Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s March 2014 Home Sales Analysis; The Weather Factor?

After a tough fall and winter, Lake Norman’s real estate market seems to be coming to life simultaneously with the arrival of spring temperatures.   Perhaps we actually can blame our weak housing market on the weather and the tightened mortgage requirements like the national pundits are doing.  That said, we can’t blame it on a lack of inventory like parts of the US.  All I know is that it is such a relief to see a marked increase in real estate activity here in Lake Norman after such a bad spell!  March seems to be the “bottom” of our mini housing dip with 17% fewer closed sales than last March.  However new contracts are nearly up to last year’s for the first time in months.

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

Lake Norman home sales analysis for March 2014

* All data is from the Charlotte Regional Multiple Listing Service

Some significant additional statistics for you:

  • “Distressed sales” (Foreclosures (REOS), defaults, Short Sales) represented 11.25% of Lake Norman’s total home sales which is up from last months 5.6 but lower than February’s 13.6% and significantly lower than last January’s 29%. We only had 9 distressed home sales in March. The average price for distressed single family home sales was $309,396. 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 25% of our March closed sales were waterfront homes but this is up from 20% last month.  The average sales price of Lake Norman waterfront homes in March was $1,008,891; significantly higher than last month’s $805,203 and even topped last summer’s high of $990,693 in June due in part to a $4.85 million sale. In March our closed luxury housing sales remained weak but they have improved significantly in the past weeks. Our average price per square foot, at $221.14, is still below our peak of $229 last summer but is rising.  Lake Norman’s waterfront home sales above $700,000 are  also improving.
  • 13 new construction homes closed in March representing 16.25% of our total sales. 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,99%! Clearly there isn’t a lot if ANY wiggle room on prices of new homes. We currently have 51 new construction homes under contract in the MLS. The average sales price in March logged in at $451,415. With 132 new construction active listings Lake Norman actually has a 10.2 months supply of new homes listed in the MLS.
  • 53.75% of Lake Norman’s February home sales were under $400,000.
  • 67.5 % of the entire Lake Norman home sales in March 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 243 shot up from last month’s 187.  At 243 Lake Norman has 16.2% FEWER homes under contract compared to last year’s 290 at this exact date.  This is the highest number since last August. Considering this and the improvement from last month’s -26.6% it looks like we have stopped the bleeding and are on the mend.

A closer look at the chart:

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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

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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

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Lake Norman Real Estate: The Woodlands in Davidson

Butterfly Meadow in The Woodlands in Davidson

When one thinks of Lake Norman housing developments, Butterfly Meadows, Crab Apple Orchards and a suggested plant list derived from the “North Carolina Wildlife Federation  Recommended Native Plants for Wildlife” don’t normally come to mind.  I think that is what I love most about Lake Norman because not only do we have lifestyles and homes designed for lake living, we also have innovative housing developments like The Woodlands in Davidson that is the first in North Carolina to be designated a Certified Wildlife Habitat.

The result of a collaboration between Greathorn Properties, Inc, Ridgeline Development  and the North Carolina Wildlife Federation, the 70-acre site of The Woodlands housing development is a 57-home community located about 3 miles from downtown Davidson on a 70-acre site where 24 acres are preserved for open space including natural hardwood forest, orchards and walking trails.

The three custom home builders at The Woodlands: Dienst Custom Homes, Marquee Builders LLC, and Walker Madison are committed to designing ecologically conscious homes that incorporate energy-efficiency and blend into the natural environment.  Homes range in size from 2,500 to more than 5,000 square feet and are priced from $400,000s up to $1.5 million. Architectural styles include Arts & Crafts, French Country, American Farmhouse and English Tudor.

The Woodlands was created to serve as a model of ecological sustainability by preserving the hardwood trees, creeks, wetlands and the paths for woodland creatures.

There are certain responsibilities the homeowner assumes as well.  Owners are “required to landscape their lots with plant material which is indigenous to the area and leave untouched as much as possible the existing vegetation and natural amenities.  The use of vegetation native to the North Carolina Piedmont Region is required.” Plantings for all common areas and public open spaces are designated habitat friendly by the North Carolina Wildlife Federation.

What is really exciting is that it will take very little additional effort for homeowners in The Woodlands to have their yards become a “certified wildlife habitat”.  Just about all new homeowners of The Woodlands will have to do is add water! (Birdbath, pond etc.)

The Certified Habitat Program for the National Wildlife Federation is growing in popularity around the entire Lake Norman area. “The four essential elements of a wildlife-friendly habitat are food, water, cover and places to raise their young” according to Julie Higgie, a certified habitat steward with the National Wildlife Federation.

So, if you want to live close enough to the services and amenities of the nearby towns of Davidson, Cornelius and Huntersville yet enjoy the natural environment and wildlife of the country, The Woodlands in Davidson just may be your ideal community!

Learn More!

The Woodlands at Davidson 

National Wildlife Federation

How to create a NWF Certified Wildlife Habitat in your own yard

Lake Norman Wildlife Conservationists

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