Lake Norman Real Estate Market Reports

Mooresville NC Housing Market Report

Yesterday I wrote a summary real estate market analysis for the entire Lake Norman area ( MLS areas 13/1-5).

It is important to understand that the MLS divides Lake Norman towns like Mooresville in to two parts; the area closest to the lake itself and the area far enough away to not be considered Lake Norman neighborhoods. In Mooresville, the area west of the I-77 along Lake Norman is included in the Lake Norman area 13/2. However, the section east of the I-77 which is the actual town limits of Mooresville has a different MLS area number 12/6 and is part of South Iredell County.

I decided to search our 2008 real estate housing data first for the entire area with a Mooresville address:

 

Mooresville Housing Market Report 1/1/08 – 2/29/08
2008Average$DOM2007%Average$%DOM
Active Listings975$590,640125
Contingent14$306,480173
Conditional22$319,925129
Pending84$375,933116
Sold96$341,70911918949%$367,6343.7%97
Months of Supply20.3

 

The most important figures to note:

  • The total months of supply of active listings is 20.3 compared to the entire Lake Norman area of 21.8.
  • Mooresville has seen a drop in home sales of 49% compared to the same period in 2007
  • Mooresville has seen a drop in the average listing price of 3.7% versus the same period in 2007
  • The average days on the market for a listing has increased by 22.6%

Summary: The entire area of Mooresville has about the same amount of months of housing inventory as the whole Lake Norman area, has suffered an even greater drop in the number of homes sold but the average sales price has dropped only about half as much as the entire Lake Norman area home sales.

It happens that the Lake Norman area of Mooresville falls into one zipcode: 28117 and the actual town limits of Mooreville has its own zipcode: 28115. Here is how the sales look when separated from each other:

Mooresville Market Report: Zipcode 28117
2008Average$DOM2007%Average$%DOM%
Active Listings641$728,619140
Contingent4$338,850109
Conditional11$449,627113
Pending43$464,217131
Sold40$556,2821559257%$540,8853%12524%
Months of Supply32


2008Average$DOM 2007%Average$%DOM%Active Listings333$322,16499       Contingent8$298,302218       Conditonal13$198,259141       Pending37$278,41895       Sold56$188,44293 9742%$203,3137%7033%           Months of Supply11.9         

The most important figures to note:

  • The total months of supply of active listings on the Lake Norman side of Mooresville 28117 is almost triple that of 28115.
  • 28117 area has seen a decline in number of homesales of 57% versus a 42% decline in 28115
  • The average days on market for 28117 is 155 versus 93 days in 28115
  • The average sales price of a home in 28117 was $556,282 versus $188,442 in 28115

Summary:

It is clear that homes in the west side of Mooresville, zipcode 28117 which are along the shores of Lake Norman, have an average listing price of over twice that of the 28115 area. While both zipcodes suffered declines in the number of sales and average sales price, the time it takes to sell a home in 28115 is 40% faster than the higher-priced Lake Norman homes and their number of homes on the market for sale in 28115 is one third of the that in 28117. All of this supports my quarterly sales analysis which consistently shows stronger activity in homes listed up to $300,000, quicker sales and less competition.

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