lake norman real estate

Lake Norman Real Estate: Are We Getting the Year-End Bump?

 

There are some fascinating numbers and micro trends going on right now in our Lake Norman real estate market.

As was the case last December,  the current MLS data suggests we are in for a pretty good month. But, let’s take a closer look:

  • Many banks want their shortsales and foreclosures off their books by the end of the year.  I have a waterfront shortsale listing where we have had a low-ball offer sitting on the table for quite a while until suddenly two days ago the bank said to take it if they will close by December 31st.
  • We have closed 38 sales already this month and have 83 Pending sales which may lead to even higher sales than last December’s 70 and definitely much stronger than December 2008’s 58 and December 2007’s 64.
  • I just took a look at the list of our Pending sales and was surprised to see how many of the waterfront properties that have been sitting for several years are now under contract!  We are definitely clearing out our inventory of waterfront homes and few new ones are coming on to take their places.
  • There are currently 32 Crescent Community homes under contract the most impressive being 12 in The Point!  8 of these 12 are $800,000 – $1673,000.

I have been telling my waterfront buyers that this winter is the time to seriously consider getting off the fence and I feel this more strongly today than ever.  Interest rates are creeping up, our overall Lake Norman inventory of active homes for sale is down to a low of 1114 and is still falling, and many of the homes that have been sitting on the market for years are now selling.

My concern is that even if our market continues to struggle through 2011 and into 2012 that there simply won’t be many “bargain” waterfront homes with good water left to choose from.  Even now there are slim pickings in some price ranges compared to last year at this time.  My gut is saying: Carpe Diem!

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