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.
After an incredible string of months of very strong home sales in Lake Norman, November’s early numbers indicate we are finally experiencing the typical seasonal holiday slowdown. That said, we are still logging sales at a higher rate than prior Novembers. We currently have 208 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 262 and Septembers 282. Here are our 2-week Hot Sheet numbers:
Lake Norman Real Estate’s November 2014 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. (November 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 November Lake Norman Hot Sheet numbers for the past 5 years to help put November 2014 home sales numbers in perspective with prior Novembers’.
November Hot Sheet Numbers for the Past 5 Years
- New listings: Our number of new homes listed for sale in Lake Norman in the past two weeks is well below any other month in 2014 and all Novembers’. We now have 901 active listings in all of Lake Norman compared to last month’s 965, September’s 1038 and last November’s 909. Our number of active listings has really plummeted in the past several months and I expect this number to continue to decrease as we head into winter.
- Our number of “Under Contract but continue to Show” homes, formally called Conditional and Contingent sales in our MLS, were about equal to last month’s but higher than all prior Novembers’. So while our market has slowed compared to our peak months we are still logging in strong new sales contracts for this time of year.
- Our number of Under Contract No Show/Pending sales, are the lowest in 2014 but about equal to last November’s. If you combine our Under Contract Show and our Pending sales for the past 2 weeks we are actually significantly higher than prior Novembers’. (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 December.)
- 65 Closed Sales were recorded in the past two weeks which is substantially higher than all prior Novembers and would certainly indicate that our total November home sales in Lake Norman may be the highest since 2005/2006 and should top last November’s 91 closed sales. 2014 will be a good year for the Lake Norman real estate market and it looks like we will out perform the national home sales numbers.
What stands out right now in our Lake Norman area is the strong sales of new construction homes in new communities/subdivisions popping up in the towns around the lake. Keep in mind that these sales rarely hit the MLS because the builders are selling homes before they are built and marketed. So, our actual home sales numbers are even higher than those stated in the Charlotte MLS. At the same time, our waterfront home sales and some pockets and price ranges are relatively soft. The dynamics of our current Lake Norman housing market are complex and challenging. There are no concrete trends but rather fluid micro trends.
I continue to encourage my buyers to buy if they find a good home at a good price, especially waterfront homes and lots or homes in the most popular neighborhoods. (Location, location, location). With low interest rates and few distressed sales, (Less than 3% of our inventory are distressed properties: foreclosures and short sales), Lake Norman home buyers need to strike while the iron is hot when they find a home with potential, especially since our inventory of homes for sale is so low. Prices, while increasing, are still historically low and economists expect home loan rates to continue to rise in 2015.
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