Every quarter I create this price range analysis for the Lake Norman real estate market in an effort to provide insight into our Lake Norman housing market by niche for both buyers and sellers:
Compiled from the Charlotte Regional Multiple Listing Service’s data, this chart enables you to focus on your specific price range(s) rather than use the broad-brush approach thus allowing you to size up your competition and better position yourself.
How to read this report:
- First choose a price range.
- The next column provides the actual number of listings sold in this price range in the 4th quarter of 2010
- This is followed by the percentage this price range represents of the total number of listings sold
- Next is the number of active listings in this price range
- This is followed by the percentage this price range represents of the total number of active listings
- Finally, the last column represent the absorption rate or the number of months of supply for each price range based upon the number of listings divided by the number of sales.
- To compare these to the same period of 2009 please see the chart below
- Sales of homes when compared with the amount of inventory were strongest in these price ranges: $0 – $399,999; $900,000?s and $1.5 million – $1.749 million. Note that the $600,000 price range dropped out of this group!
- Sales of homes when considering the months of supply (absorption rate) were strongest in these same price ranges.
- Sales of homes that fall within the FHA conforming loan rate of $417,000 represented about 65% of our overall Lake Norman home sales.
- 11% of our home sales were at or above $800,000.
As a buyer, this chart will show you where you might face the stiffest competition and at what price ranges you might see opportunities. As a seller, you can look at the Lake Norman real estate market’s activity by price range and if you are right on the cusp of, for example, a $1,000,000 listing price, it would clearly be prudent to price your home in the $900,000’s where there are more sales and less competition. The same could be said about a home about to be listing at about $400,000. It would be much better for the seller to list in the high $300,000s to capture the attention of more than double the buyers than in the $400,000s.
**** I just found out about a cool tool offered by Trulia just launched this week. It is an interactive price reductions map by zipcode: