Lake Norman Real Estate’s Friday Hotsheet 2/20/09

Lake Norman Real Estate Friday Hot Sheet

February 20, 2009

Above is a chart with today’s “Hot Sheet” numbers from the Charlotte Multiple Listing Services for single family homes in Lake Norman (Area 13).  These numbers represent a snapshot of the past TWO weeks of activity.  As always, I have provided 2-week Hot Sheets from the past to enable you to put these numbers in context.  Here are the highlights:

• New listings dropped slightly but still remain very high when considering the fact that only 27 properties closed during this same two-week period.  If we add these new listings with the listings that came back on the market we see that 169 listing have been added to our currently overstock inventory while 64 homes were put under contract or sold.

• The number of homes that came back on the market dropped slightly.  This number still indicates the number of homes under contract that are not closing is relatively high when compared with the number that actually sell.  We are still seeing challenges with loans that probably contribute to this number.

• The number of price changes/reductions has dropped slightly.  It is hard to know if sellers are feeling they have reduced or priced their homes properly or whether these numbers are the result of the time of year.

• The number of pending sales remain steady with the past four months.  It will be a very good sign when we see the pendings start trending back upward as they are an indicator for future closed sales.

• It is great to see that the number of solds are at least back up to the fourth quarter 2008 numbers.  Based upon  our month-to-date sales of 34, I would estimate that we will end February with about 45 sales.  Still very low but much better than January!

• Conditional and contingent sales remain fairly consistent at 16.

Would you like some GOOD news?  I know everyone is pretty tired of nothing but bad economic news!  Okay, here it is:  Lake Norman home -buyers are back out looking again!  I am getting more showings on all of my listings and have a new listing that had an offer after only one week on the market!

If a Mooresville or greater Lake Norman area home is listed at a realistic price, is in excellent condition and has strong marketing it will sell! 

Look for my February Lake Norman Real Estate Sales Analysis next weekend.

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