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 being beaten up in October, our Lake Norman real estate market appears to be regaining some of it’s momentum. Historically, November is not a dynamic month for our Lake Norman housing market. Since 2005 only 3 November total closed home sales exceeded October’s. My numbers in our October market report showed a huge drop in closed sales for the month compared to 2014 but also some optimism in the new contracts opened in the Lake Norman area.
As of today we have 62 total closed sales since the first of November compared to last month’s 57, September’s 72, August’s 83 and 95 closed sales at the same time in July. As you can see below, we had the second highest 2-week hot sheet closed sales totals of all previous Novembers and while lower, still higher than last month at this time. We currently have 226 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 216. At a time when we usually slow down, we have actually heated up a bit after our one abysmal month of October. Let’s take a closer look:
Lake Norman Real Estate’s November 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. (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 6 years to help put our November 2015 home sales activity in perspective with prior Novemberss’.
November Hot Sheet Numbers for the Past 6 Years
- New listings: Yikes! The low number of new listings is not helping our already historically low inventory of homes for sale in Lake Norman. At 54 our number of new listings is tied for the second lowest November since 2010 and the lowest in 2015. This morning we had only 828 active listings in all of Lake Norman which is down from last month’s 885, and September’s 918 and well below last November’s 901!
- Our number of brand NEW “Under Contract but Continue to Show” homes, formally called Conditional and Contingent sales in our MLS at 42 is a smaller number I would have expected given our total of 150 homes under contract which might indicate that our sales are slowing again heading in to the holidays. This number is actually the third highest November since 2010 so lukewarm at best.
- Our number of Under Contract No Show/Pending sales, were equal to last month’s but the highest of all November hot sheets 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 December. Last November we closed 99 home sales in Lake Norman compared to October’s 166 so I am cautiously optimistic that we will be able to beat that number based on this number.
- 62 Closed Sales is not bad compared to most Novembers’ and it even exceeds last month’s and May’s which helps support my theory that overall activity has improved after a drop off in October. So far this month we have 57 closed sales compared to last month’s 57 at the same time. (I know this does not match our hot sheet numbers but our MLS is not perfect sometimes!). Keep in mind that we have had a surge of new construction this year 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 and, for the first time, logged consistently high sales each month through September, experienced a slowdown in the past several months which I feel bottomed out in October. As I said above, I am cautiously optimistic that we will end the year at least matching November and December 2014 closed sales. This would mean overall 2015 was the best year Lake Norman has seen since 2007. With such low inventory I am counseling my buyers to watch the market daily for new listings and price reductions. The average days on market has dropped significantly, especially for “good” new listings. But properties that aren’t perfect are still sitting. 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 still HOT and disappearing! Interest rates are trending back up in anticipation of the Feds raising rates in December so now is the chance to get off the fence. Also keep in mind that we have very few distressed sales, (Less than 2% 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 remains: Think location and resale and look for good waterfront opportunities before they are gone!
Learn More About Life in Lake Norman:
To receive all of my updates about Lake Norman Real Estate,