I had a friend ask me if I would do a sales analysis of Mooresville’s 28115 zip code because this area is not a part of my Lake Norman market reports. I said sure! Just to clarify, area 28115 is almost entirely the Town of Mooresville and is east of I-77. Almost all of the portion of Mooresville on the Lake Norman side of I-77, which has zip code 28117, is considered Mooresville but is actually in Iredell County and does not receive any services like sewer, water etc. from The Town of Mooresville. The Town of Mooresville even has a separate school system. Confusing? Yep!
First, I took a look at their total annual sales comparing 2016 to 2015:
*All date is from the Charlotte Multiple Listing service
So, as you can see, Mooresville’s number of homes sold in 2016 was 14% higher than 2015, the average sales price was 8% higher than 2015 but the days on the market was just about identical.
Next, let’s take a look at the past 6 months in more detail:
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 the mid-month pulse of our Lake Norman real estate market. So where are we today? The numbers below actually make me a bit nervous for the first time in months. There are some positives but our actual closed and pending sales indicate that our closed sales in January will struggle to meet last year’s. Let’s take a closer look:
Lake Norman Real Estate’s January 2016 Two-Week Hot Sheet
* 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. (January 7th – 21st. As always, I have included the past 6 months so that you can put these numbers in perspective. Below is the January chart using my data since 2009.
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 $700,000 price range, you are going to have an entirely different experience than someone in the $800,000’s. This is the reason why I create a price-range analysis every quarter for my readers:
Lake Norman’s 4th Quarter 2016 Home Sales By Price Range
*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:
Waterfront homes are a part of what makes Lake Norman so popular. What an amazing lifestyle they offer! Yet, during most of 2016 I once again noted, well complained, in my monthly Lake Norman market reports about our mercurial sales in luxury homes, the lack of inventory of good waterfront homes in the under $1 million price ranges and the historically low number of sales of waterfront homes as a percentage of our overall Lake Norman real estate market. So, what is up with waterfront homes? Now that 2016 is in the books I have put our 2016 waterfront home sales numbers in context with the past 11 years. The results are really fascinating if you like numbers! Let’s take a closer look:
Lake Norman Waterfront Homes Sales 2005 – 2016
*All date is compiled using the Charlotte Multiple Listing Service
A closer look by vertical columns of this chart:
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:
* 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:
How would you like to get a “State of the market” report for every community in Lake Norman with just two clicks? It may sound impossible, but here is a link to my Home Search section where all you have to do in choose the community or area and you will get charts for the past 3 years including 2016!
You can search by area for our entire Charlotte MLS region or you can search by a community/complex. Here is an example of the results you will get. In this case I used The Point:
Now, just for fun, here are the same charts for The Peninsula: