If you are a home buyer or seller in the Lake Norman it really only matters what is happening in YOUR price-range. Yes, it is important to know about the global economy, the national economy and the Charlotte area economy and real estate market but real estate is hyper-local so it is most meaningful to learn about the Lake Norman real estate market and within that, your specific niche. For instance, if you are looking to buy or sell in the $400,000 price range, you are going to have an entirely different experience than someone in the $500,000’s. This is the reason why I create a price-range analysis every quarter for my readers:
Lake Norman’s 4th Quarter 2014 Home Sales By Price Range
*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. ** Compare this to the 1st quarter 2014 price range analysis , the 2nd quarter 2014 price range home sales, the 3rd Quarter 2014 price range analysis and the 4th Quarter 2013 price range analysis.
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 2014
- This is followed by the percentage this price range represents of the total number of listings sold in all of Lake Norman
- Next is the number of active listings in this price range today
- 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. (A balanced housing market is 6 – 8 months so you can use this to gauge your price range).
- Our overall months of supply (absorption rate) of 6.98 puts our Lake Norman real estate market squarely in a balanced market; favoring neither buyer nor seller.
- Compared to our 3rd quarter home sales of this year, we had 6 price ranges that have stronger/lower months of supply than last quarter and 10 that were higher/weaker.
- Our most improved price ranges were the $400,000’s, $800,000’s, and $1,000,000- $1,500,000.
- Our weakest price ranges by far were the luxury price ranges above $2,000,000. Also showing signs of weakness were the $600,000’s, $700,000’s, and $900,000’s.
- As has been the case for years, the lowest price ranges remain the strongest however I would now raise the bar up to $599,000. These represent 76.86% of the total sales with 60.84% of the total inventory).
- Overall, Lake Norman is in a seller’s market up to$300,000, a balanced market up to $600,000 at which point it slips into a buyers’ market.
- Our luxury homes above $1 million represented only 7.63% of our sales and currently represent 15.9% of our active listings.
- Lake Norman’s overall Months of Supply of active listings ended 2014 at 6.89 compared to our 3rd quarter’s low of 6.79, the second quarter’s 8.42 and our 4th quarter 2013’s 7.7.
- To put this in historical perspective, in the 1st quarter of 2009 we had only 111 sales but 1546 active listings and a whopping 46.4 months of supply for all of Lake Norman!
As a buyer, the chart above will show you where you might face the stiffest competition and at what price ranges you might see opportunities. If you fall in the $550,000 – $650,000 price range you might want to look for opportunities in the 600,000’s where there are half the number of sales and a 9.33 month supply of active listings.
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 $1,500,000 listing price, it would clearly be prudent to price your home under $1,500,000 where 4 times as many properties sold so more than likely more buyers out looking.
Questions about this report or the overall Lake Norman real estate market? Send me a quick email: email@example.com. Please note that in all of the price range charts I am actually using data from the 15th of the month so these numbers won’t match perfectly with the monthly or annual sales numbers I provide.
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