December numbers are out and with them we now have a complete picture of 2017! Below are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:
- We had an extraordinary, record-breaking month compared to all prior years, logging in 165 closed sales of single family homes in December. (See green and yellow chart below).
- At 2006 closed sales in 2017 we ended up 17.24% above 2016’s total sales and logged in the highest annual volume of home sales in Lake Norman’s history, even exceeding 2005’s previous record high by 7.6%.
- The average home price in Lake Norman was. 1/2 of 1% higher than 2016 and the median price was up 1.2%. These are extremely modest gains.
- Our trade-up price ranges dropped again after a good month. The only thing consistent about this niche is their constant roller coaster ride of ups and downs.
- Waterfront homes slipped back into a buyer’s market after two pretty strong months over the summer. Waterfront home prices have NOT recovered completely from their pre-recession highs.
While there is no guarantee that our high sales numbers will continue long term, 2017 was a remarkable year for our Lake Norman real estate market. That said, our prices have not risen at the same rate as Charlotte’s and the US and we still need to see improved consistency in our waterfront, trade-up and luxury niches for us to completely regain our pre-recession levels.
Let’s take a closer look:
* All data is from the Carolina Multiple Listing Service.