lake norman real estate

Why you might not find Lake Norman homes for sale on Zillow and Trulia

Lake Norman homes missing on Zillow and Trulia?

 

I work with a lot of buyers relocating to our wonderful Lake Norman area and without a doubt most of them use Zillow.com to search for homes.  But, some big acquisitions recently have created incredible drama and turmoil within the real estate industry and these are greatly impacting home buyers and sellers and they/you probably don’t even know it!

Okay, so here is the scoop:

Continue reading

Standard
Lake Norman News, Events and Celebrations, Relocating? Life in Lake Norman

Southern Spring Home and Garden Show in Charlotte is February 20 – 22nd AND February 27th – March 1, 2015

 

Southern Spring Home and Garden show 2015

 

Based on the popularity of HGTV, sites like Houzz.com and what I see on Facebook and Pinterest, it seems like just about everyone enjoys seeing beautiful homes and gardens and getting ideas and inspiration. The Southern Spring Home and Garden Show is a GREAT opportunity for us Lake Norman area residents to do this in person. I know it requires driving, parking and walking but seriously it is well worth it!  They have an amazing array of lectures, demonstrations, displays and vendors/experts who you can chat with about your own thoughts and project ideas.  And yes, there is shopping and eating too! Continue reading

Standard
The Real Estate Process, Home Buying and Selling Tips

Why a “Dated” Home in Lake Norman?

Home in Lake Norman's Luxury Community The Peninsula

One of the adjustments I had to make when I moved to Lake Norman in 2005 from Pasadena CA was the transition from selling historic, Pre-World War II homes to mostly new or newer construction.  We didn’t even have Great Rooms and the Master Bedrooms were always upstairs!  Synthetic stucco, what was that? Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s August 2014 Sales Analysis: Surprisingly Good!

Not only were our Lake Norman’s home sales for August 2014 higher than last August’s, but our number of properties currently “under contract” are substantially higher than last year’s. Clearly, our activity has not really softened as it usually does in late summer.  To me this indicates that our Lake Norman housing market is now more stable than it has been since the recession and is sitting on a stronger foundation. Let’s take a closer look at the August 2014 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area real estate market:

Lake Norman home sales report for August 2014

* All data is from the Charlotte Regional Multiple Listing Service. **Please note that the MLS started using an entirely new program in March which did away with Area 13 so my numbers may vary slightly from the past but I have made it as close as possible. Continue reading

Standard
Lake Norman News, Events and Celebrations, Relocating? Life in Lake Norman

Lake Norman’s new Mooresville Town Square is coming to life!

Mooresville Town Square Rendering

If you haven’t checked out the Mooresville Town Square on the corner of Brawley School Rd. and Williamson Rd lately then you are definitely in for a great surprise! After a slow start thanks to the recession, it is now a happening place to go. With it’s upscale architecture, beautiful gardens and walking paths it reminds me a little bit of a Birkdale Village in it’s early stages. This 200,000 square foot “lifestyle center” offers great food, hangouts, shopping and services all walkable. Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s July 2014 Hot Sheet Home Sales are HOT!

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 our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.

Our Lake Norman housing market is now smack dab in the middle of it’s traditionally strongest selling season of the year. The past three months we have seen a dramatic uptick in activity but by this time last year we were already experiencing a slowdown.  So far this July, Lake Norman home sales are even higher than last month! We currently have 290 single family homes under contract (sellers have accepted an offer but the sale is not complete) in all of Lake Norman compared to last month’s 262. Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s June 2014 Home Sales Analysis

Wow!  Look what June brought to our Lake Norman real estate market: An 11% increase over June 2013’s closed sales AND the highest number of closed single family homes since June 2007!  Our sales this June even surpassed last year’s record breaking May sales.

Let’s take a look at the June 2014 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area real estate market:

Lake Norman real estate sales for June 2014

* All data is from the Charlotte Regional Multiple Listing Service. **Please note that the MLS started using an entirely new program last month which did away with Area 13 so my numbers may vary slightly from the past but I have made it as close as possible.

Continue reading

Standard
Lake Norman photos

Lake Norman Real Estate’s July 2014 Wallpaper Calendar is Here!

Lake Norman real estate's July 2014 Wallpaper Calendar

It is wonderful how one great photo like this can tell you quite a lot about Lake Norman.  The Shoal signs scattered around Lake Norman warn boaters of shallow spots or hazards.  This awesome Osprey and her nest represent one of Lake Norman’s myriad birds that are particularly treasured and even the focus of the Lake Norman Wildlife Conservation group who builds structures to encourage Osprey’s to nest.  Beyond the Shoal signs is the typical, lush, tree-lined shoreline with lovely homes peeking out enjoying the beautiful Carolina blue skies and the expansive blue water that is Lake Norman.

Continue reading

Standard
lake norman real estate

Caution! What to be aware of when searching for Lake Norman homes Online

Lake Norman waterfront home on the main channel

Searching for Lake Norman homes for sale on the Internet just keeps getting easier and better. About one third of online real estate searches are done using one of the top three websites, Zillow, Trulia and Realtor.com with Zillow far and away the most popular.  Thanks to their stiff competition for market share, home buyers and sellers now have almost as much data and information available to them as Realtors which is really awesome! (Despite what some real estate agents might say.)

The cautionary note that I want to underscore after observing many of my clients recently is that they tend to give too much credence to the online data, especially on Zillow.  The problem is, while Zillow has come a long way over the years, it’s Zestimates and raw data are still flawed. Yes,  Zestimates are substantially better than when they launched years ago, but they can be far enough off to frustrate a seller and shouldn’t weigh too heavily on a buyer’s idea of market value. Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s May 2014 Home Sales Analysis

While our Lake Norman home sales numbers for May did not match May 2013’s record setting sales, they were the second best May since the recession and 8.4% higher than last month’s.  Not bad!  After struggling since late fall, our real estate market has jumped back to life with surprising strength and velocity and it looks like this will continue into the early summer months at least.

Let’s take a look at the May 2014 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area real estate market:

Lake Norman Home Sales Analysis for May 2014

* All data is from the Charlotte Regional Multiple Listing Service. **Please note that the MLS started using an entirely new program last month which did away with Area 13 so my numbers may vary slightly from the past but I have made it as close as possible.

Some significant additional statistics for you:

  • “Distressed sales” (Foreclosures (REOS), defaults, Short Sales) represented only 5.5% of Lake Norman’s total home sales which was the lowest since the recession and down from last month’s 9.4, and significantly lower than January’s 29%. We only had 7 distressed home sales in May. The average price for distressed single family home sales was $284,332.  Distressed active listings comprise only 2.4% of our total inventory of Lake Norman homes sale. Clearly distressed sales no longer play a significant role in our Lake Norman real estate market and this is very good news!
  • 33.6% of our May home sales were waterfront homes which was up from 23% last month and back to where they normally are after a very slow winter and early spring. The average sales price of a Lake Norman waterfront home in May was $777,086.  Our average price per square foot, at $256.97, was up significantly from last month’s $216.34 and even our peak of $229 last summer.  Clearly we are seeing new life in our Lake Norman trade-up price ranges after a rather long slump!
  • 14 new construction homes closed in May through our MLS but this does not reflect an accurate picture of new home sales since so many are custom or are purchased directly from the builders and therefore never enter the MLS. (In fact, this segment of the market may be skewing our Lake Norman home sales numbers quite a bit). The average listing price vs sales price of new construction single family homes was 100%. Clearly there isn’t a lot if ANY wiggle room on prices of new homes. We currently have 33 new construction homes under contract in the MLS. The average sales price in May logged in at $424,839.
  • 43.5%  of Lake Norman’s May single family home sales were under $400,000.  This is a huge drop from the staggering 59.8% last month.  Clearly our higher priced homes are selling again!
  • 63.4% of the entire Lake Norman home sales in May were under $500,000 down from 69.4% last month. This means almost 20% of our sales in May were in the $400,000’s!
  • Our “Under Contract Show” AND “Under Contract No show”/Pending sales combined total of 262 were down slightly from last month’s 274. At 262 Lake Norman has 10.5% FEWER homes under contract compared to last year’s 293 at this exact date,  while we aren’t quite matching last year’s hot numbers, we have improved immensely in the past two months. We have definitely stopped the bleeding but, like with the rest of the US,  it is still going to be really tough to match our strong 2013 sales.

A closer look at the chart:

Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s May 2014 Hot Sheet Sales Update

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 our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market. These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

Our Lake Norman housing market is now smack dab in the middle of it’s traditionally strongest selling season of the year.  Last month we saw a dramatic uptick in activity and thankfully that trend is continuing!  We currently have 285 single family homes under contract (sellers have accepted an offer but the sale is not complete) in all of Lake Norman compared to last month’s 264. After exceeding last year’s closed sales in April, are we on track to May 2013 record sales?

Lake Norman Real Estate’s Two-Week Hot Sheet

5/21/2014

Lake Norman housing market activity for the past two weeks

* 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. (May 7th – 21st). As always, I have included the past 5 months so that you can put these numbers in perspective. Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s April 2014 Home Sales Report: UP!

For the first time in 2014, Lake Norman home sales were higher than the same month a year ago and the highest since 2007!  After struggling since late fall, our real estate market has jumped back to life with surprising strength and velocity.  Lake Norman single family home sales were 4% higher than last April’s and a whopping 37.6% higher than last month’s.  March seems to have been the “bottom” of our mini housing dip with 17% fewer closed sales than March 2013. But, the higher “under contact” numbers that showed up last month clearly converted to strong closed sales in April.

Let’s take a look at the April 2014 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area real estate market:

Lake Norman Real Estate's Home Sales analysis April 2014

* All data is from the Charlotte Regional Multiple Listing Service.  Please note that the MLS started using an entirely new program this month which did away with Area 13 so my numbers may vary slightly from the past but I have made it as close as possible. 

Some significant additional statistics for you:

  • “Distressed sales” (Foreclosures (REOS), defaults, Short Sales) represented 9.4% of Lake Norman’s total home sales which were down slightly from last month’s 11.25,  lower than February’s 13.6% and significantly lower than last January’s 29%. We only had 11 distressed home sales in April. The average price for distressed single family home sales was only $197,173. Distressed active listings comprise only 2.9% of our total inventory of Lake Norman homes sale. Clearly distressed sales no longer play a significant role in our Lake Norman real estate market and this is very good news!
  • Only 23% of our April closed sales were waterfront homes which was even down from 25% last month. The average sales price of a Lake Norman waterfront home in April was $855,894 which is down from last month and most of last summer as well. In April our closed  luxury housing sales inched up. Our average price per square foot, at $216.34, was down from last month’s $221.14 and is still well below our peak of $229 last summer. That said, overall Lake Norman’s waterfront home sales above $800,000 are improving.
  • Only 5 new construction homes closed in April through our MLS but this does not reflect an accurate picture of new home sales since so many are custom or are purchased directly from the builders and therefore never enter the MLS. (In fact, this segment of the market may be skewing our Lake Norman home sales numbers quite a bit). The average listing price vs sales price of new construction single family homes was 98%. Clearly there isn’t a lot if ANY wiggle room on prices of new homes. We currently have 44 new construction homes under contract in the MLS. The average sales price in April logged in at $308,967.
  • 59.8% of Lake Norman’s April  single family home sales were under $400,000.
  • 68.4 % of the entire Lake Norman home sales in April were under $500,000. Clearly our lower price ranges are still dominating our housing market.
  • Our “Under Contract Show” AND “Under Contract No show”/Pending sales combined total of 274 shot up for the second month in a row. ( Last month’s was 243 and February’s was 187). At 274 Lake Norman has 13.2% FEWER homes under contract compared to last year’s 316 at this exact date so we are not up to May 2013 but this is the highest number of homes under contract since last July! We have stopped the bleeding and are definitely on the mend but it is still going to be really tough to match our strong 2013 sales.

A closer look at the chart:  Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 1st Quarter 2014 Home Sales by Price Range is a must have tool for buyers and sellers!

If you are a home buyer or seller in the Lake Norman 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 home sales by price range for the first quarter of 2014

*Compiled from the Charlotte Regional 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.

** Compare this to the 4th quarter 2013 price range analysis and the 1st quarter 2013 price range home sales.

How to read this report:

  • First choose a price range.
  • The next column provides the actual number of listings sold in this price range in the 1st quarter of 2014
  • This is followed by the percentage this price range represents of the total number of listings sold in all of Lake Norman area 13
  • Next is the number of active listings in this price range at this time
  • This is followed by the percentage this price range represents of the total number of active listings
  • Finally, the last column represent the absorption rate or the number of months of supply for each price range based upon the number of listings divided by the number of sales. (A balanced housing market is 6 – 8 months so you can use this to gauge your price range).

Continue reading

Standard
lake norman real estate

The Preserve at Robbins Park in Lake Norman…Not your ordinary new housing community!

Lake Norman new community Robbins Park

From home to neighborhood, The Preserve at Robbins Park is your oasis of timeless luxury surrounded by the quiet of forest in the midst of the most exciting and active part of Lake Norman.

 The Preserve at Robbins Park  was originally the brain child of Simonini Homes back in 2008/2009.  However, during the recession Simonini closed down and the community stalled with just a few home built.

In the Fall of 2010, Classica Homes took over Robbins Park  which is now a thriving community that still embraces the original concepts  including forward thinking architecture designed by Nationally  renowned Bassenian Lagoni Architects, Energy Star certification, and their balance of a commitment to the preservation of nature with the tranquility of a home.  You can expect open floor-plans, great use of space plus gorgeous finishes in every home. They just announced that Phase III will be open September 2014.

What a great opportunity to help design your own state-of-the-art home in a community where nature trails wander through a beautifully wooded preserve, centered around the serenity of Robbins Park pond. Meet your friends at Robbins Park’s Crescent where children spend hours at the playground and children of all ages enjoy recreation at the play fields. You’ll find tennis lovers happily using two lighted courts within walking distance of home. Still to come are more park lands and athletic fields. Imagine all this adjacent to your private neighborhood, plus the connection of a greenway trail for hours of biking and hiking.

They recently even hired Dearness Gardens in Huntersville to design and install a butterfly garden!

To find out the latest news, go on their Robbins Park Blog and/or go to their comprehensive website to view the different models available and details about each home design features as well as the wonderful options you have to make your home your own oasis!

Robins Park is a joint venture with the Town of Cornelius, Mecklenburg County and Westmoreland Lake LLC.  To see an overview of the entire development simply click on this link to the Town of Cornelius’s  Robins Park page.

Imagine living where you can enjoy a walk by the pond and then follow the natural walking path to the Paved McDowell Creek Greenway.  The Greenway’s secret is that this peaceful  path leads to the very popular Birkdale Village!

Learn More About Life in Lake Norman

10 Things Lake Norman Waterfront Home Buyers Should Know BEFORE buying

Lake Norman Relocation Resources

Relocating to Lake Norman

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s March 2014 Hot Sheet Home Sales Insight and Trends

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 our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market. These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

After an unusally cold winter, it seems life and home sales are springing to life in Lake Norman. We currently have 211 single family homes under contract (sellers have accepted an offer but the sale is not complete) in all of Lake Norman compared to last month’s 186.  While we are well behind last year’s numbers, the trend is definitely positive!

Lake Norman Real Estate’s Two-Week Hot Sheet

3/21/2014

Lake Norman home sales for March 2014

* 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 (area 13). These numbers represent a real time snapshot of the past two week’s activity. (March 7th – 21st). As always, I have included the past 5 months so that you can put these numbers in perspective.

I created this additional chart comparing just the March Lake Norman Hot Sheets for the past 5 years to help put our March 2014 home sales numbers in perspective with past Marches’, not just the past 6 months. Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s February 2014 Sales Analysis Has Too Much Red!

Unfortunately, the Lake Norman real estate market’s relatively weak late fall 2013 and January 2014 sales appear not to have been a fluke. We can blame it on the weather and the tightened mortgage requirements like the national pundits are doing.  But we can’t blame it on a lack of inventory like parts of the US.  Last month I emphasized that Lake Norman real estate sales “almost matched last year’s“. I am not sure, with double digit declines in February, that this description is still valid. Our overall home sales slowdown in Lake Norman is baffling enough but the biggest question I have right now is where in the heck did our waterfront and higher-end buyers go?  And, is the impressive return of new construction a factor in our lower MLS numbers since many of these sales are not listed?

Let’s take a look at the February 2014 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

Lake Norman real estate sales analysis of single family homes February 2014

* All date is from the Charlotte Regional Multiple Listing Service

Some significant additional statistics for you:

  • “Distressed sales” (Foreclosures (REOS), defaults, Short Sales) represented only 5.7% of Lake Norman’s total home sales which is down from from last month’s 13.6% and significantly lower than last January’s 29%. We only had 4 distressed home sales in February. The average price for distressed single family home sales was $359.875. Distressed active listings comprise only 2.7% of our total inventory of Lake Norman homes sale.  Clearly distressed sales no longer play a significant role in our Lake Norman real estate market and this is very good news!
  • Only 20% of our closed sales were waterfront homes which is down from 30.3% last month and well below our norm. The average sales price of Lake Norman waterfront homes in February was $805,203 which was about equal to last month’s. Our highest recent waterfront sales were last July’s $874,988 and June’s $990,693. In February our closed luxury housing sales were negligible. Our average price per square foot was $227.23 which was actually up from last month’s $219 and almost matched our peak of $229 last summer.  Lake Norman’s waterfront home sales above $700,000 remain sluggish but the homes that are selling are getting relatively strong offers based upon their size.
  • 9 new construction homes closed in February but I believe this does not reflect an accurate picture of new home sales since so many are custom or are purchased directly from the builders and therefore never enter the MLS.  (In fact, this segment of the market may be skewing our Lake Norman home sales numbers quite a bit). The average listing price vs sales price of new construction single family homes, bounced back up to 101%! Clearly there isn’t a lot if ANY wiggle room on prices of new homes. We currently have 39 new construction homes under contract in the MLS. The average sales price in February was up, logging in at $460,800. With 132 new construction active listings Lake Norman actually has a 14.7 months supply of new homes listed in the MLS.
  • 51.4% of Lake Norman’s February home sales were under $400,000.
  • 68.6 % of the entire Lake Norman home sales in February were under $500,000.  Clearly our lower price ranges are still dominating our housing market.
  • Our “Under Contract Show” AND “Under Contract No show”/Pending sales combined total of 187 is about equal to last month’s.  At 187, Lake Norman has 26.6% FEWER homes under contract compared to last year’s 255 at this exact date. This is the number that truly scares me for our short term market. I can’t see how we will get close to the 2013 sales numbers for at least the next few months.  Good properties are selling, but buyers seem willing to wait for their perfect home since there so few “bargains” enticing them to jump off the fence.

A closer look at the chart:

Continue reading

Standard
Lake Norman Real Estate Market Reports

How Lake Norman Real Estate’s 4th Quarter 2013 home sales by price range helps both buyers and sellers!

If you are a home buyer or seller in the Lake Norman 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 real estate sales chart by price range for 4th quarter 2013

Lake Norman home sales by price range

*Compiled from the Charlotte Regional 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.

** Compare this to the 4th Quarter 2012 Lake Norman home sales by price range

How to read this report:

  • First choose a price range.
  • The next column provides the actual number of listings sold in this price range in the 4th quarter of 2013
  • This is followed by the percentage this price range represents of the total number of listings sold in all of Lake Norman area 13
  • Next is the number of active listings in this price range at this time
  • This is followed by the percentage this price range represents of the total number of active listings
  • Finally, the last column represent the absorption rate or the number of months of supply for each price range based upon the number of listings divided by the number of sales. (A balanced housing market is 6 – 8 months so you can use this to gauge your price range).

Some Findings: Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s December 2013 Home Sales Analysis: A surprise ending to 2013!

After a very disappointing November, our Lake Norman real estate sales for December came in better than I expected and 2% higher than last December’s thus ending 2013 on a positive note.  Our December 2013 home sales were actually the best since 2006 which is only the fourth month we have accomplished this in  7 years!  I fear our celebration will be short lived however given the numbers below. There are also some interesting trends in our overall Lake Norman housing market 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 December 2013 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

Lake Norman home sales analysis for December 2013

Lake Norman Real Estate’s December 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) plummeted to a new low of 5.3% of Lake Norman’s total home sales which is down from 14.8 last month. Prior months were: 11.3% in October, 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 5 distressed home sales in December. The average price for distressed single family home sales was $413,757 compared to an earlier low of $252,526. Distressed active listings comprise only 3.5% of our total inventory of Lake Norman homes sale.  Clearly distressed sales no longer play a significant role in our Lake Norman real estate market!
  • 31.6 % of our closed sales were waterfront homes which is up from the last several months. The average sales price of Lake Norman waterfront homes in December was $772,116  which was the highest since July’s $874,988, June’s $990,693 and May’s $778,045. In December we had an slight uptick in our luxury housing market. Our average price per square foot remained $216 after peaking at $229 earlier this year.  Lake Norman’s 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 December which is identical to November. The average listing price vs sales price of new construction single family homes was an impressive 103%! Clearly there isn’t a lot if ANY wiggle room on prices of new homes. We currently have 41 new construction homes under contract. The average sales price in December was up, logging in at $476,627 compared to 448,564 last month, $359,018 in October and$406,596 in September. It is important to note that many of the new construction homes you will see driving around Lake Norman are custom homes or will be sold directly from the builder to the homebuyer so will not be included in our Multiple Listing Service numbers.
  • 50.53% of Lake Norman’s October home sales were under $400,000.
  • 61 % of the entire Lake Norman home sales in December were under $500,000 which is the lowest in all of 2013.  it is truly refreshing to see some improvement in our trade-up and luxury housing markets after an abysmal late summer and fall.
  • Our “Under Contract Show” AND “Under Contract No show”/Pending sales combined total of 155 was the eighth month in a row of decline after April’s record high of 319 . At 155, these are the lowest combined totals since February of 2012 and well below last year’s 184.  This does not bode well for our January/February 2014 sales.

A closer look at the chart:

Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s December 2013 “Hot Sheet” is giving us mixed messages!

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 our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market. These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

Lake Norman’s 2013 real estate sales have been breaking records since January 1st.  After peaking in May, Lake Norman home sales have trended downward every month since landing with a thud in November. However, the numbers below actually indicate a significant uptick in closed Lake Norman home sales contracts in the past few weeks. The bad news is that we currently have only 164 single family homes under contract (sellers have accepted an offer but the sale is not complete) in all of Lake Norman which is down significantly from last month’s Hot Sheet number of 206, October’s  211, September’s 217, August’s 253, July’s 260, June’s 301 and May’s high of 330. Let’s take a look at a snapshot of the past two weeks’ activity:

Lake Norman Real Estate’s Two-Week Hot Sheet

12/21/2013

Lake Norman home sales activity for the past two weeks

Lake Norman home sales activity for the past two weeks

Lake Norman Real Estate’s December 2013 Hot Sheet Sales Analysis

* 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 (area 13). These numbers represent a real time snapshot of the past two week’s activity. (December 7th – 21st). As always, I have included the past 6 months so that you can put these numbers in perspective. Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s November 2013 Hot Sheet, Is the Lake Norman housing market picking up?

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 our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market. These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

Lake Norman’s 2013 real estate sales have been breaking records since January 1st. That said, there is no doubt in my mind that our number of monthly home sales peaked in May and have been trending downward every month since. However, the numbers below actually indicate a slight uptick in new Lake Norman home sales contracts in the past few weeks. We currently have 206 single family homes under contract in all of Lake Norman which is down slightly from last month’s Hot Sheet number of 211, September’s 217, August’s 253, July’s 260, June’s 301 and May’s high of 330. But, the number of new contracts has jumped back up after a drop last month. Let’s take a look at a snapshot of the past two weeks’ activity:

Lake Norman Real Estate’s Two-Week Hot Sheet

11/21/2013

Lake Norman Real Estate's November 2013 Hot Sheet

Lake Norman Real Estate’s November 2013 Hot Sheet Sales Analysis

* 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 (area 13). These numbers represent a real time snapshot of the past two week’s activity. (November 7th – 21th). As always, I have included the past 6 months so that you can put these numbers in perspective. Continue reading

Standard
Lake Norman Real Estate Market Reports, Lake Norman waterfront homes

Lake Norman Waterfront Home Sales and Price Trends 2013

Lake Norman Waterfront Home in Mooresville

 

Lake Norman’s 520 miles of shoreline offer an amazing variety of waterfront homes and lifestyles.  From flat lots with beaches like the one pictured above to steeper lots with walk-out basements, from heavily wooded to almost treeless lots, from grand estates to tiny cabins, and from main channel views to small coves that remind one of Huckleberry Finn, there truly is a dream home and lifestyle available for just about every waterfront home buyer!

The Lake Norman waterfront housing market was hit particularly hard during the recession; bottoming out in 2011.  With our distressed sales (foreclosures and short sales) now down to less than 3% of our entire Lake Norman housing inventory of active listings, waterfront homes sales prices have not just stabilized but are now increasing annually:

 

Lake Norman Waterfront Home 9 year Sales

As you can see above, the average prices of Lake Norman waterfront homes have increased since 2011.  The average price so far this year is 1.7% higher than in all of 2012 and 3% higher than 2011. And, the average price per square foot has increased 4.5% since 2012 and a healthy 8.7% since 2011.

With 64 waterfront homes under contract as of today added to the 352 sold so far in 2013 it looks like we will have at least 416 total waterfront home sales in 2013 which would be the strongest year of waterfront  sales since 2005!

Clearly, the last segment of our Lake Norman real estate market to fully recover is our high-end luxury housing market.  This has contributed to our lower average sales than our strong sales volume might indicate.  That said, in the past 6 months our waterfront homes sold for an average of $220 per square foot taking us back to our 2009 numbers.  Clearly, once our larger home sales pick up our average sales price will also increase bringing us ever closer to our peak in 2008.

With 357 waterfront  homes currently on the market in Lake Norman, now is a good time to consider a purchase because I have a feeling in the spring of 2014 not only will sales be even stronger but higher-end home buyers will return to the market in higher numbers as well.  Carpe Diem!

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s October 2013 Hot Sheet is here!

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 our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market. These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

Lake Norman’s 2013 real estate sales have been breaking records since January 1st. That said, there is no doubt in my mind that our number of monthly home sales peaked in May and have been trending downward every month since. The numbers below further substantiate this  as we see a drop in the number of  homes that have gone under contract and closed so far this month. We currently have 211 single family homes under contract in all of Lake Norman which is down slightly from last month’s Hot Sheet number of 217, August’s 253, July’s 260, June’s 301 and May’s high of 330 but they are slightly above our end of September’s number of 207. Are our sales leveling out rather than trending downward? Let’s take a look at a snapshot of the past two weeks’ activity:

Lake Norman Real Estate’s Two-Week Hot Sheet

10/21/2013

Lake Norman real estate's October 2013 Hot Sheet

* 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 (area 13). These numbers represent a real time snapshot of the past two week’s activity. (October 7th – 21th). As always, I have included the past 6 months so that you can put these numbers in perspective. Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 3rd Quarter 2013 Sales Analysis by Price Range

If you are a home buyer or seller in the Lake Norman 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 Real Estate's 3rd Quarter 2013 Sales by Price Range Chart

*Compiled from the Charlotte Regional 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.

** Compare this to Lake Norman real estate’s 2012 3rd quarter sales analysis by price range.

How to read this report:

  • First choose a price range.
  • The next column provides the actual number of listings sold in this price range in the 3rd quarter of 2013
  • This is followed by the percentage this price range represents of the total number of listings sold in all of Lake Norman area 13
  • Next is the number of active listings in this price range
  • This is followed by the percentage this price range represents of the total number of active listings
  • Finally, the last column represent the absorption rate or the number of months of supply for each price range based upon the number of listings divided by the number of sales. (A balanced housing market is 6 – 8 months so you can use this to gadge your price range).

Some Findings: Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s September 2013 Sales Analysis has some Mixed Signals!

Change seems to be in the air in our Lake Norman real estate market. Lake Norman’s closed home sales have maintained historically strong numbers (post the recession) each month in 2013 but they are continuing their softening trend since our record setting high in May. While we still logged in some solid closed home sales numbers in September, we actually appear to be struggling right now to keep our sales up for the rest of this fall/winter above  last year’s.   At 104 single-family home sales in September we logged in the best September since 2007 and we may even equal 2007 once the late comers input their sales into the MLS but will we sustain this trend?

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 September 2013 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

Lake Norman Real Estate's September 2013 Sales Analysis

* 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. Contingent Sales are now joined with Conditional sales in my reports.

Some significant additional statistics for you:

  • “Distressed sales” (Foreclosures (REOS), defaults, Short Sales) comprised 15.4% of Lake Norman’s total home sales which is up from 9.4 last month,  11.3%  in July, 6.9% in June, 10.6% in May , the 14% in April but down from 20.4% in March, 16.9% in February and January’s 29%. We only had 16 distressed home sales in September. The average price for distressed single family home sales jumped back up to $348,168 from last month’s low of $252,526. Distressed active listings comprise only 3.2% of our total inventory of Lake Norman homes  sale! According to a recent article on Realtor.org in the US  foreclosures and short sales represented 12% of August sales.
  • 34.6 % of our closed sales were waterfront homes which is equal to the last few months. The average sales price of Lake Norman waterfront homes in September was $738,972 which is up slightly from last month;s $709,753 but well below July’s $874,988 June’s $990,693 and May’s $778,045. The average price per square foot was $211.11 dropping for the second month in a row after peaking at $229. This can be directly attributed to having only 6 waterfront home sales over $1 million for the second month in a row compared to 13 sales of waterfront homes over $1 million in both June and July.
  • 8 new construction homes sold in September which was 3 less than last month’s. The average listing price vs sales price of new construction single family homes was 101%! Clearly there isn’t a lot if ANY wiggle room on prices of new homes. We currently have 50 new construction homes under contract. The average sales price was up to $406,596 compared to last month’s  $373,183. 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.
  • 55% of Lake Norman’s September home sales were under $400,000 up from 50% last month.
  • 66.3% of our August home sales were under $500,000 which is about equal to last month but significantly lower than last winter’s in February’s 81.7%, 81% in January, 74 % in December, 75% in November. After seeing an upswing in both the trade-up price ranges and our Lake Norman luxury homes earlier in the summer, we have seen several months of weaker sales in our trade-up and luxury housing markets.
  • Our “Under Contract Show” AND “Under Contract No show”/Pending sales combined total of 118 was the fifth month in a row of decline after April’s record high of 319 . At 207, we have fewer homes under contract than any other month in 2013 but January.  It is not only clear that our Lake Norman housing market has definitely slowed down but now we appear to be struggling to keep pace with 2012.

A closer look at the chart: Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s September 2013 Hot Sheet is Here!

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 our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market. These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

Lake Norman’s 2013 real estate sales have been breaking records since January 1st. That said, it appears more likely at each passing month that our number of monthly home sales peaked in May and are now trending downward slightly each month. The numbers below further substantiate this although there is a slight uptick in new contracts. We currently have 217 single family homes under contract in all of Lake Norman which is a pretty significant drop from last month’s Hot Sheet number of 253, July’s 260, June’s 301 and May’s high of 330 but they are just about equal to our end of August number of 218.  Are our sales leveling out rather than trending downward? Let’s take a look at a snapshot of the past two weeks’ activity:

Lake Norman Real Estate’s Two-Week Hot Sheet

9/20/2013

Lake Norman Real Estate's September 2013 Hot Sheet Chart

* 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 (area 13). These numbers represent a real time snapshot of the past two week’s activity. (September 6th – 20th). As always, I have included the past 6 months so that you can put these numbers in perspective. Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s August 2013 Home Sales Analysis

Lake Norman homes sales remain historically strong (post the recession) but continue their softening trend after our record setting high in May. That said, we still logged in some solid number in August. At 128 single-family home sales we had the 4th best month in the Lake Norman real estate market since August 2007 . Once the late comers input their sales into the MLS my guess is that we will have closed 132 contracts last month.

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 August 2013 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

Lake Norman real estate's August 2013 Sales Analysis

* 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. Contingent Sales are now joined with Conditional sales in my reports.

Some significant additional statistics for you:

  • “Distressed sales” (Foreclosures (REOS), defaults, Short Sales) comprised 9.4% of Lake Norman’s total home sales which is down from 11.3% last month, up from 6.9% in June but below May’s 10.6% , the 14% in April, 20.4% in March, 16.9% in February and January’s 29%. We only had 12 distressed home sales in August. The average price for distressed single family home sales was $252,526 so clearly the very lowest of Lake Norman’s price ranges. Distressed active listings comprise only 3.9% of our total inventory of Lake Norman homes for sale! According to a recent article on Trulia the “normal” delinquency and foreclosure rate for the US is 5.25%.
  • 31 % of our closed sales were waterfront homes which is equal to last month’s. The average sales price of Lake Norman waterfront homes in August was $709,753 which is down from last month’s $874,988  June’s $990,693 and May’s $778,045. The average price per square foot was $214.5 which was down significantly from last month’s $229 and all prior months this year after February. This can be directly attributed to having only 6 waterfront home sales over $1 million compared to 13 sales of waterfront homes over $1 million in both June and July.
  • 11 new construction homes sold which was 3 less than last month’s. The average listing price vs sales price of new construction single family homes was 101%! Clearly there isn’t a lot if ANY wiggle room on prices of new homes. The average sales price was $373,183. 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.
  • 50% of Lake Norman’s August home sales were under $400,000.
  • 67.2% of our August home sales were under $500,000 which is up from the past few months but significantly lower than February’s 81.7%, 81% in January, 74 % in December, 75% in November. After seeing an upswing in both the trade-up price ranges and our Lake Norman luxury homes, August seemed to return to our my typical post recession norms.
  • Our “Under Contract Show” AND “Under Contract No show”/Pending sales combined total of 118 was the fourth month in a row of decline after April’s record high of 319 . Looking at this number compared to the past two years (see below), it is clear that our Lake Norman housing market has definitely slowed down. There is no doubt now that our home sales in Lake Norman this year did peak in May but seem to be maintaining a slight edge on the same period in 2012.

A closer look at the chart: Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s August 2013 Hot Sheet is here!

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 our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market. These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

Lake Norman’s 2013 real estate sales have been breaking records since January 1st. That said, it appears more likely at each passing month that our number of monthly home sales may have peaked in May and are now trending down slightly each month. The numbers below further substantiate this. We currently have 253 single family homes under contract in all of Lake Norman which is a drop from last month’s 260, June’s 301 and May’s high of 330 but is still the 6th highest number since I have been keeping these records. Let’s take a look at a snapshot of the past two weeks’ activity:

Lake Norman Real Estate’s Two-Week Hot Sheet

8/21/2013

Lake Norman Real Estate's August 2013 Hot Sheet

* 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 (area 13). These numbers represent a real time snapshot of the past two week’s activity. (August 7th – 21st). As always, I have included the past 6 months so that you can put these numbers in perspective. Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s July 2013 Sales Analysis

Lake Norman homes sales in July were oh so close to matching July 2007’s but still were the best July since 2007 .  While our closed sales of 142 fell short of last month’s and our record setting high in May, we still logged in some very impressive numbers. At 142 single-family home sales we had the 3rd best month in the Lake Norman real estate market since July 2007 . Once the late comers input their sales into the MLS my guess is that we will have closed 145 contracts last month.

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 July 2013 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

Lake Norman Real Estate's July 2013 Sales Analysis

* 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. Contingent Sales are now joined with Conditional sales in my reports.

Some significant additional statistics for you: Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 2nd Quarter 2013 Sales Analysis by Price Range

If you are a home buyer or seller in the Lake Norman 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 $500,000s. This is exactly the reason why I create a price-range analysis every quarter:

Lake Norman Real Estate's 2nd quarter 2013 Sales Analysis by price range

*Compiled from the Charlotte Regional 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.

** Compare this to Lake Norman real estate’s 2012 2nd quarter sales analysis by price range

How to read this report: Continue reading

Standard
lake norman real estate, Lake Norman Real Estate Market Reports

Which months are Lake Norman real estate’s strongest?

Lake Norman real estate photo of 130 lochfoot grape trellis view

One of the most common questions asked  by both home buyers and sellers is which months of the year are the strongest in our Lake Norman’s housing market?  When I read a recent article about a study by Trulia that placed North Carolina and South Carolina’s strongest months for home searches in July, I was a bit surprised so decided to see for myself if this is also true for Lake Norman.

Here is my chart with Lake Norman home sales by month since 2005.  Taking a closer look it is clear that our Lake Norman real estate market isn’t consistently the strongest in the same month every year.  Over all, Lake Norman’s real estate market picks up after the first of the year and generally slows down at the end of the year but beyond this generalization, there are some interesting inconsistencies:

Lake Norman Real Estate's Annual Sales Chart by Month May 2013

2005:

  • August was the best month followed by July, June, September and October

2006:

  • June was the best month followed by May, August, July and March

2007:

  • June was the best month followed by May, July, March and August

2008:

  • July was the best month followed by May, April, June and September

2009:

  • July was the best month followed by June, September, October and December

201o:

  • June was the best month followed by May, April, December and November/July (This was the year of the rebates hence the April/June numbers)

2011:

  • August was the best month followed by June, October, July and April

2012:

  • August was the best month followed by May, June, July and November

2013:

  • So far this year every month since January Lake Norman has had more home sales than the prior month

Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s May 2013 Sales Analysis: 2nd Best May in Lake Norman; EVER!

What words best describe Lake Norman’s May real estate sales?  Amazing, shocking, jaw-dropping, astounding, unprecedented, awesome; chose any or all of these.  I am almost speechless (which never happens).  While the dynamics of our Lake Norman real estate market have been impressive all year and even with such high numbers of properties under contract I don’t think anyone expected May to be the second best May in the history of Lake Norman home sales and the 10th highest month for home sales ever. Wow.  Once the late comers input their sales into the MLS my guess is that we will have closed about 165 contracts last month. (NOTE, I updated these two charts on June 13th as we are now up to 163 closed sales compared to 159 when I first wrote this post on the 6th.)

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 May 2013 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

Lake Norman  Real Estate's May 2013 sales analysis updated

* 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. Contingent Sales are now joined with Conditional sales in my reports.

Some significant additional statistics for you: Continue reading

Standard
Lake Norman photos, Lake Norman waterfront homes

Lake Norman waterfront real estate: Does it have to be love at first site?

Lake Norman waterfront home for sale

As I have written for years, Lake Norman’s waterfront lifestyles are almost schizophrenic.  On the one hand, we have the renowned luxury community The Point that is now affiliated with the Trump National Golf Club and offers stunning waterfront estates, impeccably landscaped homes and common grounds which offer a more uniform lifestyle dictated in part by the very strict home owner association rules and regulations which are in place to protect the quality and integrity of this very special community.

With 520 miles for shoreline however, most of Lake Norman’s waterfront homes are not in luxury communities but rather in as varied neighborhoods as you can imagine.  Keeping in mind that Lake Norman was created by Duke Power in the 1960’s and initially waterfront lots sold for as little as $500 you can understand that there still exist cabins, single and doublewide mobile homes dating back to it’s origins before I-77 was completed and before Lake Norman evolved into the global destination that it is today.

Honestly, most of my waterfront buyers want large, newer homes on Lake Norman’s Main Channel.  While I moved here in 2005 from Pasadena CA where I listed and sold primarily historic homes, I must admit I have grown so accustomed to showing  newer homes that when I went on a listing appointment a month ago knowing that the waterfront home was built in 1975 I had already decided it wouldn’t probably be one that I would get excited about listing.

My first mistake was wearing my The Point glasses when first touring the home and property. (Which I think many buyers do as well).  I made quick and bias assumptions focusing mainly on what the property wasn’t.  Each subsequent visit increased my interest and my memories of how to truly look at and appreciate a unique home starting with the realization that I have to stop using The Point yardstick when measuring the homes value, both monetarily and emotionally. Continue reading

Standard
Lake Norman photos

Lake Norman Real Estate’s June 2013 Calendar is Here!

 

June 2013 Lake Norman Real Estate Calendar Photo

It’s June and it’s definitely time to get out on Lake Norman!  Whether you enjoy sailing, power boating, water sports of all kinds including water skiing, wake boarding, wind surfing, kayaking, rowing, paddle boarding, tubing, swimming, fishing or just plain handing out on the water or on one of the myriad islands with your friends Lake Norman is the place to have fun in the summer!

As you can see from the photo above, Lake Norman is a huge lake that can accommodate large sail and power boats of all kinds.  There are two yacht clubs, the Lake Norman Yacht Club in Mooreville down Brawley School Rd adjacent to the Trump International Golf Club and The Peninsula Yacht Club located in the luxury community The Peninsula in Cornelius. There is also a non-profit: North Carolina Sailing and Rowing center at Blythe landing that offers lessons and sailing and rowing programs to the public at minimal costs.

This gorgeous photo was taken by renowned artist Cotton Ketchie, owner of Mooresville’s Landmark Galleries, who spends much of his time driving all over North Carolina and even summer trips around the country, taking stunning photos. And, of course, he also takes some amazing photos of Lake Norman like this one. If you haven’t visited his store on Main Street in Historic Downtown Mooresville you should put it on your list for 2013! Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s May 2013 Hot Sheet: It’s a heat wave!

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 our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market. These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

Lake Norman’s 2013 real estate sales have been strong since January 1st. But, even more significant, today’s level of activity in Lake Norman for single family home sales continues to grow and break records for our post-recession Lake Norman recovery. We currently have a whopping  330 homes under contract in all of Lake Norman which not only tops last month’s 290 (which was a new high) but far surpasses every month since the recession. Buyers are out looking and making offers. Let’s take a look at a snapshot of the past two weeks’ activity:

Lake Norman Real Estate’s Two-Week Hot Sheet

5/21/2013

Lake Norman Real Estate's May 2013 Hot Sheet Sales Analysis.

* 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 (area 13). These numbers represent a real time snapshot of the past two week’s activity. (May 6th – 20th). As always, I have included the past 6 months so that you can put these numbers in perspective. Continue reading

Standard
lake norman real estate, Relocating? Life in Lake Norman

Fly to your home at our Lake Norman Airpark Community in Mooresville NC!

Lake Norman airpark -aerial-photo

 Almost hidden away on a lovely Lake Norman peninsula off Perth Road in Mooresville is a truly remarkable neighborhood:  Lake Norman Airpark.  Imagine that instead of the usual garage you actually have a hanger for your plane(s) right next to your home and that you can taxi to and from the community runway at your convenience!

airpark-home

The Lake Norman Airpark is a community of about 56 homes surrounding the runway all of which are a member of the Lake Norman Air Park Owners Association which is a non-profit organization that owns and maintains the runway and approximately 40 acres of common area which includes the associated residential taxiways. Many of the homes have views of Lake Norman as well! Continue reading

Standard
lake norman real estate

What are Lake Norman’s current real estate market’s challenges for buyers and sellers?

Lake Norman after recent rain

Our Lake Norman housing market is doing very well right now, but that doesn’t mean that buying or selling a home is easy.  All real estate markets are constantly facing new challenges unique to myriad influences in any particular month, season or year.  Today’s typical stress-producing hurdles can be minimized if you have a good understanding of what they are and how best to prepare for them:

Mortgage/Loan process

As a direct result of the lax lending practices that led to the end of the housing bubble throughout the country, the home loan process can now be overly burdensome and frustrating.

  • Down Payments ideally should be 20% of the purchase price although there are still options, ie 10% down and 10% second loans.  Potential Lake Norman home-buyers should expect to have 20% down and should meet with a lender before you even begin to search for a home.
  • The paperwork required to get a loan can seem staggering and sometimes offensive to even extremely qualified buyers.  Be prepared to provide extensive personal  financial documentation.  This is truly of EVERY loan.
  • Underwriters can be downright irrational.  I think they are so because in part they are afraid to approve a loan that might ultimately fail.

In order to minimize the stress in the loan process, I recommend only very qualified, experienced lenders to my Lake Norman area home-buyers.  Which lender you use can make or break your ability to get a loan. (Don’t choose based on the lowest interest rate alone).  It is critical to be proactive as well.  From the first week, get a commitment from the lender as to when they will order the appraisal, what documentation they will need from you and when it will be submitted to the underwriter.  After “conditional approval”, expect for the underwriter to ask for additional paperwork right up until several days before closing.  Also make sure that your lender is in constant communication with your closing attorney so that they get the Title information etc. in a timely fashion.  I try to anticipate any potential hurdles and keep in contact with the lender to make sure everything is being processed in a timely manner.  If you are selling your home and the sale is contingent upon the buyer’s home closing, you also need to ask your Realtor to get updates on their buyer’s buyer’s loan.  I just closed on a sale with buyers who had no problems with their loan but whose buyer of their home in another state had a terrible lender who almost ruined our contract due to their incompetence.

Appraisals

One of the critical changes to our real estate process is due to the Dodd-Frank law which essentially prohibits lenders from having any direct communication with appraisers.  Lenders now use a third-party company to order appraisals. While I appreciate the reasoning behind this bill, the result has led to a number of challenges.  The most common problems are appraisals being ordered too late, appraisers who are sent out who are not knowledgeable about Lake Norman, especially waterfront home sales, appraisers who take way too long to submit their appraisals which leads to delays in closing, and appraisals that are just poorly done.  While, by law, lenders can’t contact the appraiser directly, Realtors can if we have questions or concerns.  We can’t intimidate but we can provide additional property information.  I have not actually had an appraisal come in below the contract sales price but I have experienced several fairly incompetent appraisers and an appraisal that took 2 weeks to be submitted despite a “rush” order.  So, make sure that your Realtor keeps on top of the appraisal!

Multiple Offers

As a Realtor in California during the 2000-2005 bubble years when we got up to 60 offers on a listing, we worked hard to fine-tune the multiple offer process.  If representing the buyer in a multiple offer situation, a cover letter can make the difference between you getting the home or not.  The cover letter is my way of “selling” my buyers to the seller by emphasizing their strong financial qualifications, sharing what they love about the property and anything that might strengthen their position. (One time my seller chose a buyer because they shared a mutual love of dogs!).  A good listing agent will counsel their sellers to take the offer that is most likely to close, not necessarily the highest price.  All cash in this market should trump a loan.  A short Due Diligence period is also a plus.  Pre-approval letter is a must.  And, believe it or not, the Realtor representing the buyer can make a huge difference.  I would much rather work with a Realtor I know, trust and respect and I can usually get a pretty good sense of the competence of a Realtor by how they present the offer.

Unrealistic Expectations Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s April 2013 Sales Analysis

The dynamics of our Lake Norman real estate market are continuing to impress.  What started as an upward trend in sales and a downward trend in inventory of homes for sale in 2012 has given way to a true break through in so many aspects of our Lake Norman housing market.  There is a sense of energy and hustle reminiscent of the good old days. For some Realtors the days of 24/7 have also returned.  But make no mistake, every closing is challenging in one way or another!

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 April 2013 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

Lake Norman real estate's April 2013 Sales Analysis

* Note that the Charlotte Regional Multiple Listing Service has created two new categories, Under Contract Showings (UCS) to continue and Under Contract no showings (UCNS). These replace the Contingent, Conditional and Pending categories.   Contingent Sales are now joined with Conditional sales in my reports.

Some significant additional statistics for you: Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s April 2013 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 our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.  These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

Lake Norman’s 2013 real estate sales have been strong since January 1st.  But, even more importantly, today’s level of activity in our Lake Norman for single family home sales continues to break records for post-recession Lake Norman. We currently have 295 homes under contract in all of Lake Norman which far surpasses any other time since the recession.  Buyers are out looking and making offers.    Let’s take a look at a snapshot of the past two weeks’ activity:

Lake Norman Real Estate’s Two-Week Hot Sheet

4/21/2013

Lake Norman Real Estate's April 2013 Hot Sheet

* 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 (area 13).  These numbers represent a real time snapshot of the past two week’s activity.  (April 7th – 21st).  As always, I have included the past 6 months so that you can put these numbers in perspective. Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 1st Quarter 2013 Home Sales Analysis by Price

If you are a home buyer or seller in the Lake Norman 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 $700,000’s.  This is exactly the reason why I create a price-range analysis every quarter:

Lake Norman Real Estate's 1st quarter 2013 Sales Analysis by Price Range

*Compiled from the Charlotte Regional 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.

** Compare this to 2012 1st quarter sales analysis of Lake Norman homes by price range

How to read this report:

  • First choose a price range.
  • The next column provides the actual number of listings sold in this price range in the 1st quarter of 2013
  • This is followed by the percentage this price range represents of the total number of listings sold in all of Lake Norman area 13
  • Next is the number of active listings in this price range
  • This is followed by the percentage this price range represents of the total number of active listings
  • Finally, the last column represent the absorption rate or the number of months of supply for each price range based upon the number of listings divided by the number of sales.

Some Findings: Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s March 2013 Sales Analysis

The dynamics of our Lake Norman real estate market are definitely changing.  What started as an upward trend in sales and a downward trend in inventory of homes for sale in 2012 has given way to a true break through in so many aspects of our housing market.  There is a new sense of energy and hustle reminiscent of the good old days. For some Realtors the days of 24/7 have also returned.  I was so excited to get Easter off!

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 March 2013 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

Lake Norman Real Estate's March 2013 Sales Analysis

* Note that the Charlotte Regional Multiple Listing Service has created two new categories, Under Contract Showings (UCS) to continue and Under Contract no showings (UCNS). These replace the Contingent, Conditional and Pending categories.   Contingent Sales are now joined with Conditional sales in my reports.

Some significant additional statistics for you: Continue reading

Standard
Lake Norman photos

Lake Norman Real Estate’s April 2013 Wallpaper Calendar is Here!

 

Lake Norman Real Estate's april 2013 Desktop Calendar

Lake Norman is not only a beautiful lake with wonderful waterfront communities, it is also close to so many other lifestyles and cities.  You don’t have to drive far from Lake Norman in any direction to find beautiful rolling farmland full of cotton, soybeans, corn and tobacco and picturesque old farms like the one above.  On the other hand, Charleston SC is less than 4 hours by car, Wilmington and other beach communities are about a 4-hour drive, Asheville and the Blue Ridge Parkway are about a 90-minute drive, Atlanta and Washington DC about 5 hours.

This gorgeous photo was taken by renowned artist Cotton Ketchie, owner of Mooresville’s Landmark Galleries, who spends much of his time driving all over North Carolina and even summer trips around the country, taking stunning photos like this one.  If you haven’t visited his store on Main Street in Historic Downtown Mooresville you should put it on your list for 2013! Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s March 2013 Hot Sheet is Here!

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 our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.  These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

Lake Norman’s 2013 real estate sales have been strong since January 1st.  But, even more importantly, today’s level of activity in our Lake Norman for single family home sales is very high. We currently have 271 homes under contract in all of Lake Norman which far surpasses any other time since the recession.  Buyers are out looking and making offers.    Let’s take a look at a snapshot of the past two weeks’ activity:

Lake Norman Real Estate’s Two-Week Hot Sheet

3/21/2013

Lake Norman Real Estate's March 2013 Hot Sheet

* 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 (area 13).  These numbers represent a real time snapshot of the past two week’s activity.  (March 7th – 21st).  As always, I have included the past 6 months so that you can put these numbers in perspective. Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s February 2013 Sales Analysis Predicts a HOT Spring!

Okay, so my concerns about our Lake Norman real estate market last month have proved to be unfounded; SERIOUSLY unfounded.  Not only did our Lake Norman’s strong February home sales increase our streak to 14 months in a row in which we exceeded sales from the same month in the prior year and all years since 2008, but our number of residential homes under contract today stand at a truly remarkable 255.  This means that more homes are under contract today than at any time in at least the past 3 years which is when I started recording these numbers!

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 February 2013 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

Lake Norman Real Estate's February 2013 Sales Analysis

* Note that the Charlotte Regional Multiple Listing Service has created two new categories, Under Contract Showings (UCS) to continue and Under Contract no showings (UCNS). These replace the Contingent, Conditional and Pending categories.   Contingent Sales are now joined with Conditional sales in my reports.

Some significant additional statistics for you:

Continue reading

Standard
lake norman real estate, Lake Norman Real Estate Market Reports

How Our Lake Norman Real Estate Market Stacks Up with National Housing Market

Lake Norman Home Sales Improving

One of my greatest concerns these days is that potential Lake Norman home buyers and sellers will base their decisions on national real estate news and even Charlotte’s housing market trends.  While in very general, broad terms our Lake Norman real estate market does share trends with the nation, when we get into the specifics there are a number of disparities which should be understood before anyone considers buying or selling a home here in Lake Norman.

Here is a look at Lake Norman vs. our National real estate numbers for January 2013:

Sales

  • Nationally, sales grew at a slower pace in January.  Existing home sales edged up .4%  when compared to December 2012’s sales but were up 9.1% when compared with January 2012.
  • Lake Norman’s home sales in January dropped 22.8% when compared to December 2012’s sales but were up a whopping 47.9% when compared to January 2012. Historically the Lake Norman real estate market sales are significantly lower in January compared to December so our 22.8% decline is “normal” for us but the 47.9% increase when compared to January 2012 is exceptional.

Number of Homes for Sale

  • The number of existing homes for sale nationally at the end of January was the lowest since April of 2005.  They represented a 4.2-month supply at the current sales pace.  In other words, if the country got no new listings it would take 4.2 months to sell all of the homes currently listed for sale.
  • The number of homes for sale in Lake Norman at the beginning of January hit a record low of 746.  At the end of January we had 10.8-month supply at the current sales pace which is more than DOUBLE the national averages. Despite hearing us Realtors complaining about our low inventory of homes for sale, the reality is we are still in a buyers’ market and have substantially more inventory than the national average.  Lake Norman’s average months of supply in 2012 was about 8 months.

Continue reading

Standard
Lake Norman photos

Lake Norman Real Estate’s March 2013 Calendar is Here!

Lake Norman Real Estate Calendar March 2012

Photograph Copyrighted by Cotton Ketchie

March is a wonderful month here in Lake Norman. After being dormant all winter, our trees and gardens start to come alive this month. As in the beautiful photo above taken at Davidson College, one of the first signs of springs are pink and white blossoming trees that seem to bloom over night.  Daffodils are popping up all over our gardens and even in the natural areas around Lake Norman. All of the beautiful hardwood trees lining the shoreline of Lake Norman are just beginning to bud but will once again be brilliant shades of green by April. And then come the incredible azaleas!

Davidson College and the Town of Davidson itself is truly a beloved part of life in Lake Norman.  The quaint, historic town offers many cultural and natural pleasures from Concerts on the Green, theater/dance and lectures at the campus to their awesome Saturday morning farmers market offering organic produce and meats.

This gorgeous photo was taken by renowned artist Cotton Ketchie, owner of Mooresville’s Landmark Galleries, who spends much of his time driving all over North Carolina and even summer trips around the country, taking stunning photos like this one.  If you haven’t visited his store on Main Street in Historic Downtown Mooresville you should put it on your list for 2013! Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s February 2013 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 our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.  These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

After a strong 2012 for Lake Norman single family home sales and an impressive January 2013, it is critical to take the pulse of our February numbers to make certain that the optimism about our Lake Norman real estate market is justified.   Let’s take a look:

Lake Norman Real Estate’s Two-Week Hot Sheet

2/21/2013

Lake Norman Real Estate's February 2013 Hot Sheet

* 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 (area 13).  These numbers represent a real time snapshot of the past two week’s activity.  (February 7th – 21st).  As always, I have included the past 6 months so that you can put these numbers in perspective. Continue reading

Standard
lake norman real estate

Lake Norman real estate: New Construction is back!

New Lake Norman Waterfront Home

New Lake Norman Waterfront Estate

One of the most significant signs that our Lake Norman real estate market is improving is the amount of new construction popping up all around the lake.  From large builders taking over partially completed subdivisions that went under during the recession to smaller builders building spec homes and custom homes in every price range including an impressive number of luxury homes down Brawley School Road, all types of construction is happening for the first time in years!

The listing agent of a lot I just put under contract in The Point told me she had sold or had offers for 4 of her lots in the past several weeks after years of none what-so-ever.  A number of my waterfront buyers have purchased tear-downs or are considering tear-downs with plans to build their dream homes.  Off water buyers are scooping up good, affordable lots like the one I sold in The Point this past week realizing this may be the best opportunity they have before prices start going up.

The idea of having a custom home designed specifically for them on a hand-picked lot with their ideal size, floorplan, finishes and architectural details is pretty darned exciting!  For many, this is also a great time hire a builder who can incorporate all of the latest “green” and “smart home” technology which wasn’t really happening  in our Lake Norman area 5 years ago.

Here are some interesting numbers that reflect this trend:

  • We have 53 “new construction” homes under contract and 8 closed sales of new construction homes in Lake Norman’s Area 13 in 2013 for a total of 61 in 7 weeks.  Lake Norman had 90 closed sales of new construction homes in all of 2012 and 79 in 2011!
  • Lake Norman currently has 57 lots under contract and 16 closed lot sales equaling 73 sales in the first 7 weeks of 2013 compared to 239 lot sales in all of Lake Norman in 2012.

Of course, these numbers don’t reflect lots that are sold outside of our Charlotte Multiple Listing service.  Many builders, especially in large subdivisions, do not list a majority of lots and home sales in our MLS so these numbers are lower than the actual sales of lots and new homes being built on privately owned lots.

RELATED ARTICLES

 Lake Norman’s Langtree at the Lake is finally a reality!

Lake Norman’s The Point:  The Trump Factor

Lake Norman’s Brawley School Road Widening: One Year Later

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s January 2013 Sales Analysis: A Great Start to 2013 But With Some Caveats!

Lake Norman’s strong January home sales increased our streak to 13 months in a row where we exceeded sales from the same month in the prior year and all years since 2008. Our Lake Norman real estate market is very active for what are traditionally our slowest months of the year.  However, there  is a caution in these numbers because nearly three-fourths of our sales last month were under $400,000.  Our Lake Norman housing market has some strengths which make us look good over all but there are some very weak price ranges as well.

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 January 2013 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

Lake Norman real estate's January 2013 Sales Analysis

 

* Note that the Charlotte Regional Multiple Listing Service has created two new categories, Under Contract Showings (UCS) to continue and Under Contract no showings (UCNS). These replace the Contingent, Conditional and Pending categories.   Contingent Sales are now joined with Conditional sales in my reports.

Some significant additional statistics for you: Continue reading

Standard
lake norman real estate, Lake Norman Real Estate Market Reports

Lake Norman’s 2012 Home Sales Annual Review

After a rather erratic 2011, our Lake Norman real estate market definitely has a lot to celebrate about 2012.  Not only was the volume of sales up 23% but our average price and average price per square foot both inched up for the first time since 2007.  But, my favorite word for 2012 is consistency.  Not only were sales strong, but they were strong every month in 2012 without one hiccup.

What about 2013?  My greatest concern is our lack of inventory of homes for sale.  My second highest concern is that sellers AND Realtors will over estimate our recovery and have unrealistic expectations for 2013. I am already experiencing sellers who are inflexible about their listing price due to their optimism.  No matter how much our Lake Norman real estate market has improved, overpriced listings could play a significant role in limiting our sales as will our lack of inventory.  While I don’t expect prices to go down, I also don’t expect them to go up more than about 5% at best.

Below are three charts that pretty much tell the story about our Lake Norman housing market:  Continue reading

Standard