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.
While not quite as strong as last month, our Lake Norman housing market continues to break with our typical seasonal slowdown. We currently have 262 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 282 and August’s 247. After an impressive surge in September we have slowed a bit but we are still out significantly pacing prior October’s. Here are the 2-week Hot Sheet numbers:
Lake Norman Real Estate’s 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. (October 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 October Lake Norman Hot Sheet numbers for the past 6 years to help put October 2014 home sales numbers in perspective with prior Octobers’.
October Hot Sheet Numbers for the Past 6 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 most prior Octobers’ as well. We now have 965 active listings in all of Lake Norman compared to last month’s 1038 and last October’s 974. 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 the lowest in all of 2014 but substantially higher than all prior Octobers’. So while our market does seem to be slowing 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 well below last month’s but also higher than most prior Octobers’. (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 November.)
- 75 Closed Sales were recorded in the past two weeks. This truly is impressive for this time of year and certainly indicates that our total October home sales in Lake Norman may be the highest since 20005/2006 and should easily top last October’s 104 closed sales. These great numbers are a result of our surge of activity in September but given the slowdown in our newest contracts it does look like the last two months of 2014 will most likely produce lower numbers than the past 5 months or so.
It is important to understand that in our Lake Norman housing market there is no one month that regularly logs the strongest sales so while May was the highest month in 2013, August was actually the highest in 2012 and this year it looks like our June sales will be our highest. If we see as consistently strong sales as we are this month through November and December there is no doubt we will beat 2013 sales for the year!
So, what am I experiencing right now and what to I hear from my fellow Realtors? Pretty much the same as the past several months. It is actually fascinating because with small hot and cold niches one Realtor might tell me it is “hot” based upon their own business while others will tell me it is slow. But, I can unequivocally say that our Lake Norman real estate market is performing remarkably well after a disappointing late fall 2013 and winter. We have also seen some improvement in the waterfront and luxury home sales after a very slow winter. 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 the recent drop in 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. Prices, while increasing, are still historically low and economists expect home loan rates to continue to rise in 2015.
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