lake norman real estate, Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s Market Report April 2015

So, Lake Norman’s real estate market is still rocking!  We beat last April’s closed sales by 5% and just about matched last month’s stunning numbers. For the first time our April closed sales actually BEAT April 2007’s and logged in the best April since 2006. Our year-to-date 2015 closed single family home sales were 20.8% higher than 2014’s.  On top of these impressive numbers, take a look at what’s on the horizon. Our total number of properties currently under contract match the highest number since the recession which was May 6th of 2013. Lake Norman’s housing market got crazy busy (my technical term for it) right after the holidays and we are now seeing this translated into not just closed sales but high numbers of new contracts as well. Let’s take a closer look:

Lake Norman Market Report April 2015

Lake Norman Market Report April 2015

* All data is from the Carolina Multiple Listing Service.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s April 2015 Hot Sheet Reveals Interesting Trends!

Lake Norman real estate Hot Sheet report

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 we are at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.

It looks like our April showers will bring not just flowers but many May home sales as Lake Norman continues it’s strong real estate activity. We currently have a whopping 321 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 245. This is the highest number since the recession! The strong activity I have noted since the first of the year just keeps gaining momentum. What is equally important is our record low number of active listings.  Here are our 2-week Hot Sheet numbers: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 1st Quarter 2015 Home Sales by Price Range

If you are a home buyer or seller in the Lake Norman area it really only matters what is happening in YOUR price-range. Yes, it is important to know about the global economy, the national economy and the Charlotte area economy and real estate market but real estate is hyper-local so it is most meaningful to learn about the Lake Norman real estate market and within that, your specific niche. For instance, if you are looking to buy or sell in the $400,000 price range, you are going to have an entirely different experience than someone in the $500,000’s. This is the reason why I create a price-range analysis every quarter for my readers:

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

Lake Norman home sales by price range 1st quarter 2015

*Compiled from the Carolina Multiple Listing Service’s data, this chart enables you to focus on your specific price range(s) rather than use the broad-brush approach thus allowing you to size up your competition and better position yourself.  

How to read this report: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s March 2015 Sales Analysis

Wow, Lake Norman’s real estate market is rocking!  We ended up March with an impressive 49% increase in closed home sales compared to last year’s AND a 57% increase over last month’s sales.   Once again in 2015 we logged in the best month’s sales since 2007 which means our 1st quarter 2015 closed single family home sales were 25.6% higher than the first quarter of 2014 and the best first quarter in Lake Norman since 2007.  Lake Norman’s housing market got crazy busy (my technical term for it) right after the holidays and we are now seeing this translated into closed sales but what about new contracts? Let’s take a closer look:

Lake Norman Market Report March 2015

Lake Norman Real Estate's March 2015 Market Report

* All data is from the Carolina Multiple Listing Service. Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s March 2015 Hot Sheet is Sizzling!

Lake Norman real estate Hot Sheet report

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 we are at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.

With winter now in our rear view mirror, our Lake Norman real estate market is hopping like a happy Easter bunny!  You know it is a good market when I see not 1 but 3 updates on Facebook from local Realtors looking to hire assistants or team members in just this past week. We currently have 245 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 230, January’s 187, December’s 174, November’s  208, and October’s 262.  The strong activity I noted since the first of the year just keeps gaining momentum!  Here are our 2-week Hot Sheet numbers: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s February 2015 Sales Analysis: Good News?

A 22% increase in sales compared to last year, a 24% increase over last month’s sales and the best February since 2007?  Even sleet, snow, and unusually cold weather didn’t slow down our hot real estate market.  As I noted last month, Lake Norman’s housing market got crazy busy (my technical term for it) right after the holidays and we are now seeing this translated into closed as well as new contracts. Let’s take a closer look:

Lake Norman Market Report February 2015

Lake Norman Home Sales Analuysis

* All data is from the Charlotte Regional Multiple Listing Service. Continue reading

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lake norman real estate, Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s February 2015 Hot Sheet Analysis

Lake Norman real estate Hot Sheet report

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 we are at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.

Despite the weather, February closed sales so far indicate that Lake Norman’s housing market is plugging along at a pace slightly better than last year’s. We currently have 230 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 187, December’s 174, November’s  208, and October’s 262.  While February is historically one of our lowest month for closed sales, activity is good.  Here are our 2-week Hot Sheet numbers: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s January 2015 Sales Analysis:

Our January closed sales really don’t tell the whole story of our current and near future Lake Norman housing market. While we are likely to just match last year’s and slip below January 2013’s in closed sales, it is our new contracts and the amount of showings and activity I have been seeing since the holidays that support where I feel we are heading in early 2015.   Let’s take a closer look:

Lake Norman Market Report January 2015

Lake Norman Market Report January 2015

* All data is from the Charlotte Regional Multiple Listing Service.

Some significant additional statistics for you: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s January 2015 Hot Sheet Analysis is Here!

Lake Norman real estate Hot Sheet report

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 we are at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.

While our January closed sales so far are stable with last year’s, there is no doubt in my mind that Lake Norman home buyers have hit the ground running in 2015!   We currently have 187 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 174, November’s  208, and October’s 262.  While January historically is our lowest month for closed sales, our momentum has picked up rather quickly this year which bodes well for February and March. Here are our 2-week Hot Sheet numbers: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman’s 2014 Year-End Home Sales Were Up 7.9%!

2014 turned out to be a very positive year for our Lake Norman real estate market.  A 7.9% increase in the number of single family home sales over 2013 is a stronger showing than the national home sales. But what is really impressive is the fact that we actually exceeded all prior years back to and including 2007!

Here are some interesting charts that break down the data for you:

Single Family Home Sales by Year 2005 – 2014

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s December 2014 Sales Analysis: A Bang or a Whimper?

A bang.  A BIG bang. After a significant slowdown in November, our Lake Norman real estate market ended 2014 with an explanation point by posting a 20% increase in sales over December 2013 and 25% higher than last month’s. With 120 closed sales, December 2014 didn’t just cream last year’s but all prior Decembers’ since 2006 and might even meet that month’s sales once our few stragglers are posted to our MLS in the next few days. Unfortunately, this trend probably won’t continue into January 2015.  Let’s take a closer look:

Lake Norman Market Report December 2014

Lake Norman home sales December 2014

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s December 2014 Hot Sheet is Here!

Lake Norman real estate Hot Sheet report

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 we are at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.

Wow, it is hard to believe that 2014 is almost over!   While we had a significant slowdown of home sales last month compared to prior months in 2014, our December real estate market looks to be ending our year on a high note. We currently have 174 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 208, October’s 262 and September’s 282.  Yes, we have hit our typical seasonal slow down. Here are our 2-week Hot Sheet numbers: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s November 2014 Sales Analysis: Seasonal Slowdown?

After a great ride, November applied the brakes on our Lake Norman real estate market. While we exceeded our closed sales for November 2013 we only had the third best November since 2005 after logging record sales monthly since June.  Let’s take a closer look:

Lake Norman Market Report November 2014

Lake Norman home sales analysis for November 2014

* All data is from the Charlotte Regional Multiple Listing Service. Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s November 2014 Hot Sheet: Where are we headed?

Lake Norman real estate Hot Sheet report

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 we are at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.

After an incredible string of months of very strong home sales in Lake Norman, November’s early numbers indicate we are finally experiencing the typical seasonal holiday slowdown. That said, we are still logging sales at a higher rate than prior Novembers. We currently have 208 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 and Septembers 282.  Here are our 2-week Hot Sheet numbers:

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Lake Norman Real Estate Market Reports

Lake Norman’s October Home Sales 2nd Highest in 2014!

I must admit that our Lake Norman October closed home sales were so high that I keep re-doing the search in the MLS thinking there must be an error. Seriously, a 52% increase over October 2013, a 13.7% increase over last month AND the second highest month in all of 2014? I predicted October would be a great month because of the high number of homes under contract last month but even I didn’t expect them to be this high! Let’s take a closer look:

Lake Norman Market Report October 2014

Lake Norman Home Sales Chart for October 2014

* All data is from the Charlotte Regional Multiple Listing Service.

Some significant additional statistics for you: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s October 2014 Hot Sheet: Signs of Fall?

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 we are at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.

While not quite as strong as last month, our Lake Norman housing market continues to break with our typical seasonal slowdown.  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 282 and August’s 247.  After an impressive surge in September we have slowed a bit but we are still out significantly pacing prior October’s. Here are the 2-week Hot Sheet numbers: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s September 2014 Home Sales Analysis: Impressive!

If there is any doubt in your mind that Lake Norman’s real estate market is in a sustained recovery our September 2014 home sales will put an explanation point on it. Not only were our September’s closed home sales  substantially higher than last September’s, but they topped even 2006’s and 2007’s! Add to this our very strong numbers of new contracts and pending sales and clearly our activity has not softened as it usually does in late summer early fall and is on pace with our past 4 months. Our Lake Norman housing market is now the most stable it has been since the recession. Let’s take a closer look:

Lake Norman Market Report September 2014

Lake Norman real estates market report

* All data is from the Charlotte Regional Multiple Listing Service.  Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 4th Quarter 2009 Sales Analysis by Price Range

 Lake Norman’s 4th Quarter 2009 Housing Market Overview

  While my monthly and bi-weekly market reports for Lake Norman Real Estate provide a good pulse of our housing market, my quarterly summary (as above) and price range analysis (see below)  provide some invaluable insight into important trends that aren’t readily available.

As you can see, our Lake Norman 4th quarter 2009 numbers are dramatically different from a year ago:  Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s December 2009 Home Sales Analysis

Wow, what a difference a year makes!  While 2009 will go into the books as the worst in years for Lake Norman home sales, our December numbers make a strong statement about what we can expect in our Lake Norman area in 2010; and it is good news!

Take a look at our statistics compared to December 2008:

Lake Norman’s December  2009 Housing Statistics

  • Active Listings dropped a whopping 20%.  . As I have written many times, getting our number of active listings down is critical to our Lake Norman housing recovery so this is a very good sign!  I know that more and more sellers are taking their homes off the market.  It will be interesting to see if they bring them back on in the spring.  Again, note the average price of our active listings when compared to the average price of our solds this past month are still quite a bit higher. But, they are much closer than last year.  Our high-end market in Lake Norman is still suffering however I am seeing a definite  increase in activity due, in part, to foreclosures and short sales.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s July 2009 Home Sales Analysis

Last week seemed to be one in which every source/pundit of economic news decided to put a positive spin on new data; from our GDP to national June housing sales.   For the most part the news was good simply because we didn’t do as badly as predicted.  Or, in the case of North Carolina existing home sales, they posted their “smallest decline since August 2007 in June with a 17% decrease in total units sold compared to the previous year” according to the North Carolina Association of Realtors.

What concerns me is that this type of news will encourage more optimism in our local Lake Norman real estate sales at a time when we most need to focus on being realistic. A good number of our sellers are “upside-down” or have negative equity in their homes.  They simply can’t afford to sell their homes at our current market value.  These are future short sales and foreclosures.  In states like California where they were hit early and hard, they are experiencing multiple offers…but on FORECLOSURES not regular inventory.  While I don’t think we will get to that point, I do think we are sitting on a lot of inventory of homes that will need to be reduced more than the sellers are able.

While the national focus is on June, let’s look at our JULY numbers:

July 2009 Sales Analysis

Lake Norman July 2009 Sales Analysis

 Active Listings remained just under 1600 for the third month in a row.  Note the average price of our active listings when compared to those that are under contract.

Contingent Sales  also remain about flat for the past few months.  These are the homes that are sold but they are contingent upon the buyer selling their home…very weak contracts that could go on indefinitely

Conditional Sales are actually slightly below where we were at the end of May when we had 56 conditional sales.  This is a sign that sales may have peaked for the season.  Note that these homes have been on the market an average of 215 days.  This doesn’t include homes that have been taken off the MLS and re-listed.

Pending Sales are also down slightly for the past few months.  Another sign that future sales will be trending slightly lower

The number of Closed Sales  dropped 13% compared to July 2008.  88 sales represent the highest one month of sales in 2009 but since this is our busiest season one would expect sales to trend upward.  The big question in my mind is “have our sales peaked for 2009?”

Let’s put these numbers into historical context:

 5-Year Comparison of Lake Norman Home Sales By Month

20092008200720062005
January246987102105
February 45501059888
March 4271151153136
April6990120143152
May 6790152182157
June7982169227172
July88101147166191
August74144180233
September69105135163
October6698117184
November468488145
December6264132134
Totals:414916149217431860

* 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.

Clearly our Lake Norman home sales peaked last year in the month of June.  Based on our current number of conditional and pending sales, my bet is that we have also peaked this past month for 2009.  Right now, with 88 sales and 1563 active listing we have 17.8 months of inventory of homes compared to a balanced market of 6-8 months of supply.  While this is a tremendous improvement from our winter highs of 35 months, if sales trend back down this fall and winter we will be back to those high inventory numbers.

One final observation:  note that the average price of a home sold in July actually increased compared to July 2008.  Yes, we have had some luxury home sales recently but they numbers will knock your socks off:

  • 18440 Harbour Light in The Peninsula was listed at $1,699.000 and closed on this past Friday for $1,200,000.  This is a 29% reduction from list to sales price and it was on the market for 690 days!
  • 108 Conway Court in The Point was listed at $4,100,000 and closed this past Thursday at $3,100,000 or a 24% reduction from listing price to sales price.

While this is not good news for our Lake Norman home values, it is a good sign that even the luxury home sellers are getting realistic.  Since this market has been languishing while the first-time-buyer program fuels our lowest end price ranges, sales like these show that there are buyers at every price range willing and able to buy if they feel confident that they are not overpaying for their home.

RELATED ARTICLES

60 Things You Should Know About Life in Lake Norman NC 

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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 Real Estate: May 15, 2009 Hot Sheet

Lake Norman Real Estate's may-2009-hot-sheet

Above is a chart with today’s “Hot Sheet” numbers from the Charlotte Regional Multiple Listing Service for single family homes in the Lake Norman area (13/1 – 13/5).  These numbers represent a snapshot of the past two weeks of activity. As always I have included prior months so that you can put these numbers into context.

Here are some highlights:

New listings dropped slightly and it appears that they have stabilized at the mid 1600’s.  Since one of the key factors contributing to our declining sales is the excessive number of homes for sale around Lake Norman, let’s hope this trend continues and inventory starts to drop significantly.

The number of homes coming back on the market decreased slightly.  These are homes that were under contracts that were cancelled.  Again, the fact that these numbers are dropping is a good sign but they are still reflecting the volatility in our current market.

Price changes increased to the second highest number since October of 2008.  Sellers are clearly getting the message and are reducing their prices because of the slow market.  This is an indication of the trend of our home values which are still declining.

The number of pending sales increased.  These are the homes under contract that have gone through all of their inspections, have loan approval and a ready to close.  Based upon this trend we should see a slightly higher number of closed home sales in Lake Norman for the month of May versus April.

The number of contingent and conditional sales doubled versus the same period last month.  These are the homes that went under contract in the past two weeks and would indicate that our sales are picking up as they do every year at this time.

 So far in May we have had 29 home sales close compared to 39  in the same period last year.  This is a drop of 25.6%.  The average price dropped 8.9%.  Considering that last May’s number of Lake Norman home sales were 41% lower than 2007, we are still trending downward.

Again, I can’t stress enough how important the number of months of supply of inventory of homes for sale is in determining when we hit “bottom”.  If we end up selling about 75 homes this month, while this is better than last month, this still means we have a 21.8 month of supply of homes and we need to get that number down to about 6-8 months of supply before our market stabilizes.

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

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s April 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 April.  (The period ending yesterday):

Lake Norman april-2009-monthly-sales-analysis

  Active Listings:  Our total number of active listings increased 6.6% in the month of April.  While it would be better for our housing market if our number of active listings decreased, this is not a significant increase considering this is our peak season for Lake Norman real estate sales.

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 remains fairly low which indicates to me that sellers are looking for stronger offers.

Conditional Sales:  At 37, the number of  homes under contract that are in the early stages with conditions for loans and inspections is about even with the past few months.  This is our best indicator of future closed sales.

Pending Sales:  84 pending sales is the highest we have seen for many months.  These are sales that are just waiting to close which would indicate that our May closings should be even higher than this month.  Finally, a bit of good news!

Closed Sales:  Normally we would not celebrate about 69 sales in any given month but this is a 64% increase versus last month, a drop of only 23% versus April 2008 and it is the best month since September 2008 which was before the financial crisis.  The only reason I am not celebrating and saying that we have hit the bottom of our market is because our Conditional sales for this month are so low.  It is hard to know whether this truly is an upward trend or just a minor spike.

5-Year Comparison of Lake Norman Home Sales By Month

20092008200720062005
January246987102105
February 45501059888
March 4271151153136
April 6990120143152
May90152182157
June82169227172
July101147166191
August74144180233
September69105135163
October6698117184
November468488145
December6264132134
Totals:180916149217431860

* 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 69 closed sales and 1648 active listings in the Lake Norman area, we still have a 24-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 are still in a buyers market.  However, it is great to see a positive month.  Now let’s hope this trend continues!

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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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