Lake Norman Real Estate: Friday Hot Sheet!

LAKE NORMAN RESIDENTIAL REAL ESTATE HOT SHEET

FRIDAY, July 11, 2008

My bi-monthly Lake Norman Friday Hot Sheet is here!

As I stated two weeks ago, despite all of our technology, one part of our real estate practice has consistently been an important part of our routine…pulling the daily, or in this case, bi-monthly Hot Sheet which gives us a snapshot update for all residential real estate activity in Lake Norman for the past two weeks.

Above is a chart with today’s numbers and then, for comparison, numbers from the past two weeks and earlier this year. Here are some highlights:

• The past two weeks almost mirror the two weeks ending 4/12/08.

• New listings were up about 10% which is quite a surprise as we are entering the slower summer months.

• The number of listings coming back-on-the-market decreased by 22%…are we seeing a bit more stability in mortgages and increased buyer confidence?

• The number of price changes has dropped by 18% which may indicated that sellers are more inclined to wait out the market

• Pending sales dropped 33%. Since these are sales that are about to close, this indicates July sales will be down from June.

• Solds (contracts that closed in the past two weeks) were just about the same as the past few months.

• Contingent and Conditional Sales are up slightly…it is hard to tell if this will lead to higher closed sales in August.

Overall, the increase in new listings and the drop in pending sales are a bit worrisome but we will know more if a few weeks. If you haven’t already done so, I hope you will take a look at my 2nd Quarter 2008 Sales Analysis. (See link below!)

Have a great weekend!