Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 3rd Quarter 2016 Price Range Analysis: Great Tool for Buyers and Sellers!

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 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:

Lake Norman’s 3rd Quarter 2016 Home Sales By Price Range

Lake Norman home sales by price range 3rd quarter 2016

*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.  

How to read this report:

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Lake Norman Real Estate Market Reports

How Does Lake Norman’s 2015 Housing Market Compare to 2014 and Our Peak 2006?

I wish I had a nickle for every time someone asks me about the Lake Norman real estate market today and how prices compare to our peak in 2006! The only way to truly answer these questions is to compare an entire year of sales.  This helps us to eliminate those pesky monthly ups and downs that can be impacted by one or two luxury home sales.

First, let’s look at how our 2015 real estate market of single family homes compared to last year:

2015 Versus 2014

Average

Lake Norman Real Estate's 2015 Year End Market Report

This chart compares the average of the 1594 homes sold in 2015 to the average of the 1484 sold in 2014.  As you can see, our volume of sales increased by 7% but our average sales price dropped by 3%.  The good news is that it took on average 9% fewer days for a Lake Norman home to sell this year versus last year.  A few more fun numbers: The average price per square foot in 2015 was $150.07 compared to 2014’s $149.32.  So, did our home values increase this year? Yes, by .5%.  And, in 2014 the average sales price to listing price was 96% and in 2015 is rose 1% to 97%. While subtle, these numbers indicate that homes are selling faster, for slightly more money and 1% closer to the listing price than in 2014. Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 1st Quarter 2015 Home 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 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 $400,000 price range, you are going to have an entirely different experience than someone in the $500,000’s. This is the reason why I create a price-range analysis every quarter for my readers:

Lake Norman’s 1st Quarter 2015 Home Sales By Price Range

Lake Norman home sales by price range 1st quarter 2015

*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.  

How to read this report: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s November 2013 Home Sales Analysis: Did the Grinch steal our momentum?

Our Lake Norman real estate market set a record in November but unfortunately not a positive one!  For the first time since December 2011 Lake Norman home sales did not exceed the same month a year prior. As of today, our November closed sales are 10% below November 2012’s.  That said, they are still the second highest November since 2007.  While disappointing,  this is not a surprise based upon the softening trends I have noted consistently for the past several months.  Within the overall Lake Norman housing market there are some interesting trends that will be examined below so let’s take a closer look at the numbers to glean some insight into the short term future and exactly where the Lake Norman housing market stands right now.

Here are the November 2013 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

Lake Norman real estate home sales analysis for November 2013 including waterfront homes

Lake Norman Real Estate’s November 2013 Sales Analysis Chart

* Note that the Charlotte Regional Multiple Listing Service created two new categories, Under Contract Showings (UCS) to continue and Under Contract no showings (UCNS). These replaced the Contingent, Conditional and Pending categories.

Some significant additional statistics for you:

  • “Distressed sales” (Foreclosures (REOS), defaults, Short Sales) comprised 14.8%  of Lake Norman’s total home sales which is up from  11.3% last month. Prior months were: 15% in September, 9.4% in August, 11.3% in July, 6.9% in June, 10.6% in May , the 14% in April, 20.4% in March, 16.9% in February and January’s 29%. We only had 13 distressed home sales in November. The average price for distressed single family home sales was $241,588 compared to an earlier low of $252,526. Distressed active listings comprise only 2.7% of our total inventory of Lake Norman homes sale! 
  • 26.1 % of our closed sales were waterfront homes which is about equal to last month but well below September’s 34.6%. The average sales price of Lake Norman waterfront homes in November was $696,900 compared to $662,850 last month and September’s $738,972, August’s $709,753, July’s $874,988 June’s $990,693 and May’s $778,045. What is really interesting to note is that the average price per square foot actually increased for the second month in a row to $216.15 compared to $211.11 last month and $215.43 in September after peaking at $229. Our waterfront home sales above $700,000 remain sluggish but the homes that are selling are getting relatively strong offers based upon their size.
  • 11 new construction homes sold in November. The average listing price vs sales price of new construction single family homes remains 101%! Clearly there isn’t a lot if ANY wiggle room on prices of new homes. We currently have 49 new construction homes under contract. The average sales price in November was up, logging in at $448,564 compared to $359,018 last month and$406,596 in September. It is important to note that many of the new construction homes you will see driving around the lake are custom homes so will not be included in our Multiple Listing Service numbers.
  • 56.8% of Lake Norman’s October home sales were under $400,000.
  • A whopping 73.86 % of the entire Lake Norman home sales in October were under $500,000 which is down slightly from last month’s 75.25% but up from 66.3% in September and more in line with February’s 81.7%, 81% in January, 74 % in December and 75% last November. After seeing an upswing in both the trade-up price ranges and our Lake Norman luxury homes over the late spring and summer, we have now had several pretty weak months in a row of sales in our trade-up and luxury housing markets.
  • Our “Under Contract Show” AND “Under Contract No show”/Pending sales combined total of 197 was the seventh month in a row of decline after April’s record high of 319 . At 197, we dropped down from last month’s 207  but are now equal to last year’s 197. It appears that the bleeding has stopped and our  Lake Norman housing market may have stabilized but it doesn’t look like we will see double digit sales increases again any time soon.

A closer look at the chart: Continue reading

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lake norman real estate

Putting the Lake Norman Real Estate Market in Perspective isn’t Easy!

I was recently reading a national real estate news article that explained that todays’ monthly mortgage payments are 40% cheaper than 2006.  This is a fascinating perspective of how to evaluate the true cost of a home today compared to our peak of 2006.

The article went on to say that “Although affordability has increased….housing demand remains depressed with existing home sales back to 1998 levels.”

Of course, I had to see if these is true of our Lake Norman real estate market and here is what I found:

Lake Norman Annual Sales Analysis by year

* Note that our 2011 numbers are through today and I expect them to equal 2010.

Insight Summary Continue reading

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