Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s May 2017 Market Report: WOW!

My May numbers, both closed sales and new contracts, indicate that our Lake Norman real estate market is still very much in a consistent streak of very strong activity.  197 closed sales is the best month this year and the 5th highest monthly sales in all of Lake Norman since 2005!  As you can see below, our  2017 May sales were 31% higher than last May’s. And, our combined total of under contract properties is 7.6% higher than last year’s. Let’s take a closer look:

Lake Norman real estate market report May 2017

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate's June 2017 Calendar Photo

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Lake Norman Real Estate’s June 2017 Calendar is for the Birds!

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s April 2017 Market Report: Hot and ?

My hot-of-the-press April numbers, both closed sales and new contracts, indicate that our Lake Norman real estate market is in a major streak of very strong housing activity.  No more roller coaster rides after February’s unexpected dive.  While not matching March’s record breaking sales of 180, the 150 closed sales in April are the the best April since 2005 and 9% higher than last April’s. Plus, check out our new Under Contract and Pending numbers! Let’s take a closer look:

Lake Norman real estate Market Report April 2017

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman sunset is this month's calendar

Download this month’s Lake Norman calendar here

Wow!  Another stunning Lake Norman sunset was generously shared by one of my readers.  I huge thank you to James who sent me this photo taken by his wife Jean with her iphone!

To make your desktop calendar just click on the link above and then right click and select “set as background”.

I would love to use one of your favorite photos depicting life here in Lake Norman. (Optimum size is a landscape photo about 2MB or about 1600 x 1200 pixels). I will give a $25 Gas Card to anyone who provides a photo that I use as one of my monthly calendars. If you’d like to submit a photo or an idea for a future calendar, please send it to…diane@dianeaurit.com

To receive all of my updates about Lake Norman Real Estate, subscribe here

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Lake Norman Real Estate’s May 2017 Calendar is Another Gorgeous Sunset!

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s March 2017 Market Report is Jaw Dropping!

Wow, Lake Norman’s  real estate market has seriously been taking us on a roller coaster ride in 2017.  January home sales were up 30%, February home sales were down 34% and now this! Our March home sales were up a HUGE 73% compared to last March and it was’t just the best March ever by a long shot,  but was the 5th highest monthly sales in 12 years! Now we need to get into the details to find out exactly what contributed to this amazing month. Let’s take a closer look:

Lake Norman Market Report for March 2017

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s January 2017 Market Report

What a great way to start out 2017.  Our Lake Norman real estate sales were 29% higher than last January’s AND, for the first time in 13 years, they even exceeded our record set in 2005!  While there are a few dark spots in our numbers, it looks like our momentum from last year has carried over into January.  What’s next? Let’s take a closer look:

Lake Norman real estate market report for January 2017

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s December 2016 Market Report: It’s a Wrap!

Thanks to another strong month, our Lake Norman real estate market ended 2016 with a healthy 6.8% increase in single family home sales versus 2015 and the highest number of annual home sales since 2005!  While our December sales only beat out last December’s by single digits, we still ended with 6 of the 7 final months of 2016 beating 2015 numbers handily. The cherry on top again this month is that the number of new contracts once again are higher than the past two years indicating that we should begin 2017 in the black. Let’s take a closer look:

Lake Norman real estate market report December 2916

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

  • Waterfront homes continue to under perform despite Lake Norman’s overall high sales numbers. Waterfront properties represented only 26.6% of our December closed sales,. At the same time they currently comprise 40.7% of our active listings. The average sales price of a waterfront home in December was $886,643 which is slightly higher than the past 2 months but well below August’s $1,040,070, July’s $912,446.  Our overall luxury housing market remains soft as well which is linked closely to our waterfront market. The average price per square foot of our waterfront homes came in at $226.00 down from last month’s impressive $252.94 and October’s $237.98. This number is best averaged over a longer period of months because it only takes one or two really expensive sales ($2- 3 million+) to skew any given month. It took on average whopping 162 days for a waterfront home to sell (verses 108 last month)and they sold for only 93% of the listing price compared to 96% last month. We currently have only 49 waterfront homes under contract comprising 26.7% of our total homes under contract.  Our waterfront homes’ months of inventory actually dropped down to 8.8 compared to 11 last month. Waterfront home sales are still in a buyer’s market.  These numbers certainly indicate that now would be a good time to by a waterfront home.  That said, this varies quite a bit by price range, location and quality of water.  Don’t be complacent because when really nice waterfront properties hit the MLS as they are actually selling quickly.
  • 29 new construction homes closed in December through our MLS but 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 was 99%. There is still very little if any wiggle room in new home prices. (But ask for all those great upgrades!) We currently have 75 new construction homes under contract in the MLS. The average sales price in December logged in at $391,829.  The months of supply of active listings based on December sales stands at 7.1 so overall new construction homes are technically in a buyer’s market but again this varies greatly by location and price range.
  • Distressed sales” (Foreclosures (REO’S), defaults, Short Sales) represented 1.5% of Lake Norman’s total  home sales. With just 2 distressed closed sale for the entire month it is clear they didn’t play a role in December at all.  Distressed active listings currently comprise 2.1% of Lake Norman’s current total inventory of single family homes for sales. Distressed sales continue to play an insignificant role in our Lake Norman real estate market. 
  • 50.0% of Lake Norman’s December single family home sales were under $400,000 which is about equal to last month’s.
  •  68.8% of Lake Norman home sales in December were under $500,000, which is a bit higher than last month’s.
  • Our “Under Contract Show” AND “Under Contract No show”/Pending sales combined total of 183 is once again higher than that past two years at this same date but not as much of a difference than prior months this fall. We have 4% more properties under contract than at the same time in 2015 and 18.8% more than January 6, 2014. We are on pace to have a relatively good start to 2017.

A closer look at the chart:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s November 2016 Market Report

Wow, a 33% increase in Lake Norman’s home sales in November, now that is impressive! In 5 of the past 6 months we have beaten the same months in 2015 and 4 of the 5 by double digits. Not only were November’s sales 33% higher than last November but they also were the highest November sales since 2005. The cherry on top is the number of new contracts where are also significantly higher than last year indicating that this momentum is going to continue throughout the next several months at least. Mercurial has been emphatically replaced by momentum as my favorite adjective to describe our current Lake Norman real estate market.  Let’s take a closer look:

Lake Norman real estate Market Report November 2016

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s October 2016 Market Report:

Lake Norman’s overall real estate market is still extremely active despite entering into our seasonally slower months. 4 of the past 5 months have beaten the same months in 2015 and 3 of the 4 by double digits! In October we closed 17% more home sales than last October and based upon our new contracts it looks like this momentum is going to continue throughout the next several months at least. Mercurial has been emphatically replaced by momentum as my favorite adjective to describe our current Lake Norman real estate market.  Let’s take a closer look:

Lake Norman Market Report October 2016

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s September 2016 Market Report is Here!

Wow, I think Lake Norman’s real estate market is officially on a roll after a rather up and down first half of 2016.  Now 3 of the past 4 months have been record breaking and based upon our new contracts it looks like this momentum is going to continue throughout the next several months at least! Following an impressive 18% increase last month (compared to August 2015) we have already logged in 171 sales for September for a 13% increase over September 2015.  This is the highest number of single family home sales in the month of September since 2005 and when stragglers come in we may even beat that number! Mercurial has been replaced by momentum as my favorite adjective to describe our current Lake Norman real estate market.  Let’s take a closer look:

Lake Norman Real Estate Market Report September 2016

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s August 2016 Market Report is Up, Up and Up!

After being let down last month, August turned out to be a record breaking month for Lake Norman’s single family home sales; up an impressive 18%.  The new norm here seems to be an every other month record breaking high (June and August) or sadly weak month (May and July). I have used mercurial to describe our 2016 real estate market and August served to underscore this characteristic.  Let’s take a closer look:

Lake Norman Market Report August 2016

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s July 2016 Market Report: The Roller Coaster Continues!

Mercurial is the word that comes to mind when describing our 2016 Lake Norman real estate market.   After being teased with strong “under contract” and pending sales statistics but disappointing closed sales numbers all spring, it all turned around in June with a record high 210 closed sales only to suffer a 12% drop in closed sales in July! Once again we have record high numbers of properties “under contract” but when will they translate into closed sales? Let’s take a closer look:

Lake Norman Real Estate's Sales Analysis for July 2016

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s June 2016 Market Report: Record Breaking!

Finally!!!  After being teased with strong pending sales but disappointing closed sales numbers all spring, it all turned around in June. At 202 closed sales Lake Norman logged in the 3rd highest monthly sales since 2004!  On top of this, as of today we have a high number of pending contracts as well. Let’s take a closer look:

Lake Norman real estate sales analysis June 2016

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s June 2016 Hot Sheet is Here!

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.

I always get excited to do this Hot Sheet analysis each month because it provides me with a mid-month pulse of our Lake Norman real estate market.  So where are we today?  From these numbers it appears that we may have strong closings this month but there are signs of a slowdown on the horizon. Let’s take a closer look:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s May 2016 Market Report: What the?

I have been searching for just the right word to describe our May sales numbers.  Confounding? Bewildering? Perplexing? I am truly dumbfounded. What the heck is going on? How can Lake Norman have record breaking numbers of new contracts for months yet log in such disappointing closed sales numbers?  I have some theories but nothing concrete to back them up. Let’s take a closer look:

Lake Norman real estate May 2016 home sales

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Stunning Lake Norman Sunset Calendar

Download this month’s Lake Norman calendar here

It is amazing how glassy the water had to be on this beautiful evening on Lake Norman to create such a perfect mirror image of the trees along the shore, the clouds and the stunning sunset.  A huge thank you to my past client and friend Betty Ann for sending me this for my monthly calendar!!  The longer I stare at it the more artistic details I see, especially how the water accentuates the colors, the shapes of the clouds and the sky itself.  How wonderful to have been able to capture and share this instant of nature’s beauty on our very special lake.

To make your desktop calendar just click on the link above and then right click and select “set as background”.

I would love to use one of your favorite photos depicting life here in Lake Norman. (Optimum size is a landscape photo about 2MB or about 1600 x 1200 pixels). I will give a $25 Gas Card to anyone who provides a photo that I use as one of my monthly calendars. If you’d like to submit a photo or an idea for a future calendar, please send it to…diane@dianeaurit.com

To receive all of my updates about Lake Norman Real Estate, subscribe here

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Lake Norman Real Estate’s June 2016 Calendar is Here!

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lake norman real estate, Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s May 2016 Hot Sheet is Here!

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.

I always get excited to do this Hot Sheet analysis each month because it provides me with a mid-month pulse of our Lake Norman real estate market.  So where are we today? The numbers below prove just how HOT our market is right now and the momentum that we saw last month is continuing after the dip in closed sales in March. Let’s take a closer look:

Lake Norman Real Estate’s May 2016 Two-Week Hot Sheet

Lake Norman home sales hot sheet chart for May

* 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. (May 8th – 22nd . As always, I have included the past 6 months so that you can put these numbers in perspective. Below is the April chart using my data since 2009.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s April 2016 Market Report: Interesting Trends Emerging!

So, the good news is that Lake Norman’s deplorable March closed sales does appear to have been a one-month aberration of what has otherwise been a pretty good year.  Last month I wrote “I am positive this dip is short lived because we currently have 297 homes under contract compared to last year’s 272. Clearly we are now on a terror! ” I think it is fair to say that still holds true and then some.  Let’s take a closer look:

Lake Norman Real Estate Market Report for April 2016

* All data is from the Carolina Multiple Listing Service.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s March 2016 Hot Sheet it Here!

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.

So, here are some very interesting numbers! They indicate that Lake Norman’s real estate market is HOT today but only after a potential hiccup for closed sales this month.  Let’s take a closer look:

Lake Norman Real Estate’s March 2016 Two-Week Hot Sheet

Lake Norman Hot Sheet March 2016

* 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. (March 8th – 22nd). As always, I have included the past 6 months so that you can put these numbers in perspective. Below is the March chart using my data since 2009.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s January 2016 Market Report is Here!

While never in agreement, most economists and pundits do seem to conclude that 2016 will see only modest gains in the US housing market.  Here in Lake Norman, after booking a healthy 7.3% increase in home sales in 2015 over 2014, we have launched 2016 with a solid 10%+ gain over last January and logged the best January sales since 2007. This is doubly impressive given our continued extremely low inventory of active listings.  But where are we trending for the next few months?  Let’s take a closer look:

Lake Norman Real Estate's January 2016 Market Report

* All data is from the Carolina Multiple Listing Service.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s December 2015 Market Report

Our Lake Norman home sales in December, while 6% below last year’s, were actually the highest monthly sales of our fourth quarter 2015 and the second best December since 2006. After an impressive first 9 months in 2015, our last three months just couldn’t match 2014’s exceptionally strong fourth quarter.  That said, given that our inventory of active listings is still insanely low (9% below last year’s), it is actually impressive that we logged as many sales as we did.  And, for the year, our 2015 closed single family home sales ended up 7.3% higher than 2014’s!  After 9 straight months of  beating the 2014 sales, October broke our winning streak but not enough to take away our annual sales increase.  Let’s take a closer look:

Lake Norman Real Estate's Market Report December 2015

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s September 2015 Market Report: Good News & Bad News

So here is the good news: Lake Norman squeaked by last September’s total home sales by 2% making it the 9th month in a row where we beat 2014 closed sales.  The bad news?  October is really going to be ugly.  Unfortunately, last October we had a particularly strong month and there is just no way we are going to be able to match those numbers this month given our low number of pending and newly under contract sales. Our inventory of active listings is insanely low (11% below last year’s) which will also serve as another challenge to the rest of 2015 sales. If there is a silver lining  it is that after October our sales in 2014 dropped significantly so there is a chance we can pull out ahead of  last year again in November and December. And, our year-to-date 2015 closed single family home sales are 14% higher than 2014’s.  For the first time since the recession, Lake Norman’s housing market has been consistently strong every month in 2015. Unfortunately, it has been trending downward in the last few months and is now looking rather feeble. Let’s take a closer look:    

September 2015 Sales Analysis framed on 5th

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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lake norman real estate

How to Get Your Lake Norman Home on Zillow (Despite CMLS)

QR Code for Lake Norman waterfront  for sale

I recently wrote a post about the fact that our Carolina Multiple Listing Service had not come to an agreement with Zillow/Trulia and as of April 7th they were no longer sending our new Lake Norman listings to Zillow. So, over a month later, where do we stand and what is the reality of this severing of ties?

I was actually able to test it with a new waterfront listing of mine.  As always, I submitted it first to the Carolina MLS.  Again, as always, I created my new listing’s own website using VFlyer. (The QR Code above sends you to the site).  Within a day, I did a Google search for the address, 124 Sawyer Lane, and sure enough Zillow was the first result on page 1! 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 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 Trends in Our Crescent Communities Say a LOT!

Entrance to The Point Luxury Waterfront Community on Lake Norman
For years, one of the best ways I have found to track Lake Norman’s real estate trends is to compare the largest of the waterfront Crescent Communities that were developed on all sides and corners of Lake Norman.  While our market has evolved, comparing home sales activity in The Point, The Harbour at The Pointe and The Farms in Mooresville, The Peninsula in Cornelius, Sailview in Denver, Northview Harbour in Sherrills Ford and Falls Cove in Troutman/Statesville provides valuable insight into these 5 Lake Norman towns and how each is recovering from or changing since the recession.

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Lake Norman Desktop Calendar October 2014

Download this month’s Lake Norman calendar here

Most Lake Norman folks will tell you that October is usually the last month of our active boating/water sports season even though it may officially end on Labor Day. This paddle boarder is getting in a last few hours before the sun sets on a typical, beautiful fall day on Lake Norman.  The Carolina Blue Skies are fading into the brilliant autumn tones of the sunset.

This gorgeous photo was taken by renowned artist Cotton Ketchie, owner of Mooresville’s Landmark Gallerieswho spends much of his time driving all over North Carolina and even summer trips around the country, taking stunning photos. And, of course, he also takes some amazing photos of Lake Norman as well. If you haven’t visited his store on Main Street in Historic Downtown Mooresville you should put it on your list for 2014! He has myriad beautiful photographs like this one for sale as well as his wonderful watercolors and even North Carolina pottery. Continue reading

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Lake Norman Real Estate’s October 2014 Calendar is Here!

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Lake Norman waterfront homes

What do Lake Norman’s Waterfront Home Sales in 2014 tell us?

Lake Norman waterfront home on large cove

So far, 2014  has been an odd year for our Lake Norman waterfront home sales.  There have been no obvious trends or “hot” price ranges or locations.  Overall waterfront home sales have represented only 29% of all Lake Norman home sales year-to-date.

Now that distressed homes  (foreclosures and short sales) are, for all intents and purposes, gone and prices are on the rise, waterfront buyers this year seem to be taking longer to buy and seem to have higher expectations and are willing to hold out for their perfect home.  There is also a good segment of waterfront buyers who are focused more than ever on tear-downs or lots.  If you drive around the Brawley School Road peninsula in Mooresville you will see an impressive number of new construction homes on the water.  There are 3 waterfront homes alone being built on my tiny street!

Yet despite the seemingly slower sales of existing waterfront homes 2014 has actually been a strong year so far if you compare our waterfront homes’ average sales price and sales price per square foot: Continue reading

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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 waterfront homes

Lake Norman Real Estate’s Waterfront Home Sales Analysis 2012 vs 2011

 

Lake Norman waterfront home at The Point

 Life in Lake Norman for many means beautiful  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 has opened a window of opportunity for many who couldn’t afford a waterfront home at the peak of our market.  It is important for potential homebuyers 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.

 

Waterfront Lake Norman home sales analysis 2012 vs 2011

* All data is from the Charlotte Regional Multiple Listing Service

As you can see, our waterfront home sales increased 23% in 2012 compared to 2011 and our average sales per square foot increased 4%.  But, there are significant variations within the different areas surrounding Lake Norman.

Area 13-1 is the northeast side of the lake including Mooresville north of Hwy 150, Troutman and Statesville. This area was particularly hard hit by the recession because this is the area where new construction was exploding. After the downturn started it had a greater number of foreclosures/distressed sales due to the inventory of “spec” homes in subdivisions that were just getting off the ground and then failed.  Now that this portion of their inventory is gone, sales have dropped 38% in one year, the average sales price increased 26% and the average sales price per square foot increased 3%. Of the 31 currently active listings in Area 13-1 (15.5 months of inventory) only ONE is distressed!  You will even see new construction and subdivisions showing signs of life.

Area 13-2 is all of Mooresville south of Hwy 150 to the Iredell/Mecklenburg county line including the Brawley School Rd peninsula and The Point.  This area is almost diametrically opposed to 13-1.  We had a 43% increase in sales in 2012 but because we were not up against a significant number of distressed sales, the average price increased only 1%.  There are currently 94 active listings in Area 13-2 (9-month supply based on 2012 sales) of which only 4 are distressed.  Now that the Brawley School Rd widening is complete and Donald Trump purchased The Point’s golf club this area is thriving!

Area 13-3 is all of Mecklenburg County including Davidson, Cornelius and Huntersville which are on the southeast side of Lake Norman. This is a fascinating and unique area since it had a nice increase in sales of 21% and a 4% increase in the sales price per square foot but a 14% decrease in the average sales price.   At $232 per square foot they were the most expensive waterfront homes on average and had  by far the highest average sales price as well.  This can be explained by the fact that these communities are relatively small, a bit more established with very few new construction homes and thanks to The Peninsula and surrounding neighborhoods has a greater percentage of luxury homes. There are currently 76 active listings (11.4 months of supply) of which 6 are distressed.

Area 13-4 is the southwest portion of Lake Norman, the unincorporated town of Denver in Lincoln County.  This area had a 49% increase in sales in 2012 with an average price increase of 5%.  However, the average $ per square foot actually decreased by 1%.  As inventory of good waterfront homes declined on the east side of Lake Norman more buyers turned to Denver.  At $175 per square foot Denver offers slightly less expensive prices for the same size homes. This is due in part to the fact that Denver has a greater percentage of modest, older communities on the lake and also it does not have nearly as many luxury homes.  There are currently 39 active listings (8 months of supply) in Area 13-4 of which 3 are distressed.

Area 13-5 is the northeast Catawba County area which includes the towns of Sherrills Ford and Terrell.  This area had a 17% increase in sales, a 22% increase in the average sales price and a 14% increase in the average sales price per square foot.  It is important to note that they had the lowest average price and price per square foot of only $172.  The affordability clearly attracted waterfront homebuyers who didn’t mind being a bit farther from shopping and restaurants.  This area also has far fewer luxury homes and more older, more modest neighborhoods.  There are currently 53 active listings in area 13-5 (12-month supply) of which 3 are distressed.

Overall, Lake Norman currently has 293 waterfront homes on the market which is a 10.3 month of supply of inventory based upon our 2012 sales.  In terms of months of supply then, Area’s 13-2 and 13-4 are the strongest and 13-1 and 13-5 are the weakest which concurs with an article I wrote earlier this year about what is available by price range  on Lake Norman’s shoreline.

Here is a fascinating breakdown of all of Lake Norman Area 13 waterfront home sales by price range in 2012:

Lake Norman Waterfront home sales by price range 2012

As you can see, I have provided the number of sales, the percentage of the total sales, the number of active listings today, the percentage of the total active listings and the months of supply for each price range.

Our very strongest price range for waterfront homes is remarkably $1,000,000 – $1,249,999!  Actually, if you  are an active reader of this blog you will know that I have been talking about how hot this price range has been for several months. This price range represented 9.4% of our sales in 2012 but only 3.4% of our current inventory of active listings when means at the current rate of sales we only have 3.8 months of supply!

As expected, Lake Norman’s waterfront homes up to $599,999 represented more sales as a percentage than they do in our currently inventory and all have months of supply under 6 months.  Our lowest price ranges historically maintain very strong numbers since they are our most affordable homes.

Surprisingly, some of our weakest price points are the $700,000’s and $800,000’s and to a lesser degree the $900,000’s.  These price ranges are simply lacking in “good” waterfront properties and have been all year.  They also tend to be listings that start out overpriced so sit on the market until they reduce the price to where they should be. Our current inventory is very picked over so buyers are waiting for good new listings or better properties to be reduced to our current market value.

Obviously, waterfront home priced over $1.5 million are still lagging in sales.  That said, we currently have 8 properties over $1.5 under contract so it does appear that our luxury waterfront housing market is improving.

Hopefully you will be able to use these charts to better understand Lake Norman’s waterfront real estate market both by area and price range.  If you have any questions don’t hesitate to call or email me!

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s December 2012 Sales Analysis: A perfect record for 2012!

Lake Norman’s December home sales truly put an exclamation point at the end of 2012. For the third month in a row we have posted sales numbers that not only exceeded 2011 numbers but were higher than every year back to and including 2007!  And, our first 9 months of 2012 exceeded all months back to 2008.

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 December 2012 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

Lake Norman Real Estate's December 2012 Sales analysis

* Note that the Charlotte Regional Multiple Listing Service has created two new categories, Under Contract Showings (UCS) to continue and Under Contract no showings (UCNS). These replace the Contingent, Conditional and Pending categories.   Contingent Sales are now joined with Conditional sales in my reports.

Some significant additional statistics for you: Continue reading

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Lake Norman photos

Lake Norman Real Estate’s November 2012 Wallpaper Calendar

Lake Norman Real Estate's November 2012 Calendar

Photograph Copyrighted by Cotton Ketchie

The Lake Norman’s 520 miles of shorelines are spectacular in the late fall as all of the hardwood trees like Maples, Poplars, Gum Trees, Oaks etc. turn into vibrant shades of yellows, oranges and reds.  Thanks once again to renowned artist Cotton Ketchie, owner of Mooresville’s Landmark Gallerieswho has generously provided this gorgeous photo of a sailboat on Lake Norman with the backdrop of stunning fall colors.  Yes, our temperatures are mild enough that folks do get out on their boats through October and even November! Continue reading

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Lake Norman waterfront homes

Lake Norman Waterfront Real Estate: What is Currently on the Market in YOUR Price Range?

View of Main Channel of Lake Norman from a waterfront home

Without a doubt the most common contacts I get from this blog/website are buyers searching for waterfront homes on Lake Norman.  Most of these buyers feel this year is an opportunity to find a waterfront “bargain” and they are absolutely right.  Our 520 miles of shoreline offer many options in many price ranges and prices have dropped almost in half from their peak in 2006/2007!  That said, it is important that Lake Norman waterfront home buyers are well educated about what is available by price range. (Be realistic!)

In Part 1 of this series I analyzed our last 4 months of sales by price range.  In this segment, I am going to describe what is currently for sale by price range in hopes of helping some folks who may arrive in Lake Norman with unrealistic expectations of what they can afford.

Before I begin, if you are looking for a bargain on Lake Norman think “COMPROMISE” no matter what your price range.  Until you get well over $1million, the rule of thumb is this:

  • Chances are your comprise will involve either the lot or the house or both
  • Rule of thumb:  The better the lot (water, shoreline, views, depth, dock) the lesser the house in any price range.
  • If you want good deep water and open views of the lake you are either going to have to consider an older home/a fixer/a home with issues or be willing to pay at least $700,000 and even at that price it is difficult!  (Really more like $900,000+).

Continue reading

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lake norman real estate, Lake Norman waterfront homes

Lake Norman Real Estate: Waterfront Home Price Update, Part 1

 

 

Most people considering a move to our Lake Norman area are hoping to find a great waterfront home for an incredible bargain.  But, unless they keep up with our Lake Norman waterfront home sales on a regular basis it is hard for most newcomers to know what is available in their price range and if their goals are realistic.  Yes, many folks think that they can get a newer construction home on a lot with open water views, a private dock with deep water for $600,000.  But, is this possible?

In order to paint a very clear picture of our Lake Norman waterfront housing market, I have decided to break this process into two parts:

  • Part 1: An analysis by price range of Lake Norman waterfront home sales in the past 4 month (Oct 1, 2010 – Jan. 31, 2011)
  • Part 2: A description by price range of waterfront homes currently available for sale in our entire Lake Norman area.

Part 1

* Date is from the Charlotte Regional Multiple Listing Service

Above is a chart of our Lake Norman waterfront home sales for the past 4 months and the current number of active waterfront listings in these price ranges.  Let’s take a closer look: Continue reading

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Lake Norman waterfront homes

Lake Norman Waterfront Home Sales Are Improving…Slowly!

Lake Norman waterfront home

With 520 miles of shoreline, waterfront homes are an important segment of our Lake Norman real estate market.  Before the recession hit, waterfront homes appreciated at a much greater rate than off-water homes.  Since the beginning of our recession, waterfront home sales dropped more significantly for the most part because of the fact that they are priced above the conforming loan rate ceiling of $417,000.

In 2010 about one-third of my sales have been waterfront and I would guess that more than three-fourths of my longer-term buyers are waterfront so I am fortunate enough to be actively participating in this segment of our Lake Norman real estate market which enables me to gain insight into micro trends as well as macro.

Last winter was probably the bottom of the waterfront housing market in terms of volume.  The hottest price ranges then were under $700,000.  However, this summer we saw a flurry of activity in the $800,000 – $1,200,000 which then slowed but seems to have picked up again in the past few days.

I decided it would be interesting to take a look at our waterfront home sales for the past three months and compare them to the same period of 2009:

As you can see, in the past three months our waterfront  home sale were 23% higher than in 2009.  And, the average sales price has increased 5%. Continue reading

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