There has been such a dramatic shift in our Lake Norman real estate market in the past 3 weeks that I decided I needed to provide you all with a quick update.
As of the time that I am writing this we now have a whopping 102 Lake Norman properties reported as Active/Due Diligence or Conditional. These are properties that just went under contract. I just pulled a Hot Sheet for the the past 2 days and 15 properties went under contract! To put this in perspective, we closed a total of 42 sales in the entire month of February and 46 in January.
I looked back at my 2010 sales analysis and couldn’t find one month that could even come close to this many Conditional sales although in our peak months our Pending sales were over 100.
As a listing agent I am seeing a burst of showings and offers, especially on waterfront properties. As a buyer’s agent, I am seeing some of my savvy buyers seizing opportunities, the majority on waterfront properties as well. While 58 of the 102 are under $400,000, 36 are over $600,000.
So, what triggered this sudden upswing and will it continue? Was it our gorgeous spring weather, the fear of higher interest rates, the ability to negotiate bargains because banks and sellers are more realistic? Probably a combination of all of the above.
As we watch this new trend unfold I will provide you with shorter but timely updates like this one to assist you in your understanding of our Lake Norman real estate market.