What we have felt for quite some time here in the Lake Norman real estate market has been officially substantiated: The number of people moving to the greater Lake Norman and Charlotte region has slowed according to a Charlotte observer article: Signs suggest regional influx slowing.
In Lake Norman we saw it first happening as much as a year ago when buyers planning to move to Lake Norman couldn’t because they either were unable to sell their homes in the most hard-hit states around the U.S or hesitated to buy in a downward trending real estate market. Since about 75% of our Lake Norman real estate sales involve buyers from other regions or states, I think this impacted our market even more than Charlotte last summer and fall.
The indicators used in this article include:
- School enrollment
- New electrical service hookups
- Reports from businesses that cater to new residents
“Economists and others say the change, though just a hiccup and no threat to long-term prosperity, illustrates how Charlotte’s economy is feeling pressure from a flagging national economy.”
- Charlotte Mecklenburg Schools planned for an increase of 5,200 students but got only 2,900
- Duke Energy said that new power hook-ups fell to 38,391 VS 40,828 in 2006
- Gentle Giant Movers has seen it’s once-strong flow of New Englanders pull back
I had a call just the other day from a couple in Florida who had purchased a lot on Lake Norman with plans to build their dream home. They were asking me to list it for them as they have been unable to sell their home in Florida so are no long able to make the move.
Last fall a family from Boston I had been working with for months finally sold their home in Boston for a loss and ended up renting a home as they were no longer in a financial position to buy.
Like the Charlotte Observer article suggests, I don’t feel there is any reason to panic as I strongly believe our downturn is temporary and that once the national home sales begin to improve we will return to our traditionally strong and steady housing market. And, our current Lake Norman real estate market, will down substantially in the number of homes sold has only had a small decrease in the average sales price.
In the meantime, a released on Monday ranks Charlotte among the top three locations for 8 of 20 careers.
The future of our Lake Norman and Charlotte real estate market is very bright. We simply need to hang on for a bit longer!