Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s August 20, 2010 Hot Sheet

Our local Lake Norman homes sales this month are in step with the US’s rather lackluster housing market. After the bump this spring due to the tax rebates, our Lake Norman home sales have slowed down enough to seem unable to even match 2009 or 2008 sales numbers for the same time period.

Lake Norman Real Estate’s Two-Week Hot Sheet

8/6/2010 –8/20//2010

Lake Norman hot sheet

 

The above chart is a summary of today’s “Hot Sheet” from the Charlotte Multiple Listing Service for single family homes in all of Lake Norman (area 13).  These numbers represent a real time snapshot of the past two week’s activity.  (August 6 – August 20th).  As always, I have included the past 5 months so that you can put these numbers in perspective. 

Below is the 2009 chart for the same period for your reference.

August 14, 2009 Hot Sheet

 

Highlights:

  • New listings:  The number of new listings coming on the market in Lake Norman is dropping.  This is a good thing for our local housing market but a continued source of frustration  for Lake Norman home buyers.
  •  The number of properties that came back-on-the-market, most likely due to cancelled contracts, were quite low but since this data has been missing in our new MLS system until recently, my guess is that this number may not be accurate yet.  We will know next month.
  • The number of price changes  dropped when compared to both last month and last year.   This actually surprises me because I am seeing price reductions daily.
  • Pending home sales appear to have dropped to their lowest levels since I have been doing these reports.  For the past two years August has been a particularly slow month with sales of 67 in 2009 and 76 in 2008.  It will be interesting to see if we be able to reach those numbers by the end of this month.
  • The number of closed sales in the past two weeks were just slightly below last month, but they are 29% lower than August 2009.   So far this month 38 sales have been reported to our MLS compared to 36 sales last month and 63 sales at the same time in June.
  • Contingent and Conditional sales  are the one bright spot in our market Hot Sheet.     These represent the most recently accepted offers.  33% higher than last month and 19% higher than last August at this time, these might be an indication that September will show some stronger closing numbers.

My buyers, mostly out-of-state, are paying close attention to our current market trying to time their purchase.  Many are still on the fence but they are ready to jump as soon as they have confidence or see an opportunity.  Interest rates are incredibly low.  The million dollar question is will we hit bottom this winter?

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