lake norman real estate

How do Lake Norman home buyers learn how long a property has been on the market?

Lake Norman real estate icons

Our real estate industry loves using acronyms and lingo as if our clients completely understand us.  One area which is particularly confusing is the number of days a property has been on the market. For decades MLS’s only provided one number for us and that was the “days on market” or DOM as we call it. However, this number was recalculated every time a listing was taken off the market so the real “life of a listing” could be monkeyed with by the listing agents. In order to combat this problem and provide a true representation as to how long a property has been for sale, our Carolina Multiple Listing Services (Charlotte Regional REALTOR Association) now uses three different terms related to the time a property has been in the MLS : Days on Market, Cumulative Days on Market and List to Close.

Here is the definition of each of these terms: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 2nd 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 real estate home sales by price range for second quarter 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. Continue reading

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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.

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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

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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

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s January 2014 Hot Sheet Bodes Well!

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 4th quarter 2013 real estate sales definitely softened after some rather spectacular months but we still ended the year 18.5% higher than 2012. Today’s Hot Sheet numbers give us our first real glimpse into Lake Norman’s 2014 housing market’s health and it is looking good for the next few months after January. The numbers below actually indicate a significant uptick in the NEW Lake Norman home sales contracts opened in the past two weeks. So, while our closed sales for January may not be stellar, our market is definitely picking up rather quickly.  We currently have 184 single family homes under contract (sellers have accepted an offer but the sale is not complete) in all of Lake Norman which is up significantly from last month’s Hot Sheet number of  164 and identical to last January’s but still well below the 206 in November, 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

1/21/2014

Lake Norman real estate sales for the past two weeks of january 2014

Lake Norman Real Estate’s January 2014 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. (January 7th – 21st). As always, I have included the past 6 months so that you can put these numbers in perspective.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s October 2013 Home Sales Analysis: More Interesting Trends!

Change continues 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 October, we actually appear to be struggling right now to be able to keep our sales up above last year’s for the rest of this fall/winter. At 97 single-family home sales in October we logged in the best October since 2006  but our gains of +5% compared to last October were the smallest monthly gains posted in 2013.

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

Lake Norman Real Estate's October 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.

Some significant additional statistics for you:

  • “Distressed sales” (Foreclosures (REOS), defaults, Short Sales) comprised 11.3% of Lake Norman’s total home sales which is down from 15% last month. Prior months were: 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 11 distressed home sales in October. The average price for distressed single family home sales was  $337,972 compared to an earlier low of $252,526. Distressed active listings comprise only 3.1% 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.
  • 26.8 % of our closed sales were waterfront homes which is well below last month’s 34.6%. The average sales price of Lake Norman waterfront homes in October was $662,850 also well below not only September’s $738,972 but also 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 slightly from $211.11 last month to $215.43 after peaking at $229. Our waterfront home sales have dropped significantly over the past months above $700,000 but the homes that are selling in the lower price ranges are getting relatively strong offers based upon their size.
  • 16 new construction homes sold in October which was twice the number last month. 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 46 new construction homes under contract. The average sales price in October was down, logging in at $359,018 compared to last month’s $406,596. 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.
  • 62.8% of Lake Norman’s October home sales were under $400,000 up from 55% last month.
  • A whopping 75.25 % of  the entire Lake Norman home sales in October were under $500,000 which is up from 66.3% last month and more in line with 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 now had several pretty weak months of sales in our trade-up and luxury housing markets.
  • Our “Under Contract Show” AND “Under Contract No show”/Pending sales combined total of 207 was the sixth month in a row of decline after April’s record high of 319 . At 207, we match last month’s so it appears we may have stopped the bleeding but there are still fewer homes under contract than any other month in 2013 except 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

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