Here we are only three weeks in to the new year and new listings have been cropping up all over Lake Norman. I was honestly quite surprised to see such activity so early in the year, especially considering our snowy weather and the fact that January is historically a slow month for real estate.
To get a good snapshot of what has actually taken place in the real estate market around Lake Norman I decided to look at the MLS “Hotsheet”. The hotsheet is one of the oldest yet probably one of the best ways for Realtors to keep up-to-date with daily or weekly changes. We choose the dates and we get a list of all new listings, properties that are back-on-the-market, price changes, properties withdrawn from the market, new pending, contingent and conditional sales and finally the number of properties sold (closed).
Here are the results of my search for the two-week period of January 8th – Today (January 22nd) for all of Lake Norman:
- New Listings: = 300
- Listings Back on the Market: = 75
- Price Changes (reductions): = 222
- New Pending Sales: = 88
- New Contingent Sales: = 12
- New Conditional Sales: = 28
- Solds (closed sales in this period): = 60
- Withdrawn from market: = 97
- Temporarily off the market: = 29
So, we had 300 + 75 = 375 new listings in Lake Norman in the past two weeks. And, if you count the pending, contingent, conditional, sold, withdrawn and temporarily off the market listings, we had 314 listings come off the active listings. This means we have a net increase of 61 more active listings than we had two weeks ago for a grand total of 1341 in all of Lake Norman according to today’s MLS search.
It is interesting to see 222 price changes, most of which were price reductions. Clearly sellers are realizing that we are in a buyer’s market in most of the greater Lake Norman area and finally reducing their listing prices.
There is good news too! Pending sales are an excellent barometer of the future since these are properties that just went under contract but haven’t closed yet. If you add these to the contingent sales (the contract is contingent upon the buyer’s home selling) and the conditional sales (new sales that still have conditions like inspections and loans) we had 88 + 12 + 28 = 128 new sales in the last two weeks compared to 268 solds in the entire 4th quarter of 2007!
This is just a snapshot of two weeks but at the very least it tells me that many sellers were waiting until after the holidays to list their homes or reduce their asking prices. With the Feds cutting rates today 3/4 of a point it truly is going to be interesting to watch where our Lake Norman real estate market is heading this spring!