For years, one of the best ways I have found to track Lake Norman’s real estate trends is to compare the largest of the waterfront Crescent Communities that were developed on all sides and corners of Lake Norman. While our market has evolved, comparing home sales activity in The Point, The Harbour at The Pointe 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 or changing since 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:
- Comparing Lake Norman’s highest priced luxury communities, The Peninsula continues to out perform The Point in the number of total sales with a significantly lower number of active listings and it is in a sellers market with their months of supply at 6.4 compared to The Point’s 12 months. That said, The Point has definitely improved in the past year and in 2014 their average sales per square foot was the highest of all 7 communities.
- The Harbour at The Pointe has logged in some strong numbers despite having an incredibly low number of listings. Their listings sold the fastest and for the highest $ per square foot outside of The Point and The Peninsula.
- The Farms is now more complicated to analyze since the last phase now selling is the new Lennar Homes section by Woodland Heights Elementary. These homes are priced in the $200,000’s – high $300,000’s or about half as much as the custom homes in the other phases of The Farms so the average price per square foot is lower than last year but both sections of The Farms are doing well and it is important to note that many new construction home sales are not in the MLS so they are doing even better than these numbers would suggest. New construction signs a siren’s song to many buyers!
- For the second year in a row Sailview, in Denver on the Northwest side of Lake Norman, has a very low number of active listings and therefore months of supply based on solid sales. At the same time, they are competitive in their per square foot and percent of listing price to selling price and the number of days on the market. When new construction hits this side of the lake I think it will shine!
- Northview Harbour, in Sherrills Ford on the northwest side of Lake Norman remains the weakest of the 7 communities and with 12 months of supply is still very much in a buyers’ market. This less developed area of the lake has taken the longest to recover from the recession.
- I hesitated whether to include Falls Cove because it never really got of the ground during the recession and, no longer a Crescent Community, really is a better reflection of new housing sales north of Hwy 150 in the Troutman/Statesville area than a comparison to the other 6 communities.
Interesting highlights comparing 2013 to 2014:
- The Point’s numbers have improved across the board in 2014. With a 13.6% increase in sales and a 6.3% increase in price per square foot and the highest price per square foot of the 7 communities it has had a good year!
- The Peninsula’s sales in 2014 are identical to this same time in 2013. Their months of supply actually increased slightly, their days on the market dropped but their price per square foot also dropped slightly. While still good numbers, compared to 2013 they are trending weaker rather than stronger.
- The Harbour at The Pointe logged some fascinating numbers. With almost no active listings, homes in The Harbour sell quickly when they are listed and at a higher price per square foot. Despite the competition of new construction in the area, The Harbour remains a very popular community!
- The Farms, as I stated above, is almost two stories; the original phases of custom homes and the last phase of Lennar homes. Combined or not, The Farms remains popular with faster sales and relatively low inventory.
- Sailview has definitely picked up momentum in 2014. Slightly higher number of sales, only 4.2 months of supply of active listings and a 14.3% increase in the price per square foot all indicate that the south west side of Lake Norman is gaining ground.
- Northview Harbour, on the other hand, has actually lost ground in 2014 with lower sales, higher inventory, and longer days on the market. However, their average price per square foot did increase but with only 8 sales in 2014 that could be a result of one or two high-end sales. The north west side of Lake Norman is still inching its way out of the recession
- Falls Cove is back in business in 2014 with 13 sales compared to only 1 in all of 2013. Note that the price per square foot is significantly lower than the 6 other communities. The new homes are priced well below the others which is a reflection of where the market it most active.
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. That said, I do find value in tracking these Crescent Communities!
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