Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s June 2014 Hot Sheet Home Sales Analysis

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. The past two months we have seen a dramatic uptick in activity and thankfully that trend is continuing. We currently have 262 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 285.  Once again I don’t think this month we will match June of 2013’s 151 closed sales but take a look and see what you think:

Lake Norman Real Estate’s Two-Week Hot Sheet

5/21/2014

Lake Norman real estate home sales activity June 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. These numbers represent a real time snapshot of the past two week’s activity. (June 7th – 22nd). As always, I have included the past 5 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 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).

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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

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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

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s November 2012 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.

There is no doubt that 2012 has been a very strong year for Lake Norman real estate and home sales relative to all years since 2007.   As of today the MLS has a total of 120 closed sales for May, 119 sales for June, 115 for July, 120 for August 92 for September and 92 for October; all 6 recording the highest months’ sales since 2007!  While the best October since 2007, last month was the second month in a row where our sales failed to reach 100. While still relatively strong, we are seeing a typical seasonal slowdown in our Lake Norman housing market. November, while looking to be is a continuation of this slowdown, may be one of the strongest Novembers since 2005.  Will we, for the 11th month in a row, beat the prior year’s sales for the month?  Let’s take a look:

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lake norman real estate, Lake Norman Real Estate Market Reports

Lake Norman’s 2011 real estate market was, well, okay.

So, when all is said and done, our Lake Norman single family housing market was just okay in 2011.  We didn’t quite match 2010 sales but at least we didn’t have a double dip back to our abysmal 2009 numbers!  5 months in 2011 were either equal to or better than 2010 while 7 months were lower compared to 2010. With the exception of March, the first half of 2011 was pretty tough but then we had a string of strong months (look at August!) before dipping back down in November/December.  As you can see, there is really no consistent pattern by month:

Lake Norman Monthly Sales Chart for 7 Years

*Please note that all of my numbers are for single family homes. They come from the Charlotte Region Multiple Listing Service and will not include sales that took place outside of our MLS.  **I have made an adjustment of  the totals reflecting the ACTUAL  sales  every month in 2009, 2010 and 2011 and the totals in the prior calendar years.  The columns may not add up but I do my best with what I have to work!

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lake norman real estate

Lake Norman Real Estate: Foreclosures and Unemployment Rates

Lake Norman Real Estate Analyzing the Data

 

In today’s real estate market, both here in the Lake Norman area as well as the entire country, economic data changes daily.  This is especially true of  the number of home foreclosures.  And it is particularly difficult to stay on top of our local numbers as they are not as readily available.

That is why I got pretty excited when I learned about  this interactive map on the  National Public Radio’s website: Interactive Map:  The Economy Where You Live.  If you click on the link a map of the United States will appear with the option to search three different numbers BY COUNTY:

  1. Foreclosure Rates
  2. Unemployment Rates
  3. Median Household Income

These numbers are updated regularly so you can keep track of trends by county not only where you might be buying but where you are currently living as well.

Today’s numbers for our four Lake Norman counties:

Iredell (including Mooresville, Troutman,Statesville):

  • Foreclosures:  1 in 1662 (one out of every 1662 homes are currently in foreclosure)
  • Unemployment rate: 13%

Mecklenburg (including Charlotte, Huntersville, Cornelius, Davidson):

  • Foreclosures:  1 in 213
  • Unemployment rate: 11.7%

Catawba (including Sherrills Ford, Terrell, Hickory):

  • Foreclosures:  1 in 2479
  • Unemployment rate: 14.9%

Lincoln (Including Denver, Lincolnton):

  • Foreclosures:  1 in 1401
  • Unemployment rate: 14.5%

While I have included which Lake Norman cities fall in each county, it is important to know that there are many other cities in these counties, especially Mecklenburg which includes the greater Charlotte metropolitan area.  It is clear that the more densely populated areas in Mecklenburg County are experiencing a much greater number of foreclosures than the other counties surrounding Lake Norman.

In a report released by RealtyTrac today, the foreclosure related filings in August were ranked by state, the worst being:

  1. Nevada:  1 in 62
  2. Florida: 1 in 140
  3. California: 1 in 144
  4. Arizona: 1 in 150
  5. Michigan: 1 in 234

According to this report, one in every 357 U.S. homes was subjected to a foreclosure-related filing in August.

Overall, the Lake Norman area is doing considerably better than the country but the numbers are not currently trending in a positive direction.

I plan on checking these maps on a regular basis to watch for changes!

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s Hot Sheet: July 13, 2009

 Lake Norman Hot Sheet:  July 13, 2009 

Lake Norman Real Estate's July 2009 Hot Sheet 2

 There has been so much speculation in the economic news about the U.S. housing market that I decided we needed a reality check.  There is nothing better to shed some light on our Lake Norman Real Estate market than a visit to our Multiple Listing Service.  The above chart is 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.  As always, I have included the past 6 months so that you can put these numbers in perspective.

Here are some highlights:

New listings decreased by 22%…the lowest number this year!  After a peak last month there are consistent signs that our inventory levels are heading downward.  This is one key component of a bottom.  Once our inventory is drop to a 6-8 month of supply we will be back in a balanced housing  market here in Lake Norman.

The number of listings coming “Back on the Market” due to a canceled contract is still extremely high.  Considering our pending and contingent/conditional numbers are dropping, then more homes fell out of contract than went under contract in the past two week.  This is again a sign of the tremendous challenges involved in loans, appraisals and perhaps a lack of buyer’s confidence in the economy and/or housing market.

The number of price changes are back down to our April levels.  This could be simply because the decreasing number of active listings is in line with the decreasing number of price changes when compared to their peak last month.

Pending home sales dropped 18.5% compared to last months high.  If you follow the national housing market you will know that there is always much focus on pending sales since these are sales that are past conditions and contingencies and are waiting to close.  Pending sales are looked at as the best indication of future closed sales.  These have been strong nationally which is one reason why some of the media has been optimistic about the national housing market hitting bottom.  However, here in Lake Norman, all numbers are pointing to the fact that June was perhaps the strongest month we will have this year and that sales will continue to decline through the end of 2009.

The number of closed sales remained equal to last month’s hot sheet.  What I find interesting is that despite last month’s high pending sales of 54, we in fact only closed 44 in the past two weeks.  Last month’s strong pending sales numbers did not result in higher closed sales this month, probably due to the number of contracts that failed to close.

Unfortunately, the number of new contracts, conditional and contingent sales, dropped for the second straight month.  This further supports my feelings that our July and August numbers are going to be lower than June’s.

As always, I will close with a note about our months of supply of active listings.  If we presume that we  will close about 80 sales in July and we currently have 1582 active listings, we still have about a 20-month supply of homes for sale.  It is still a buyers market here in Lake Norman!

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s May 2009 Home Sales Analysis

Whether you are a potential home buyer considering the greater Lake Norman area or a Lake Norman homeowner trying to determine the best time to sell, it has never been more important to be informed in every possible way about our local Lake Norman real estate market.  The housing market was in the news throughout the country with so many different perspectives and interpretations.

Our Lake Norman housing market continues to change rapidly.  What was true even a month ago may not be true today.  That said, here is the summary of Lake Norman single family home sales and statistics for this past May.  (The period ending yesterday):

Lake Norman may-2009-sales-analysis

  Active Listings:  Our total number of active listings decreased slightly.  While they are high, considering this is Lake Norman’s peak selling/listing season at a time when we might expect increased inventory, this is a VERY good sign.  I can’t emphasize enough how important it is for Lake Norman’s inventory to drop.

Contingent Sales:  This represents the number of homes that are under contract but are contingent upon the buyers selling their own homes.  In a buyers market, this is not a strong position for a seller as it may take months for the buyer’s property to sell.  This number is double that of last month which in my opinion indicates the more sellers are willing to take a risk in order to sell their homes

Conditional Sales:  At 56, the number of  homes under contract that are in the early stages of negotiations with conditions for loans and inspections is 51% higher than last month.  This is an indicator of future closed sales.  There most certainly has been an increase in showings so we may see some higher closed sales over the next few months.

Pending Sales:  94 pending sales is 12% higher than last month.  These are sales that are just waiting to close which would indicate that our June closings should be higher than this month.

Closed Sales:  I must admit I was a bit disappointed to see our closed sales at only 67.  Closed sales actually dropped 3% versus last month.

Summary versus 2008:   Lake Norman home sales volume dropped 26% compared to May 2008.  The average price of the homes sold dropped 21% compared to 2008 and the average days a home was on the market increased 36%.  The most important of these three numbers is the drop in the average price of the homes sold.  Throughout the country it has been the drop in prices that has resulted in an increase in sales.  Bargains are selling and are what will continue to drive our Lake Norman market until consumer confidence returns.

5-Year Comparison of Lake Norman Home Sales By Month

20092008200720062005
January246987102105
February 45501059888
March 4271151153136
April6990120143152
May 6790152182157
June82169227172
July101147166191
August74144180233
September69105135163
October6698117184
November468488145
December6264132134
Totals:247916149217431860

* Please note that all of my numbers come from the Charlotte Region Multiple Listing Service and will not include sales that took place outside of our MLS.

**While my totals on this chart for 2008 sales is 870, when I search on our MLS for the entire year they give me a slightly higher number of 916 so I will use that as our official number for the sake of this analysis.

Summary:  With 67 closed sales and 1598 active listings in the Lake Norman area, we still have a 23.8-month supply of homes for sale.  While this is substantially better than the last quarter, a balanced housing market should have about 6-8 months of inventory so we still have a long way to go to achieve a solid housing market.  If you look at the chart above it is a bit sobering to realize we sold three times as many homes in May of 2006 as we did this past month!

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Lake Norman Real Estate Market Reports, Lake Norman waterfront homes

Lake Norman Real Estate: Luxury Home Market Update

Lake Norman waterfront estate in The Point

 I couldn’t resist having a little fun while providing an update of our Lake Norman luxury home sales.  Above is a home we locals refer to as the “Taco Bell” house.  It is located in The Point on the Brawley Peninsula and serves as a great landmark when out boating on the lake!

So, what is happening with luxury homes in Lake Norman?  In general, sales above $750,000 have been quite slow:

Active Listings: As you can see, we have 456 homes priced over $750,000 in Lake Norman and 12 have sold since the beginning of the year (1/1/09 – 3/9/09).  This means we have a 76 month supply of homes.

Solds:  12 homes sold since January 1, 2009 versus 29 in the same period of 2008.  This is a 59% drop in the number of sales.

Other Interesting Statistics regarding the 12 sales:

  • Average Size = 5,421 square feet
  • Average listing to selling price differential = 93%
  • Average $ per square foot = $195

What happens when we separate out waterfront homes?

  • 8 of the 12 sales were waterfront
  • Average Size = 5445
  • Average Sales Price = $1,130,812
  • Average $ per square foot = $208 vs $169 for non-waterfront homes

At the peak of our Lake Norman real estate market waterfront homes were selling, on average, for at least $300 per square foot, waterview homes sold for about $150 per square foot.

While this is just a snapshot of our most recent luxury home sales, it is fascinating to see that waterfront home prices seem to have dropped by almost $100 per square foot.  My own observations as I show waterfront properties would substantiate this.

Bottom line?  This spring/summer should be a GREAT time to buy waterfront homes on Lake Norman.  They have been hit the hardest during this downturn because they went up the most during the strong years and I can only assume that once our market turns around once again the limited supply of waterfront homes will drive the prices back up!

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s February 2009 Sales Analysis

Whether you are a potential home buyer considering the greater Lake Norman area or a Lake Norman homeowner trying to determine the best time to sell, it has never been more important to be informed in every possible way about our local Lake Norman real estate market.

Our Lake Norman housing market continues to change rapidly.  What was true even a month ago may not be true today.  That said, here is the summary of Lake Norman single family home sales and statistics for this past February.  (The period ending yesterday):

Active Listings:  Unfortunately, our number of active listings has increased by 62 properties since January 1, 2009.  Normally we would look forward to new listings coming on for our peak Spring and Summer months but today we face such a seriously overstocked supply of active listings that any increase in our inventory is not good for home sellers….more supply + low demand = lower sales prices. Continue reading

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The Real Estate Process, Home Buying and Selling Tips

Lake Norman Real Estate: What Home Buyers Should Know Right Now!

Lake Norman future home buyers

Every time I go out with my buyers in our Lake Norman area I gain some knowledge about the dynamics of our market that can’t be acquired merely by looking at our Lake Norman housing statistics and reading the myriad real estate articles in the news.  Now more than ever real estate is very very local.  My insights about the Lake Norman real estate market may not even apply to Charlotte!

If you are serious about buying a home in Lake Norman this spring here are my recommendations:

Get pre-approved for a loan AND then keep in touch with your lender on a weekly basis.  Right now the lending market is so erratic that you can not count on last month’s pre-approval.  I had buyers completely pre-approved but when they finally were ready to write up their offer the lender told them they could no longer get a loan, period.  The rules changed, not their excellent credit or down payment.

Know your priorities and goals and stick to them.  There are so many homes for sale in the Lake Norman area that buyers have almost too many to choose from.  It is easy to get side tracked which leads to more confusion and frustration.  Stay focused!

Look at homes that are priced 10% or more above your intended purchase price.  I can’t tell you how many sellers, including my own, are afraid to lower their prices but keep asking why they haven’t gotten any offers and insisting that if they had an offer they would work with the buyers.  They might ultimately reduce their price lower than you might expect.  You may miss your perfect home that is simply overpriced if you don’t stretch your price-range.

Don’t be afraid to make a low offer!  This goes along with the idea of looking at higher-priced homes.  As a buyer you probably know the market better than the sellers since you are out there looking at active listings.  While there are times the seller will simply not respond, if they have a good agent they will counter with something just to keep the dialog going.

Before making your final decision/offer, ask your agent to provide you with:

  • An MLS archive search of your favorite homes:  This will tell you exactly how long the property has actually been on the market as well as how many times it has been reduced and/or expired and re-listed.  The most recent MLS data might say 100 days on the market when in fact it has listed for well over a year.
  • Tax records:  When did the sellers purchase their home and for how much.  Right now in many Lake Norman neighborhoods prices are back down to 2004/2005 prices so if the home was purchased more recently chances are the sellers are going to have to take a loss.
  • A comparative market analysis:  Learn everything you can about the recent sales and current active listings that an appraiser will use to help you decide your purchase price.  If there are one or two low sales or active listings these will greatly impact the value of the other homes in the neighborhood.  Lenders are so conservative right now that they are even doing second appraisals just before closing.  Our prices are trending downward.  Lenders are very difficult to work with under the best of circumstances but if your purchase price is a bit high it is most likely that you won’t be able to get the loan.

Finally, keep up with the financial news.  The newly passed Stimulis Bill includes an $8,000 tax credit (that does NOT have to be repaid) for first-time home buyers.  There are discussions about further efforts to bring mortgage interest rates down and other tools to revive our lagging national housing market.

Be smart and you will be successful!

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s January 2009 Sales Analysis

No matter whether you are a potential home buyer considering a purchase in our Lake Norman NC area or a homeowner deliberating about the timing of the sale of your home in the Lake Norman area, it has never been more important to be as informed as possible about our local real estate market.

Our Lake Norman real estate market has been changing rather rapidly.  What was true as little as a month ago may not be true today.  That said, here are the Lake Norman single family home sales statistics for this past January 2009:

Lake Norman Market Report for January 2009      
 %Average%%
Lake Norman2008  Average $  DOM2008+/-$+/-DOM+/-
Active lisitngs1471$737,491      170 
Contingent16 484,281   209 
Conditional 24 581,407   244 
Pending 66 480,092   142 
 Sold24 454,779   1926965%542,22916%14433%
           

Active Listings:  Unfortunately, our number of active listings has increased by 65 properties since December 31, 2009.  While we would normally expect new listings after the holidays, an increase in our tremendously overstocked supply of active listings at this time is not good.  While our number of properties sold was an all time low of 24, if these trend were to continue it would mean that we have a 61 months of supply of homes for sale in Lake Norman! (Balanced market is 6-8 months).

Contingent Sales: This number has increased to 16 from 11 in December…a mildly good sign.

Conditional Sales: The number of homes that went under contract increased from 17 homes in December to 24 homes in January….again, any increase is a good sign.

Pending Sales:  The number of homes poised to closed increased from 55 in December to 66 in January.  This is the best indication of what we can expect in the number of closings in February.

Closed Sales:  I honestly have gone back to our Charlotte Regional Mulitple Listing Service three time today to verify this number because it was so low.  24 homes sold in our entire Lake Norman area (13/1-13/5) in January.  This is a 65% decrease compared to January 2008 and a 58% decline in home sales compared to last month. 

To put this in  number in context let’s look at our Lake Norman Homes Sales Summary Chart:

2008 Lake Norman Home Sales Summary

20092008200720062005
January246987102105
February501059888
March71151153136
April90120143152
May90152182157
June82169227172
July101147166191
August74144180233
September69105135163
October6698117184
November468488145
December6264132134
Totals:24916149217431860

* Please note that all of my numbers come from the Charlotte Region Multiple Listing Service and will not include sales that took place outside of our MLS.

**While my totals on this chart for 2008 sales is 870, when I search on our MLS for the entire year they give me a slightly higher number of 916 so I will use that as our official number for the sake of this analysis.

The number of Lake Norman home sales for January 2009 dropped by 65% from January of 2008 and 61% versus last month.

Summary:  I am hoping that the historically low sales last month were a result of the perfect storm of our national economic crisis, the holidays and lack of consumer confidence.  I am optimistic that our sales will improve this month but even if we go back up to 2008 numbers we still have too many homes on the market in the Lake Norman area.  Home prices will continue to go down until we see an increase in sales and a return to a balanced market.

Learn more about Lake Norman!

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Learn about Gardens and Landscaping in Lake Norman Part 1

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