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.
July is always an interesting month for our Lake Norman real estate market. Since 2005 only 3 July home sales totals exceeded June’s and it looks like we will also experience a modest slowdown this month after a truly record breaking June closed sales of 191! The strongest July closed sales prior to this year were in the past two years at 150 and 151. As of today we have 95 closed sales so I think we will definitely exceed prior Julys’. As you can see below, we had the highest 2-week hot sheet closed sales totals since January but are just slightly below last July’s. We currently have 286 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 325 and last July’s 290. While we have slowed I think we are still on pace with our strong 2014 late summer and fall sales. What is equally important is our low number of active listings. Let’s take a closer look:
Lake Norman Real Estate’s July 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. (July 7th – 21st). 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 July Lake Norman Hot Sheet numbers for the past 6 years to help put our July 2015 home sales activity in perspective with prior Julys’.
July 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 stabilizing which is reflected in both of the charts above. At 96 new listings in the past two weeks we are at the lowest since February and the third lowest since 2009. This morning we had 966 active listings in all of Lake Norman which is up slightly from last month’s 961 but well below last July’s 1088!
- Our number of “Under Contract but Continue to Show” homes, formally called Conditional and Contingent sales in our MLS at 65 was a bit lower than last month’s and last July’s but higher than all previous Julys’ back to 2009.
- Our number of Under Contract No Show/Pending sales, are the one are of real weakness as they are about half of last months and last July’s. 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 August. So, it looks like we will have a good July but may have a dip in August closed sales. Could our record heat have kept some buyers home in the past several weeks?
- 74 Closed Sales, is what adds the WOW factor to this month’s sales. So far this month we have 95 closed sales compared to last months 96 at the same time. While I don’t think we will match last month’s huge 191 sales I do think we will exceed last July’s 150 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 are coming up against some big numbers as the second half of 2014 logged in some high numbers after a slow beginning of the year. 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! Interest rates have remained unexpectedly low although they have crept up above 4% in the last weeks. 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 location and resale and look for good waterfront opportunities before they are gone!
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