Lake Norman Real Estate: A Snapshot of the Current Home Sales

By Diane Aurit | Published: May 19, 2008

Whenever I hear talk in my RE/MAX office about an increase in activity of any kind I usually go immediately to our Multiple Listing Service to search for data that might substantiate a change in our market. Such was the case today but unfortunately the numbers are not reflecting any perceptible change.

Here is a snapshot of our inventory and recent sales which have yet to close compared to the past 4 quarters:

	5/19/08	4/1/08	1/01/08	10/1/07	7/1/07
Active	1735	1668	1259	1351	1300
Contingent	16	15	17	20	23
Conditional	33	34	30	34	42
Pending	105	115	106	154	170

As you can see, our number of active listings is at an all time high of 1735 while the number of contingent and conditional sales have decreased since fall of 2007 but have remained fairly constant since January of this year. The number of pending sales which are those due to close have dropped 38% since last July and are barely equal to our January 1, 2008 figures. The bottom line is that we experienced a small increase in sales in about March of this year but now, when we should be at our annual peak, our pace slowed to about the same as January which is traditionally the slowest time of the year here in the Lake Norman area

In the past 30 days, a total of 92 homes sold as compared to 133 in the exact period of 2007. This is a -31% drop in sales from a year ago

At the same time we have a +33% increase in active listings compared to the end of the second quarter of 2007. At this rate we have about a 19-months of supply on hand compared to the desireable 6-8 months of a balanced market.

Interest rates are low and buyers are looking but seem to lack the confidence to buy.

As always, I qualify that my analysis uses numbers from the Charlotte Regional MLS and that I use areas 13/1 – 13/4 covering all of Lake Norman with the exception of the northern Catawba River area.

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