Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s February 2018 Hot Sheet

Lake Norman Hot Sheet Home Sales

I always get excited to do a Hot Sheet analysis because it provides me with a mid-month pulse of our Lake Norman real estate market.  So where are we today? After a sluggish January, it looks like we may have another month of relatively weak closed sales but there are some positive signs for the future. Let’s take a closer look:

Lake Norman Real Estate’s February 2018 Two-Week Hot Sheet

Lake Norman Real Estate Market Report

* 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. (February 8th – 22nd).  As always, I have included the past 7 months so that you can put these numbers in perspective. Below is the February chart using my data since 2010.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s January 2018 Market Report

January numbers are out and based on these we unfortunately launched our new year out on a rather modest note. Below are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:

  • January sales fell 11%  when compared to last year, logging in only 98 closed sales of single family homes. This is the first month since February 2017 that a monthly total sales fell below the prior year’s.
  • Our inventory of active listing remain very low; currently 7% below last year’s which were also low.  It is hard to determine how much but there is no doubt that very low inventory does have of a negative impact on home sales.
  • The average home price of properties sold in January in Lake Norman was down 8% reflecting a weakness in the higher end segment of our market.
  • Our trade-up price ranges jumped back up in January.  The only thing consistent about this niche is their constant roller coaster ride of ups and downs.
  • Waterfront homes remain overall in a buyer’s market for the second month in a row after two pretty strong months over the summer. Waterfront home prices have NOT recovered completely from their prerecession highs.

Wow, after a consistently strong month over month year in all of 2017, our Lake Norman real estate market started out 2018 without 2017’s gusto.  But, keep in mind that last January was a record-breaking month. Our January closed sales and average sales price were down and our average days on market was up a whopping 24%. That said, our numbers of under contract and pending sales may lead to some improved closing sales in the next few months.

Let’s take a closer look:

Lake Norman real estate market report January 2018

All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 2017 4th Quarter Sales by Price Range

If you are a home buyer or seller in the Lake Norman area it really only matters what is happening in YOUR price-range. Yes, it is important to know about the global economy, the national economy and the Charlotte area economy and real estate market but real estate is hyper-local so it is most meaningful for you to learn about the Lake Norman real estate market and within that, your specific niche. For instance, if you are looking to buy or sell in the $700,000 price range, you are going to have an entirely different experience than someone in the $800,000’s. This is the reason why I create a price-range analysis every quarter for my readers and clients:

Lake Norman’s 4th Quarter 2017 Home Sales By Price Range

Lake Norman home sales buy price 4th quarter 2017

*Compiled from the Carolina Multiple Listing Service’s data, this chart enables you to focus on your specific price range(s) rather than use the broad-brush approach thus allowing you to size up your competition and better position yourself.  

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lake norman real estate, Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s December 2017 Market Report

December numbers are out and with them we now have a complete picture of 2017! Below are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:

  • We had an extraordinary, record-breaking month compared to all prior years, logging in 165 closed sales of single family homes in December. (See green and yellow chart below).
  • At 2006 closed sales in 2017 we ended up 17.24% above 2016’s total sales and logged in the highest annual volume of home sales in Lake Norman’s history, even exceeding 2005’s previous record high by 7.6%.
  • The average home price in Lake Norman was. 1/2 of 1% higher than 2016 and the median price was up 1.2%.  These are extremely modest gains.
  • Our trade-up price ranges dropped again after a good month.  The only thing consistent about this niche is their constant roller coaster ride of ups and downs.
  • Waterfront homes slipped back into a buyer’s market after two pretty strong months over the summer. Waterfront home prices have NOT recovered completely from their pre-recession highs.

While there is no guarantee that our high sales numbers will continue long term, 2017 was a remarkable year for our Lake Norman real estate market. That said, our prices have not risen at the same rate as Charlotte’s and the US and we still need to see improved consistency in our waterfront, trade-up and luxury niches for us to completely regain our pre-recession levels.

Let’s take a closer look:

Lake Norman Home Sales Market Report Dec 2017

All data is from the Carolina Multiple Listing Service.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s November 2017 Hot Sheet

Lake Norman Hot Sheet Home Sales

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.

I always get excited to do this Hot Sheet analysis each month because it provides me with a mid-month pulse of our Lake Norman real estate market.  So where are we today?  After a truly record breaking first 10 months, it looks like our volume of sales has slowed with the season however they are still “hot” compared to prior Novembers. Let’s take a closer look:

Lake Norman Real Estate’s November 2017 Two-Week Hot Sheet

Lake Norman Real Estate Market Report

* 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. (November 8th – 22nd).  As always, I have included the past 7 months so that you can put these numbers in perspective. Below is the November chart using my data since 2010.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s October 2017 Hot Sheet

Lake Norman Hot Sheet Home Sales

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.

I always get excited to do this Hot Sheet analysis each month because it provides me with a mid-month pulse of our Lake Norman real estate market.  So where are we today?  After a stunning March, strong April & May, record-breaking June, strong July & August and record-breaking September, it looks like this hot trend is cooling off a bit along with our weather. Let’s take a closer look:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s September 2017 Market Report

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:

Lake Norman Housing Report September 2017

All data is from the Carolina Multiple Listing Service.

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