Lake Norman Real Estate Market Reports, Lake Norman waterfront homes

Lake Norman Waterfront Home Sales 2005-2016: Interesting Insights!

Waterfront homes are a part of what makes Lake Norman so popular.  What an amazing lifestyle they offer!  Yet, during most of 2016  I once again noted, well complained, in my monthly Lake Norman market reports about our mercurial sales in luxury homes, the lack of inventory of good waterfront homes in the under $1 million price ranges and the historically low number of sales of waterfront homes as a percentage of our overall Lake Norman real estate market.  So, what is up with waterfront homes?  Now that 2016 is in the books I have put our 2016 waterfront home sales numbers in context with the past 11 years.  The results are really fascinating if you like numbers!  Let’s take a closer look:

Lake Norman Waterfront Homes Sales 2005 – 2016

Lake Norman waterfront home sales chart by year

*All date is compiled using the Charlotte Multiple Listing Service

A closer look by vertical columns of this chart:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s December 2016 Market Report: It’s a Wrap!

Thanks to another strong month, our Lake Norman real estate market ended 2016 with a healthy 6.8% increase in single family home sales versus 2015 and the highest number of annual home sales since 2005!  While our December sales only beat out last December’s by single digits, we still ended with 6 of the 7 final months of 2016 beating 2015 numbers handily. The cherry on top again this month is that the number of new contracts once again are higher than the past two years indicating that we should begin 2017 in the black. Let’s take a closer look:

Lake Norman real estate market report December 2916

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

  • Waterfront homes continue to under perform despite Lake Norman’s overall high sales numbers. Waterfront properties represented only 26.6% of our December closed sales,. At the same time they currently comprise 40.7% of our active listings. The average sales price of a waterfront home in December was $886,643 which is slightly higher than the past 2 months but well below August’s $1,040,070, July’s $912,446.  Our overall luxury housing market remains soft as well which is linked closely to our waterfront market. The average price per square foot of our waterfront homes came in at $226.00 down from last month’s impressive $252.94 and October’s $237.98. This number is best averaged over a longer period of months because it only takes one or two really expensive sales ($2- 3 million+) to skew any given month. It took on average whopping 162 days for a waterfront home to sell (verses 108 last month)and they sold for only 93% of the listing price compared to 96% last month. We currently have only 49 waterfront homes under contract comprising 26.7% of our total homes under contract.  Our waterfront homes’ months of inventory actually dropped down to 8.8 compared to 11 last month. Waterfront home sales are still in a buyer’s market.  These numbers certainly indicate that now would be a good time to by a waterfront home.  That said, this varies quite a bit by price range, location and quality of water.  Don’t be complacent because when really nice waterfront properties hit the MLS as they are actually selling quickly.
  • 29 new construction homes closed in December through our MLS but this does not reflect an accurate 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%. There is still very little if any wiggle room in new home prices. (But ask for all those great upgrades!) We currently have 75 new construction homes under contract in the MLS. The average sales price in December logged in at $391,829.  The months of supply of active listings based on December sales stands at 7.1 so overall new construction homes are technically in a buyer’s market but again this varies greatly by location and price range.
  • Distressed sales” (Foreclosures (REO’S), defaults, Short Sales) represented 1.5% of Lake Norman’s total  home sales. With just 2 distressed closed sale for the entire month it is clear they didn’t play a role in December at all.  Distressed active listings currently comprise 2.1% of Lake Norman’s current total inventory of single family homes for sales. Distressed sales continue to play an insignificant role in our Lake Norman real estate market. 
  • 50.0% of Lake Norman’s December single family home sales were under $400,000 which is about equal to last month’s.
  •  68.8% of Lake Norman home sales in December were under $500,000, which is a bit higher than last month’s.
  • Our “Under Contract Show” AND “Under Contract No show”/Pending sales combined total of 183 is once again higher than that past two years at this same date but not as much of a difference than prior months this fall. We have 4% more properties under contract than at the same time in 2015 and 18.8% more than January 6, 2014. We are on pace to have a relatively good start to 2017.

A closer look at the chart:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s Newest Tool for Home Buyers and Sellers

Entrance to The Point Luxury Waterfront Community on Lake Norman

How would you like to get a “State of the market” report for every community in Lake Norman with just two clicks?  It may sound impossible, but here is a link to my Home Search section where all you have to do in choose the community or area and you will get charts for the past 3 years including 2016!

 2016 Annual Market Report Tool

You can search by area for our entire Charlotte MLS region or you can search by a community/complex.  Here is an example of the results you will get.  In this case I used The Point:

Lake Norman real estate market tool

Now, just for fun, here are the same charts for The Peninsula:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s December 2016 Hot Sheet is Here!

Lake Norman Hot Sheet Home Sales

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 we are at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.

I always get excited to do this Hot Sheet analysis each month because it provides me with the mid-month pulse of our Lake Norman real estate market.  So where are we today?  The numbers below definitely indicate that our unusually heated pace of sales has slowed down to about the same as last year’s in the past two weeks. That said, we are well on our way to logging another strong month of sales to end the year on a high note. Let’s take a closer look:

Lake Norman Real Estate’s December 2016 Two-Week Hot Sheet

Lake Norman Market Report Hot Sheet

* 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. (December 7th – 21st.  As always, I have included the past 6 months so that you can put these numbers in perspective. Below is the December chart using my data since 2009.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s November 2016 Market Report

Wow, a 33% increase in Lake Norman’s home sales in November, now that is impressive! In 5 of the past 6 months we have beaten the same months in 2015 and 4 of the 5 by double digits. Not only were November’s sales 33% higher than last November but they also were the highest November sales since 2005. The cherry on top is the number of new contracts where are also significantly higher than last year indicating that this momentum is going to continue throughout the next several months at least. Mercurial has been emphatically replaced by momentum as my favorite adjective to describe our current Lake Norman real estate market.  Let’s take a closer look:

Lake Norman real estate Market Report November 2016

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s November 2016 Hot Sheet is Here!

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 we are at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.

I always get excited to do this Hot Sheet analysis each month because it provides me with the mid-month pulse of our Lake Norman real estate market.  So where are we today?  The numbers below seem to indicate that while the pace is slowing just a bit which is expected at this time of year, it looks like we are well on our way to logging another strong month of sales. Let’s take a closer look:

Lake Norman Real Estate’s November 2016 Two-Week Hot Sheet

Lake Norman Real Estate Hot Sheet home sales chart

* 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. (November 7th – 21st. As always, I have included the past 6 months so that you can put these numbers in perspective. Below is the November chart using my data since 2009.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s October 2016 Market Report:

Lake Norman’s overall real estate market is still extremely active despite entering into our seasonally slower months. 4 of the past 5 months have beaten the same months in 2015 and 3 of the 4 by double digits! In October we closed 17% more home sales than last October and based upon our new contracts it looks like this momentum is going to continue throughout the next several months at least. Mercurial has been emphatically replaced by momentum as my favorite adjective to describe our current Lake Norman real estate market.  Let’s take a closer look:

Lake Norman Market Report October 2016

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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