Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where we are at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.
The August housing market in our Lake Norman area historically has been a bit schizophrentic.
Since 2005 only 4 August closed home sales totals exceeded July’s. That said, August logged the highest monthly sales in 2005, 2011 and 2012 and the third highest monthly sales in 2006. As of today we have 83 total closed sales since the first of August compared to last month’s 95 closed sales at the same time in July. As you can see below, we had the highest 2-week hot sheet closed sales totals since January but are just slightly below last August’s. We currently have 285 single family homes under contract (sellers have accepted an offer but the sale is not complete) in all of Lake Norman compared to last month’s 286 and last August’s 247. We really are almost on pace with last month and significantly better than last August’s under contract properties. I am really impressed with the consistent momentum in Lake Norman going into late summer! Let’s take a closer look:
Lake Norman Real Estate’s August 2015 Two-Week 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. These numbers represent a real time snapshot of the past two week’s activity. (August 8th – 23rd). As always, I have included the past 6 months so that you can put these numbers in perspective.
I created this additional chart comparing just the August Lake Norman Hot Sheet numbers for the past 6 years to help put our August 2015 home sales activity in perspective with prior Augusts’.
August Hot Sheet Numbers for the Past 7 Years
- New listings: After a gradual increase since the beginning of the year, Lake Norman’s inventory of homes for sale is now declining which is reflected in both of the charts above. At 85 new listings in the past two weeks we are at the lowest since February and the third lowest since 2009. This morning we had 938 active listings in all of Lake Norman which is down from last month’s 966 and well below last August’s 1036!
- Our number of “Under Contract but Continue to Show” homes, formally called Conditional and Contingent sales in our MLS at 75 was higher than last month’s and all previous Augusts’ back to 2009.
- Our number of Under Contract No Show/Pending sales, picked up compared to last month’s hot sheet and at 38 are the second highest August since 2009. Pending or “Under Contract No More Showings” are contracts that have passed all of their conditions/contingencies/Due Diligence Deadlines and are just waiting to close. These home sales contracts will most likely close by the end of this month or in September. So, it looks like we will have a good August and perhaps an even better September.
- 77 Closed Sales, is what adds the WOW factor to this month’s sales. So far this month we have 83 closed sales compared to last months 95 at the same time. While I don’t think we will match last month’s 169 closed home sales I do think we will exceed last August’s 142 based upon the number of closings we have already had this month. Keep in mind that we have a surge of new construction right now so these MLS numbers are lower than our actual total sales because so many new homes are sold directly to buyers rather than through the MLS.
2015, which started out with a bang, will clearly continue this strong trend through this month at least. We has a good 4th quarter in 2014 so it will be interesting to see how we will fare this year but early indications are that we will exceed last year’s strong numbers. With relatively low inventory I am counseling my buyers to watch the market daily for new listings when we can’t find anything close to what they want. The average days on market has dropped significantly, especially for “good” new listings. If buyers are willing to do remodeling, then now is a great opportunity to buy an older waterfront home that needs work, has been on the market for a long time but is in a great location or has great water. The waterfront teardowns/fixers are HOT and disappearing! Interest rates actually dropped under 4% this past week and it now looks like the Feds won’t raise their rates next month as was earlier expected. Also keep in mind that we have very few distressed sales, (Less than 2% of our inventory are distressed properties: foreclosures and short sales), so a bargain may actually be a really well priced home that is in a good location with a good floor plan. My Mantra for 2015: Think location and resale and look for good waterfront opportunities before they are gone!
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