November in Lake Norman is the month when we say goodbye to our recently over-seeded Fescue lawns (which remain green all winter but not nearly as they are in October in the photo above) and forests of tall green trees. This year, thanks to a cold snap with some serious wind and rain we only enjoyed the beautiful fall colors briefly before our trees went bare for the winter.
This November also left us with some serious concerns about the Lake Norman real estate market:
Lake Norman November 2008 Sales Data
|Lake Norman||2008||Average $||DOM||2007||%+/-||Ave $||%+/-||DOM||%+/-|
|Months of Supply||34.4|
Active Listings are almost identical to last month’s 1593 and the average days they have been on the market increased from 157 in October to 165 in November. Based on our rate of home sales that translates to a 34.4 months of supply of Lake Norman homes for sale!
Contingent Sales were down from 16 to 11 since October
Conditional Sales were down from 24 to 22 since October
Pending Sales were UP!!! from 72 to 74 since October…not much be a good thing none the less!
The number of Lake Norman homes that sold/closed in November plummeted to 46 from 84. The average sales price dropped 17% and the number of days on the market increased by 21%
To put this in perspective I would refer you back to my article Lake Norman Real Estate: What do our October 2008 Numbers Tell Us? As part of this analysis I included a 4-year home sales chart by month. Our 46 sales in this past November is the lowest in over 4 years. The next lowest sales in one month was 50 in February of 2008. In November of 2005 we had 145 sales.
Is there any good news? In the past two weeks 23 home sales closed in the Lake Norman market area. If this trend continues December may mirror November rather than drop. Interest rates are hovering around 5.25% and there is even talk of the Feds moving in to bring the mortgage rates down into the 4.5% range in order to jump-start our national home sales. I personally represented out-of-state home buyers in 3 sales in the past month. Two of these were due to their homes selling in Michigan and New York!
As we Realtors always say, the holidays are a time for serious buyers and serious sellers. It will be very interesting to see what unfolds as our nation struggles through this financial crisis. The one thing I am confident about is that long term the Lake Norman real estate market is going to get back on track and will see consistent annual growth. The greater Lake Norman and even Charlotte market is still considered one of THE destinations and areas of future job growth. It’s not a matter of if, it is merely a matter of when!