One of the best ways I have found to track Lake Norman’s real estate trends is to compare the largest of the Crescent Communities that are found on all sides and corners of Lake Norman. Comparing home sales activity in The Point, The Harbour at The Point and The Farms in Mooresville, The Peninsula in Cornelius, Sailview in Denver, Northview Harbour in Sherrills Ford and Falls Cove in Troutman/Statesville provides valuable insight into these 5 Lake Norman towns and how each is recovering from the recession.
* All home sales data is from the Charlotte Multiple Listing Service
I must admit I was surprised by many of the numbers above:
- The Peninsula is actually out performing The Point both in number of total sales and, with a significantly lower number of active listings, it has a much more competitive number of months of supply at 5.7 compared to The Point’s 15 months.
- That said, The Point and The Peninsula have almost identical numbers when it comes to the days a home is on the market, the percent of the listing price compared to the sales price and the average price per square foot.
- It is no surprise that The Point and The Peninsula have the highest homes sales price per square foot of all 7 Crescent Communities given they have the most luxury, high-end estates and amenities and are located in the strongest real estate markets on Lake Norman
- The months o f supply winner goes to The Farms which is not a surprise given the amount of new construction and the price ranges of $500.000-$600,000. Note that the average home sold for 98% of the listing price as well!
- I found it fascinating that Sailview, in Denver on the Northwest side of Lake Norman, not only has a very low number of of months of supply but the lowest days a home was on the market before it sold of all 7 Crescent Communities. The average price per square foot of real estate sales in Sailview was a modest $133 which supports my feelings that the west side of Lake Norman’s recovery has been later and slower than that of Mooresville and Cornelius on the east side.
- The numbers above for Northview Harbour, in Sherrills Ford, and Falls Cove in Statesville/Troutman which are both north of Hwy 150 support the fact that these are the weakest real estate markets in all of Lake Norman. However, it does look like Northview Harbour is gaining momentum.
Just for comparison, here is a sales analysis I did for the same Crescent Communities in Lake Norman in March 2012:
- The Point’s sales in 2013 were fewer over all, took longer to sell and have a higher months of supply. However, the price per square foot increase substantially.
- The Peninsula’s sales in 2013 have been significantly stronger than 2012, their months of supply dropped significantly however their days on market increased and the price per square foot barely improved.
- The Harbour at The Point in 2013 is about equal to the prior report in every category.
- The Farms wins the award for most improved in every category. I attribute this to the new construction.
- Sailview also has shared in very positive improvement in the number of sales but note that the price per square foot actually declined slightly.
- Northview Harbour saw little change except in the number of days it took to sell a home. Again, their average price per square foot actually dropped slightly this year.
- Finally, poor Falls Cove which was not even off the ground when the recession hit Lake Norman, is still struggling.
Clearly, as a Lake Norman home buyer or seller, as I emphasize all the time, you need to learn about your own specific niche because the are so many micro markets in Lake Norman. One really can’t talk about Lake Norman real estate with a broad brush.