We are now entering our most active months for our Lake Norman area’s housing sales. After a dip in January and a jump up in February our Lake Norman real estate market once again took a hit in March when compared to March 2017’s sales. However, to be fair, this was expected due to March 2017’s exceptionally strong month so while 134 closed sales are disappointing they are certainly respectable when compared to previous month’s since the recession.
Here are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:
- March’s closed sales were 29% lower than March 2017 but 17.5% higher than last month’s.
- Our inventory of active listings remains alarmingly low; currently 3% 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.
- After a strong February, as I predicted, we didn’t come close to meeting March 2017’s huge, record-breaking 188 closed sales.
- What the heck is going on with our waterfront market? Yikes! (See below)
- Our trade-up ($600,000 – $999,000) and luxury price ranges were once again weak after a slight uptick last month. The only thing consistent about our higher price ranges is their constant roller coaster ride of ups and downs.
Let’s take a closer look:
* All data is from the Carolina Multiple Listing Service.