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:
* All data is from the Carolina Multiple Listing Service.
Some significant additional statistics for you: