Every quarter I create a 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 2nd quarter of 2011
- 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.
- Sales of Lake Norman homes when compared with the amount of inventory remain strongest in the $0 – $399,999 price range. This group of prices represented 51.73% of Lake Norman home sales and only 39.7 % of the active listings. Another strong price range was $1million – $1,250,000 which represented 4.63% of Lake Norman home sales and 4.29% of the active listings followed by the $400,000 – $499,999 price range which improved significantly compared to the first quarter.
- Sales of homes when considering the months of supply (absorption rate) were strongest in these same price ranges as above.
- Our weakest price ranges were the $700,000’s, $800,000’s, $900,000’s and homes over $1,500,000.
- 14.3% of our home sales were at or above $800,000 compared to 11% last quarter. We had 6 closed sales of homes over $2 million this quarter compared to only 1 last quarter showing some improvement in our Lake Norman luxury homes market.
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 $700,000 listing price, it would clearly be prudent to price your home in the high $600,000’s where there were twice as many properties sold and comparatively less competition. And, it would be much better for the seller to list in the $1 million – $1,250,000 to capture the attention of more than double the buyers than in the next price range if, of course, the expected value is close to $1,250,000.