September numbers are out! Here are what I feel are the biggest takeaways from last month’s Lake Norman real estate sales numbers:
- We had another awesome month, logging in an all time September record of 194 closed sales of single family homes! (See green and yellow chart below).
- At 1525 closed sales, our first 9 months of 2017 exceeded all previous years in Lake Norman’s history, even exceeding 2005’s previous record high by 7%.
- My excitement about our luxury market last month has been tempered slightly as we currently has 29 properties over $1 million under contract down from 42 last month.
- For the second straight month waterfront homes are in a sellers’ market but there are some worrisome signs that this momentum might not be sustained so it will be important to watch this trend going forward.
- Our trade-up price ranges from $600,000-$999,999 represented almost 1/4 of our sales and our current properties under contract again showing signs of stability after many years of struggling to recover.
In a nutshell, these numbers mean that our overall strong sales are no longer erratic but instead impressively consistent in beating prior year’s numbers month after month. While there is no guarantee that this will continue long term, they are still tremendous accomplishments for our Lake Norman real estate market. It looks like 2017 will be the single best year for home sales in Lake Norman’s history. But I am not going to celebrate just yet as I want to watch the waterfront and luxury niches carefully to see if they can finally regain their pre-recession levels.
Let’s take a closer look:
* All data is from the Carolina Multiple Listing Service.