Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 3rd Quarter 2011 Home Sales Analysis

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.

 

Some Findings:

  • 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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