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.
Fall is here but someone forgot to tell our Lake Norman home buyers! Instead of our typical seasonal slowdown, we are cranking along like it is June. We currently have 282 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 247. At a time when our real estate market is usually slowing down we are actually seeing a new surge of activity! Here are the 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. (September 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 September Lake Norman Hot Sheets for the past 5 years to help put our September 2014 home sales numbers in perspective with past Septembers’ not just the past 6 months.
September 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 were about equal to last month’s. We now have 1038 active listings in all of Lake Norman and I expect this number to decrease a bit more as we head into the 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 substantially higher than September 2013’s and all prior Septembers! Clearly our market is still logging in strong sales and looks to be beating last September’s. This number of newly signed home sales contracts suggests that Lake Norman will have strong closed home sales in the next few months.
- Our number of Under Contract No Show/Pending sales, are actually up from last month’s and match our strongest months this year. And, they are also substantially higher than previous Septembers’s as well. (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 October.)
- 64 Closed Sales were recorded in the past two weeks which is lower than last month’s but still high enough to indicate strong sales for this month and exceed all prior Septembers as well. I think we will top last September’s closed sales of 108 and will carry forward some strong sales into October at least. 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 a consistently strong showing as we are this month through fall we should 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 are seeing 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 interest rates rising 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. Economists expect home loan rates to continue to rise in 2014 and 2015. It is impossible to predict specifics for the future but right now it appears that our Lake Norman real home sales will be very close in 2014 to matching or even beathing the post recession record high numbers logged in 2013.
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