Lake Norman home sales in September in the past two years were actually higher than the August sales. Unfortunately, from what our numbers are telling me, it looks like our 2010 September home sales in Lake Norman will barely keep pace with last month’s.
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 (area 13). These numbers represent a real time snapshot of the past two week’s activity. (Sept. 6 – Sept. 20th). As always, I have included the past 5 months so that you can put these numbers in perspective.
Below is the 2009 chart for the same period for your reference.
September 15, 2009 Hot Sheet
- New listings: The number of new listings that have come on the market in Lake Norman increased slightly over the same period last month and were about equal to September 2009’s Hot Sheet. Our goal, of course, is to get our inventory down so it would be preferable to see these numbers lower.
- The number of properties that came back-on-the-market, most likely due to cancelled contracts, were quite low compared to 2009 but about equal to last month. It appears that homes going under contract are more likely to close today than they were in 2009. Now that lenders have been working with the new RESPA laws and other changes for a while I have noticed that while the loan process is much more rigorous for my clients, they are definitely closing. Another note, about half of my buyers are paying with all cash thereby avoiding the lending market all together. This may be true in general as well.
- The number of price changes dropped slightly compared to both last month and last year. This actually surprises me because I am seeing price reductions daily.
- Pending home sales picked back up slightly . For the past two years September sales increased after a dip in August. There were 81 closed sales in September of 2009 and 82 in 2008. Pending home sales this month are up slightly from last month’s Hot Sheet but are still well below September 2009’s.
- The number of closed sales in the past two weeks were about equal to last month. So far this month 32 sales have been reported to our MLS compared to 38 sales last month and 63 sales at the same time in June. (Note, the closed sales above include any sales input by agents in the past two weeks and obviously includes some sales from August).My best guess is that we will be lucky to close 75 by the end of the month which would be the slowest September since I have been keeping records. (2005).
- Contingent and Conditional sales remain stable. These represent the most recently accepted offers. It looks like our Lake Norman real estate market is remaining rather stable albeit weak compared to historic numbers.
As I wrote last month, my buyers, mostly out-of-state, are paying close attention to our current market trying to time their purchase. Many are still on the fence but they are ready to jump as soon as they have confidence or see an opportunity. Interest rates are incredibly low. The million dollar question is when will confidence override fear?
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