to the MLS, but then there is also Core Logic and Case-Shiller, Zillow and Trulia have their measures, and even more boatloads of data. This creates two questions  1) Which (whose) information do you use and 2) How do you measure Top and Hot subdivisions objectively? 

Hot house in charlotte

The raw data comes from the most reliable source, the Carolina MLS. No one tracks real estate transaction details like the MLS, and no one has the standards and accountability of the MLS. While no source is 100% accurate in every detail, the MLS covers 92% of the market (those who use Agents) and it provides rich detail.

We chose (brief version) our Top Hot Twenty Subdivisions this way:  they are “Top” based on the percentage rise of volume and prices, and they are “Hot”  based on the the percentage sold in Under 30 days. For a complete description on how and where these numbers come from, see below. We reviewed more than  60 subdivisions with 10 or more sales between $200,000 and $800,000.  We weighted the results to provide the TerScore©, 😎  Terry’s Hot Subdivision Score, to measure relative “hotness.”.  We will do a luxury home version later this month.

Considering buying a home, not sure of  the neighborhood’s value? Call us, assuming you are not working with a real estate professional,  we’ll calculate your subdivision  score!

Top Twenty Hot  Subdivisions  2013 Charlotte Area

a new #1, is 28277’s Southampton Commons with a TerScore of  114.4- based largely on a 13.4% increase in price

2013
  TerScore©
Arts District NODA 112.1
Chantilly 112.1
Springfield 112.1
Sedgefield 112.1
Southampton 112.1
Somerset 103.2
Abbington 103.2
Stone Creek Ranch 103.1
Blakeney Greens 97.5
Myers Park 94.9
Monteith Park 90.0
Midwood 87.8
Vermillion 87.8
Dilworth 86.3
Skybrook 82.8
Ardrey 81.0
Stonehaven 80.7
River Run 80.7
Berewick 80.7
Madison Park 80.7

TerScores© over 100 are just sizzling! They had great price growth and great interest from consumers in 2013. We see 4 subdivisions in popular 28277 in the top 10 marked by their affordability. TerScores from 85-100 are both sweet and hot!  When  Buyer clients says that home value increases are most important, we heartily recommend any neighborhood with a TerScore above 70. Since we only calculated those subdivisions with over 10 sales,  your area of interest may in fact have a TerScore of 80 or 100.  Let us figure it for you!

There you have it, and of course last years “Hot” subdivision may or may not be Hot in 2014, and almost certainly price increases will cool in 2014.  This data should not be used to predict future home prices, the market is ever changing so please consult your professional Realtor to discuss a suggested sales price for your home.

However if you need an Agent who is forward looking to help you sell your property, it helps to know the past, er, real well. I hope you would consider The McDonald Group at Wilkinson and Associates ERA Powered.

How we computed Hotness and Top Subdivisions ~ the TerScore©

We only looked at subdivisions with 10 or more sales price between $200,000 and $800,000.  This eliminates atleast two thirds of the subdivisions, and yes, I am sure we missed some that had perhaps 8 sales, but prices went up and they all sold quickly. IF they had 10 or more in 2013 we probably measured them. The actual number is Not a part of the formula, it is the percent increase or decrease that counts.

The three measures we used were: Percent increase in the number of houses sold, they ranged from 10% to 40%; Percent increase/decrease in sold Price per square foot, from a few percent to 15%, and last, to determine “Hotness” we asked what percentage of the 2013 sold homes, sold in 30 days or less.   We assigned each a value, then applied weights to the category, weighting the price increase 3 x’s, the volume 2x’s and the DOM a single, and multiplied all by 100.

The Charlotte area has hundreds of subdivisions, so if you’d like to know your communities TerScore, just write me at Terry at McDonaldGroupCharlotte dot com and I’ll run it through our formula for you total score.

There you have it the 2014  TerScores of Charlotte Top Hot subdivisions in Charlotte. Where does yours fit in?

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Terry McDonald
I'm the owner/team leader of The McDonald Group at Wilkinson and Associates ERA Powered real estate brokers here in Charlotte NC. A transplanted Washinghtonian, my family and I came from the NYC area in 1993.
Terry McDonald
Terry McDonald

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The McDonald Group
Wilkinson and Associates ERA Powered
8604 Cliff Cameron Dr ST 110
Charlotte NC 28269
704-390-6221 Cell
704-393-0048 Office
Licensed in NC & SC
USAA Certified
ERA Luxury Home Certified