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Lake Norman Real Estate’s July 2014 Hot Sheet Home Sales are HOT!

Logo for Lake Norman Real Estate's monthly home sales hot sheet

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.

Our Lake Norman housing market is now smack dab in the middle of it’s traditionally strongest selling season of the year. The past three months we have seen a dramatic uptick in activity but by this time last year we were already experiencing a slowdown.  So far this July, Lake Norman home sales are even higher than last month! We currently have 290 single family homes under contract (sellers have accepted an offer but the sale is not complete) in all of Lake Norman compared to last month’s 262.

Lake Norman Real Estate’s Two-Week Hot Sheet

7/21/2014

Lake Norman Real Estate Home Sales July 2014

* The above chart is a summary of today’s “Hot Sheet” from the Charlotte Multiple Listing Service for single family homes in all of Lake Norman. These numbers represent a real time snapshot of the past two week’s activity. (Julu 7th – 21st). As always, I have included the past 5 months so that you can put these numbers in perspective. 

*Please note that the Charlotte Multiple Listing Service switched to an entirely new program at the same time ELIMINATING the areas so I no longer have the ability to search by “Area 13 which was Lake Norman. While I have done my best to replicate this search using their map program, the numbers will be off slightly and for the Hot Sheet I am not able to get Back on Market or Price Change numbers. My apologies!!!! I will keep working to see if I can get them.

 

I created this additional chart comparing just the July Lake Norman Hot Sheets for the past 5 years to help put our July 2014 home sales numbers in perspective with past Julys’, not just the past 6 months.

July Hot Sheet Numbers for the Past 6 Years

Lake Norman Real Estate's July Hot Sheet home sales for the past 5 years

 

Highlights:

  • New listings: Our number of new homes listed for sale in Lake Norman in the past two weeks were about in line with the past 6 months. As of today, the total number of active listings in Lake Norman stands at 1075 (last month it was 1085).

 

  • Our number of “Under Contract but Continue to Show” homes, formally called Conditional and Contingent sales in our MLS, were quite a bit higher than last month’s and  significantly stronger than July 2013′s. Clearly Lake Norman’s real estate market is continuing it’s upward momentum which began in late spring. This strong number of newly signed home sales contracts suggests that Lake Norman will have an impressive number closed home sales for the next few months.

 

  • Our number of Under Contract No Show/Pending sales are slightly higher than last month’s and significantly higher than all previous July’s. (Pending or “Under Contract No More Showings” are contracts that have passed all of their conditions/contingencies/Due Diligence Deadlines and are just waiting to close. These home sales contracts will most likely close by the end of this month or in early August.)

 

  • 78 Closed Sales were recorded in the past two weeks which is significantly better than last month’s and July 2013′s as well. Between this number and our relatively high pending sales I predict that we will at least match last July’s closed sales of 151. It is important to understand that in our Lake Norman housin market there is no one month that regularly logs the strongest sales so while May was the highest month in 2013, August was actually the highest in 2012. If we see a consistently strong showing as we are this month through the summer we might even match or beat 2013 sales by the end of the year.

 

So, what am I experiencing right now and what to I hear from my fellow Realtors? Pretty much the same as the past several months. It is actually fascinating because with small hot and cold niches one Realtor might tell me it is “hot” based upon their own business while others will tell me it is slow. But, I can unequivically say that our Lake Norman real estate market has heated up significantly after a rather disappointing late fall and winter. As a listing and a buyer’s agent I can tell you one thing for sure and that is that buyers are very picky and are likely to start the offer process with fairly low numbers unless they are aware of competiton. Now that we have new construction to compete with, resale homes need to be in move-in condition and have few weaknesses. I am seeing some improvement in the waterfront and higher-end sales after a very slow winter. The dynamics of our current Lake Norman housing market are complex and challenging. There are no concrete trends but rather fluid micro trends.

I continue to encourage my buyers to buy if they find a good home at a good price, especially waterfront homes and lots or homes in the most popular neighborhoods. (Location, location, location). With interest rates rising and few distressed sales, (Less than 3% of our inventory are distressed properties: foreclosures and short sales), Lake Norman home buyers need to strike while the iron is hot when they find a home with potential. Prices in general are still historically low. Economists expect home loan rates to continue to rise in 2014. It is impossible to predict specifics for the future but right now it appears that our Lake Norman real estate market will be very close in 2014 to matching the post recession record high numbers logged in 2013.

Learn More About Life in Lake Norman:

10 Things Lake Norman Waterfront Home Buyers Should Know BEFORE buying

Lake Norman Relocation Resources

Relocating to Lake Norman

60 Things You Should Know About Life in Lake Norman, Part 1

Life on Lake Norman From a Transplants Point of View

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Posted in For Buyers, For Sellers, Lake Norman Real Estate, Market Reports, Relocating?, Waterfront Homes | Tagged , , , | Leave a comment

Lake Norman Real Estate’s 2nd Quarter 2014 Home Sales by Price Range is a Must Have Tool for Buyers and Sellers!

If you are a home buyer or seller in the Lake Norman it really only matters what is happening in YOUR price-range. Yes, it is important to know about the global economy, the national economy and the Charlotte area economy and real estate market but real estate is hyper-local so it is most meaningful to learn about the Lake Norman real estate market and within that, your specific niche. For instance, if you are looking to buy or sell in the $400,000 price range, you are going to have an entirely different experience than someone in the $500,000′s. This is the reason why I create a price-range analysis every quarter for my readers:

Lake Norman real estate home sales by price range for second quarter 2014

Lake Norman home sales by price range

*Compiled from the Charlotte Regional Multiple Listing Service’s data, this chart enables you to focus on your specific price range(s) rather than use the broad-brush approach thus allowing you to size up your competition and better position yourself.

** Compare this to the 1st quarter 2014 price range analysis and the 2nd quarter 2013 price range home sales.

How to read this report:

  • First choose a price range.
  • The next column provides the actual number of listings sold in this price range in the 2nd quarter of 2014
  • This is followed by the percentage this price range represents of the total number of listings sold in all of Lake Norman area 13
  • Next is the number of active listings in this price range at this time
  • This is followed by the percentage this price range represents of the total number of active listings
  • Finally, the last column represent the absorption rate or the number of months of supply for each price range based upon the number of listings divided by the number of sales. (A balanced housing market is 6 – 8 months so you can use this to gauge your price range).

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Posted in For Buyers, For Sellers, Lake Norman Real Estate, Market Reports, Mooresville Real Estate, Waterfront Homes | Tagged , , , | Leave a comment

Lake Norman Real Estate’s June 2014 Home Sales Analysis

Wow!  Look what June brought to our Lake Norman real estate market: An 11% increase over June 2013′s closed sales AND the highest number of closed single family homes since June 2007!  Our sales this June even surpassed last year’s record breaking May sales.

Let’s take a look at the June 2014 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area real estate market:

Lake Norman real estate sales for June 2014

* All data is from the Charlotte Regional Multiple Listing Service. **Please note that the MLS started using an entirely new program last month which did away with Area 13 so my numbers may vary slightly from the past but I have made it as close as possible.

 

Some significant additional statistics for you:

  • “Distressed sales” (Foreclosures (REOS), defaults, Short Sales) represented only 5.8% of Lake Norman’s total home sales. We only had 10 distressed home sales in June. The average price for distressed single family home sales was $400,754. Distressed active listings comprise only 2.3% of our total inventory of Lake Norman homes sale. Clearly distressed sales no longer play a significant role in our Lake Norman real estate market and this is very good news!
  • 33.3% of our June home sales were waterfront homes which is about average.  The average sales price of a Lake Norman waterfront home in June was $771,756. Our average price per square foot, at $223.66, compared to our peak of $229 last summer. Clearly we are seeing new life in our Lake Norman trade-up price ranges after a rather long slump!
  • 12 new construction homes closed in June through our MLS but this does not reflect an acccurate picture of new home sales since so many are custom or are purchased directly from the builders and therefore never enter the MLS. (In fact, this segment of the market may be skewing our Lake Norman home sales numbers quite a bit). The average listing price vs sales price of new construction single family homes was 99%. Clearly there isn’t a lot if ANY wiggle room on prices of new homes. We currently have 52 new construction homes under contract in the MLS. The average sales price in June logged in at $415,894.

 

  • 40.4% of Lake Norman’s June single family home sales were under $400,000. This is down slightly from 43.5% last month. Seeing the lowest priced Lake Norman home’s market share shrinking indicates that our higher priced homes are selling again!

 

  • 57.8% of the entire Lake Norman home sales in June were under $500,000 down slightly from last month. This means over 17% of our sales in June were in the $400,000′s!

 

  • Our “Under Contract Show” AND “Under Contract No show”/Pending sales combined total of 268 were up slightly from last month’s 262. At 268 Lake Norman has just under June 2013′s 271 on this exact date. For the first time this year we are nipping at the heals of our strong 2013 sales numbers!

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Posted in For Buyers, For Sellers, Lake Norman Real Estate, Market Reports, My Real Estate Experiences, New Construction and Developments, Relocating?, Waterfront Homes | Tagged , , , | Leave a comment
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