Lake Norman Real Estate Market Reports, Lake Norman waterfront homes

How do Lake Norman’s 2013 Waterfront Home Sales Compare to Prior Years?


Lake Norman waterfront homes in Cornelius NC

Life in Lake Norman for many means breathtaking sunrises and sunsets on the water every day. It means walking from your backyard to your boat and taking off to go water skiing, sailing, tubing, fishing or just enjoying a glass of wine at sunset. It is truly impossible to describe just how beautiful Lake Norman is and the quality of life those of us lucky enough to live here enjoy.

Living in a waterfront home is the ultimate goal of many who move here. Our downturn in housing prices since the recession opened a window of opportunity for many who couldn’t afford a waterfront home at the peak of our market. However, our Lake Norman real estate market is well in to its recovery.  And, with distressed properties representing only 3% of our current inventory, clearly they no longer are a factor in our waterfront housing market as well as our overall home sales.  It is important for potential home-buyers and sellers to know as much as possible about our waterfront home prices in the context of where they have been and where they are trending. To assist with this, I have done a detailed analysis of our 2013 waterfront home sales including annual, area and price range numbers:

 Overall Lake Norman waterfront home sales by year since 2005

Lake Norman waterfront home sales by year since 2005

Lake Norman waterfront home sales since 2005

* All data is from the Charlotte Regional Multiple Listing Service

As you can see, the number of Lake Norman’s waterfront home sales has been steadily improving since their low in 2008 with 2013 being the best year since 2005.  However, our average sales price has only been on the rise since 2012.  At $793.742 in 2013 they increased 1.7% over 2012 and are well below our record high of $982,345 in 2008.  Finally, our average price per square foot for waterfront homes that sold in 2013 was up 4.7% from 2012 and are nearly back to our 2009 numbers but still significantly below our peak of $270 per square foot.

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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

Lake Norman Real Estate Market Reports, Lake Norman waterfront homes

Lake Norman’s The Point: The Trump Factor

Lake Norman's Trump National Golf Club Sign

Since Donald Trump purchased The Point Golf Club  situated in the renowned luxury community The Point on Lake Norman last spring, there has been avid speculation about how he will impact the entire community’s ambiance and the values of the more than 800 luxury and waterfront homes.  Today, as you drive through The Point and you will see workers just about everywhere; from the golf course itself where all 18 holes are being lengthened and upgraded to landscaping crews to painters to workers remodeling “The Tavern” and dining room.  It turns out Mr. Trump doesn’t like grey so the quaint gray shingled Nantucket-style builds at “The Village” including the building pictured above at the traffic circle, are now a very bright white! Continue reading

lake norman real estate, Lake Norman Real Estate Market Reports

Lake Norman’s Luxury Community “The Point”; Is it leading Lake Norman’s Real Estate Recovery?


The Point, with its 13 phases and about 900 home-sites is arguably the most well-known and popular luxury community on all of Lake Norman.  It has been fascinating to watch how the recession initially impacted its home sales and the progress it has made since then. In fact, the numbers today would indicate that The Point is actually leading the Lake Norman real estate market’s recovery. Continue reading

Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 2nd Quarter 2011 Sales by Price Range

Every quarter I create a price range analysis for the Lake Norman real estate market in an effort to provide insight into our Lake Norman housing market by niche for both buyers and sellers: 

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.

How to read this report: Continue reading

lake norman real estate

Lake Norman Real Estate: What do recent housing sales at The Point tell us?

Waterfront Home at The Point on Lake Norman

  The Point  in Mooresville NC is arguably the most prestigious luxury community in all of Lake Norman and it is also the largest with 18 miles of beautiful Lake Norman’s shoreline.  So, when I see interesting changes in housing numbers in The Point I try to put them in context to see if they are in fact an indicator of a significant shift or trend.

Back on September 18, 2008 I wrote:  The Point in Lake Norman: A Case Study #2.  In this report I noted that we had 123 active listings which translated at the time to a whopping 41-month supply of inventory!  Then, in: Lake Norman Real Estate: Affordable Housing at The Point…Wow! on July 25, 2009 I noted that we had 114 active listings and had sold on 19 homes since the beginning of the year or a 38-month supply of active listings.

Today, the number of active listings in The Point has dropped to 82 or 33% below a year ago September.  In today’s buyers’ market this number alone is good news.  But, it gets even more interesting when you look at the recent sales numbers.  In this past October we had 9 closed sales in The Point which is a significant jump from any month for several years.  This makes for a total of 36 sales year-to-date in 2009 in The Point.  But, as of July 25, 2009 we only had 19 sales so we have almost doubled our sales for the year in The Point in the past 4 months.  At 36 sales we have already surpassed the 2008 sales total for the year of 33.  And, we have 7 pending sales and 5 conditional sales that will most likely close by the end of 2009 for a potential total annual sales of 48 almost half of which will have been in this winter 4th quarter.  If we average 5 sales per month we would have dropped to about a 16-month supply of active listings. While still high, this number is less than half of the 41 months we had in September of 2008.

What does such a strong fourth quarter mean?

While it is still clearly a buyer’s market in The Point, I think these numbers are significant enough to indicate a positive trend.  Inventory is dropping and sales are increasing.  While half of the inventory and sales are homes priced under $1 million, there are FOUR homes priced well over $1 million currently under contract and poised to close.  It would seem that some of our luxury home buyers are jumping off of the fence, enticed by some great price reductions and perhaps a sense that now is a good time to buy.

One example of an incredible bargain is a waterfront lot foreclosure that closed this past week in The Point for $400,000.  This lot sold for about half the market value.  It has very good water and views and is about an acre of a flat to gently sloping lot…just what most home buyers and builders are seeking.  At our peak this lot was probably worth over $1 million.

Here are some interesting statistics related to homes at The Point: 

Active Listings:

  •  82 today  (months of supply = 9.8 if use the past 30 days or 16.5 if use last 3 months)
  • 114 in July of  this year  (months of supply = 38)
  • 123 in September of 2008 (months of supply = 41)
  • Peak of about 140

Pending Sales:  7

Conditional Sales: 5

Contingent Sales: 2


  • Since October 1, 2009:      9  (25 % of this year’s sales were in October!) 
  • Past 3 month or since 8/11/09:      14
  • Same 3-month period in 2008:     7
  • Same 3-month period in 2007:     14 
  • Year-to-date 2009:      36
  • All of 2008:      33
  • All of 2007:      76

Price ranges of homes currently on the market:

  • $500,000:   5
  • $600,000:   9
  • $700,000:  6
  • $800,000:  15
  • $900,000:  4

Contingent Sales:

  • $699,000
  • $2,199,000

Conditional Sales:

  • $749,000
  • $899,000
  • $1,495,000
  • $2,750,000
  • $3,950,000

Pending Sales:

  • $578,500
  • $695,000
  • $749,900
  • $779,500
  • $1,599,000
Lake Norman waterfront homes

Lake Norman Real Estate: Are Waterfront Homes a Bargain in 2009?

Lake Norman Waterfront Home

 Waterfront homes on Lake Norman NC are selling.  I know because I have been selling them.  That’s the good news.  Depending on your own perspective, the bad(?) news is that of the last three waterfront homes I have sold, two were distressed sales where the sellers lost money and one was a foreclosure.

In my opinion there are currently two categories of waterfront homes for sale:

  • Distressed sales such as short sales, pre-foreclosures, foreclosures and bargains where sellers are able to price at the current market or below
  • Over-priced listings where in sellers have negative equity or they simply aren’t motivated enough to lower their prices to sell in this market

After a  little research on the Charlotte MLS, I came up with some numbers of interest:

Lake Norman Waterfront 5-Year Sales Analysis

Lake Norman Waterfront Home Sales

Here are some critical numbers:

  • As of today, we currently have 27.8 months of supply of waterfront homes for sale which is almost 5 times the amount we should have in a balanced real estate market.
  • While the number of  waterfront homes sold the past three months increased by 22% when compared to the same period last year, our waterfront homes sales have plummeted by -65% from their high in 2005.  Still, it is important to see that waterfront home sales are improving.
  • The average sales price of a waterfront home increased until 2009.  Since the beginning of the year they have dropped -12%.
  • While our average sales price is about equal to 2006, the average dollars per square foot for a waterfront home is back to our 2005 prices after peaking in 2007.  The price per square foot has dropped 20% since their highs just one/two years ago.

The average price of a waterfront home currently for sale is $1,098,431 which figures out at $275 per square foot or 30% higher than the average sales price per square foot.  Granted, the very high-end homes do skew these numbers a bit but the trend is clear.  Bargains are selling and over-priced homes are sitting.

When I first calculated these numbers I was not surprised but none the less taken a back by how they supported my recent experiences to the T.  As a rule of thumb, I had found that prices were back to 2005 so when I pull tax records for my buyers or sellers and I see a purchase date more recent than 2005 I already know that there is a good chance the sellers have negative equity in their home.

While we read that much of the country’s housing markets are improving, my discussions with brokers and lenders throughout the country and my research indicate that Lake Norman home sales trends are about 10 months behind much of the country.

I can’t emphasize enough how important our levels of active listings are to our recovery.  In states like California, where the recession hit early and hard, they are experiencing multiple offers on their distressed/foreclosed properties and their months’ supply of for-sale inventory was 4.2 in September compared to our 18 months in Lake Norman over all. (And our 27.8 months of supply of waterfront homes).

This is a GREAT time to be shopping for waterfront homes.  (If you are a regular reader of this blog you will know that I don’t think I have said this once in the past two years). While a good portion of the homes are still overpriced, there are some incredible bargains popping up.  And, while these bargains are selling at a reasonable pace, we are not yet experiencing multiple offers so it is even possible to negotiate prices down on foreclosures!

In the next two reports I am going to analyze New Construction and Luxury Homes over $1million.  Stay tuned!

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

60 Things You Should Know About Life in Lake Norman, Part 1