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 3rd 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 – $599,999 price range. This group of prices represented 77.89% of Lake Norman home sales and only 63.77 % of the active listings. Another strong price range was $800,000- $899,999 which represented 3.74% of Lake Norman home sales AND active listings. Clearly the strongest sales were in the very lowest of our price ranges.
- 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, $900,000?s and homes over $1,250,000.
- 12.92% of our home sales were at or above $800,000 compared to 14.3% last quarter. We had 7 closed sales of homes over $2 million this quarter compared to 6 in the 2nd quarter and only 1 in the 1st quarter showing some improvement in our Lake Norman luxury homes market.
- Our overall Months of Supply dropped to a respectable 11.76 due in part to our shrinking inventory of homes for sale.
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 $900,000 listing price, it would clearly be prudent to price your home in the high $800,000’s where there were twice as many properties sold (and more buyers) and comparatively less competition.
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