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.
June is here and with it a record breaking heat wave! But are Lake Norman home sales as hot as they have been? I will have to say yes based upon our numbers below. That said, it is not just the strong numbers that continue to impress, but the consistency. Rather than ups and downs, in 2015 our market has gained and then kept solid momentum since January which truly is a first since 2006. We currently have a whopping 325 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 347. While this is a slight decline they are still the second highest number since the recession! What is equally important is our low number of active listings which are now actually dropping rather than increasing. Here are our 2-week Hot Sheet numbers:
Lake Norman Real Estate’s June 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. (June 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 June Lake Norman Hot Sheet numbers for the past 6 years to help put our June 2015 home sales activity in perspective with prior Junes’.
June 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 103 new listings in the past two weeks we are the lowest since February and the second lowest June since 2009. This morning we had 961 958 active listings in all of Lake Norman which is up slightly from last month’s 958 but well below last June’s 1066! If you combine our Under Contract Show and our Pending sales in the past two weeks the total is 124 yet we only listed 103 new properties for a net loss of 21. If our inventory remains at these levels we may officially enter a sellers market dropping below 6 months of inventory. In some price ranges and locations it is already here. Buyers, this is not the time to be too picky or procrastinate.
- Our number of “Under Contract but Continue to Show” homes, formally called Conditional and Contingent sales in our MLS at 78 was a bit lower than last month’s but 26% higher than last June’s AND the best June hot sheet since I have been keeping these records!
- Our number of Under Contract No Show/Pending sales, is 13.2% lower than last month’s, 12.2% higher than last June’s and the highest May 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 July.)
- 69 Closed Sales, is what adds the WOW factor to this month’s sales. So far this month we have 96 closed sales compared to last months 70 at the same time. We are up against a huge June 2014 closed sales of 177 but I am confident we will match that number. 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 August at least. We are coming up against some big number 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 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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