We are now in our most active months for our Lake Norman area’s housing sales. After a dip in January, a jump up in February and a drop in March, our April Lake Norman real estate market followed this roller coaster pattern by posting a 5% gain over April 2017’s sales. And, we posted a 19.2% increase over last month’s home sales. So will this pattern continue? Hopefully this month’s market report will provide us some insight as to what lies ahead.
Here are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:
- April’s closed home sales were the highest April since 2005 even beating out last year’s 154. And, they are 19.2% higher than last month as well.
- Our inventory of active listings remains alarmingly low and is not increasing as it should at this time of year; currently 11% below last year’s which were also historically low. It is hard to quantify but there is no doubt that low inventory does have a negative impact on Lake Norman’s home sales.
- We may continue to experience an up one month and down the next for at least the short term given our lower Pending numbers.
- With 7 sales over $2 million we just might be experiencing a true return of our luxury housing market!
Let’s take a closer look:
* All data is from the Carolina Multiple Listing Service.