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.
Despite the weather, February closed sales so far indicate that Lake Norman’s housing market is plugging along at a pace slightly better than last year’s. We currently have 230 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 187, December’s 174, November’s 208, and October’s 262. While February is historically one of our lowest month for closed sales, activity is good. Here are our 2-week Hot Sheet numbers:
Lake Norman Real Estate’s February 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. (February 8th – 22nd). 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 February Lake Norman Hot Sheet numbers for the past 5 years to help put our February 2015 home sales activity in perspective with prior Februarys’.
February Hot Sheet Numbers for the Past 6 Years
- New listings: The number of homes listed for sale in Lake Norman in the past two weeks is the highest since September, identical to last February’s but well below ALL but one other February’s. Today we have 821 active listings in all of Lake Norman compared to last month’s 794 December’s 833, and the end of January 2014’s 806 . I have been working not-stop with buyers since the beginning of the year and the consistent complaint has been the lack of listings. New listings that are well priced and in good condition tend to sell quickly.
- Our number of “Under Contract but Continue to Show” homes, formally called Conditional and Contingent sales in our MLS at 60 is the strongest since September and the best February by far since I have been keeping these records! It is clear that I am not the only one crazy busy right now. Lake Norman’s current housing market’s activity is very positive.
- Our number of Under Contract No Show/Pending sales, is equal to last month’s and higher than the prior two months and all prior February’s since 2010. (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 March.)
- 37 Closed Sales may not look like much compared to the prior 6 months this past year but it is the highest of all February’s since 2009. I think will will at least match last February’s closed sales of 68. I am more confident that we have the momentum to surpass the first quarter of 2014’s closed sales. Now that we have a surge of new construction these MLS numbers are actually lower than our total sales because so many new homes are sold directly to buyers rather than through the MLS. 2015 is going to be a very interesting year to watch given this relatively great start, exceptionally low interest rates and rather bullish predictions for the US economy and housing market.
Times are a changing, that’s for sure. With such low inventory I am actually counseling my buyers to watch the market daily for new listings when we can’t find anything close to what they want rather than purchase a property that may have incurable issues like a really bad floor plan and/or a less than desirable location. If buyers are willing to do remodeling, then now is a great opportunity to buy an older home that needs work, has been on the market for a long time but is in a great location or has great water. (Location, location, location). Interest rates are unexpected low right now but keep in mind that we have very few distressed sales, (Less than 3% 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 resale!
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