November numbers are out! Below are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:
- We had another record-breaking month compared to prior years, logging in 140 closed sales of single family homes in November. (See green and yellow chart below).
- Compared to our peak in June, there is no doubt that our overall Lake Norman housing market has experienced the typical seasonal slowdown since September.
- At 1837 closed sales, our first 11 months of 2017 exceeded all previous years in Lake Norman’s history, even exceeding 2005’s previous record high by 6%.
- Our trade-up price ranges from $600,000-$999,999 bounced back after an abysmal October but other price ranges dipped. So much for stability!
- Waterfront homes remain on the cusp of a balanced/buyer’s market after two pretty strong months over the summer. Ups and downs and more ups and downs.
In a nutshell, these numbers mean that our overall strong sales in 2017 have been impressively consistent in beating prior year’s numbers month after month. While there is no guarantee that this will continue long term, 2017 has really been a remarkable year for our Lake Norman real estate market which posted its single best year for home sales in Lake Norman’s history. That said, we still need to see consistent strength in our waterfront, trade-up and luxury niches for us to completely regain our prerecession levels.
Let’s take a closer look:
* All data is from the Carolina Multiple Listing Service.