After the ups and downs of the first 4 months of 2018, our Lake Norman home sales for May indicate that we are in for some consistently strong sales through summer. We matched last May’s home sales which were a record-breaking month. And, at the same time, we posted a 19.2% increase over last month’s home sales. Overall our market has stabilized and our current momentum bodes well for the summer months.
Here are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:
- May’s strong home sales reflect a strengthening of our overall Lake Norman housing market after a roller coaster ride at the beginning of the year.
- Our inventory of active listings remains alarmingly low (100 fewer than last year!) and it is not increasing as it should at this time of year yet we are still logging strong sales. It is hard to quantify but there is no doubt that low inventory does have a negative impact on our Lake Norman’s home sales.
- We currently have a record-breaking number of “under contract” or “pending” homes which indicates we will see very strong closed sales in the next few months.
- Our trade-up and luxury markets posted some good numbers supporting my feeling that these niches are finally recovering from the recession.
- I want to share with you this great interactive calculator for determining rent vs. own costs from the New York Times!
Let’s take a closer look:
* All data is from the Carolina Multiple Listing Service.
Some significant additional statistics for you: