Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s April 2018 Market Report

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:

Lake Norman April 2018 Home Sales Analysis

All data is from the Carolina Multiple Listing Service.

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Lake Norman Waterfront Photo calendar

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It is days like this one above when I am reminded just how lucky I am to be a Realtor here in Lake Norman.  Imagine being able to enjoy views like this one while working!  I took this photo from a very special property being purchased by one of my very special buyers. The trees are turning green and the beautiful azaleas like this one are starting to bloom which make the Lake Norman shoreline so colorful at this time of year.  Every season at Lake Norman has its own character and beauty but this is by far my favorite!

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Lake Norman Real Estate’s May 2018 Calendar

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 1st Quarter 2018 Sales by Price Range

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 here so it is most meaningful for you 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 and clients:

Lake Norman’s 1st Quarter 2018 Home Sales By Price Range

Lake Norman home sales by price range for 1st quarter 2018

*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:

  • First choose a price range.
  • The next column provides the actual number of listings sold in this price range in the 1st quarter of 2018
  • This is followed by the percentage this price range represents of the total number of listings sold in all of Lake Norman
  • Next is the number of active listings in this price range today
  • This is followed by the percentage this price range represents of the total number of active listings
  • Finally, the last column represent the absorption rate or the number of months of supply for each price range based upon the number of listings divided by the number of sales. (A balanced housing market is 6 months so you can use this to gauge your price range).

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lake norman real estate

Lake Norman Real Estate’s March 2018 Market Report

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:

Lake Norman Real Estate Home Sales Analysis

All data is from the Carolina Multiple Listing Service.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s February 2018 Market Report

After a dip in January our Lake Norman real estate market kind of looks like it is back on track posting 60% more closed sales than February 2017. It is important to note, however, that February 2017 was a very weak month so while 112 closed sales is impressive, it is not quite as significant as it appears. There are also some indications in the numbers below that our short term market may struggle to meet last year’s record-breaking sales.

Here are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:

  • February closed sales were 60% higher than February 2017 and 13% higher than last month’s.
  • Our inventory of active listings remains alarmingly low; 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 of a negative impact on home sales.
  • While we had a strong month, I foresee a rocky next couple of months ahead.
  • Our trade-up price ranges $600,000 – $999,000) this month were weak again as a group.  The only thing consistent about this niche is their constant roller coaster ride of ups and downs.
  • Waterfront home sales volume is down quite a bit as is our inventory which could present challenges for this spring.

Let’s take a closer look:

Lake Norman real estate housing report

All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Calendar Photo

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Lake Norman Real Estate’s March 2018 Calendar

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s October 2017 Market Report

October numbers are out! Here are what I feel are the biggest takeaways from last month’s Lake Norman real estate sales numbers:

  • We had another strong albeit not record-breaking month, logging in 167 closed sales of single family homes. (See green and yellow chart below).
  • While our numbers are good compared to the same month last year, there is no doubt that our overall housing market has slowed considerably with lower sales than the past 5 months.
  • At 1695 closed sales, our first 10 months of 2017 exceeded all previous years in Lake Norman’s history, even exceeding 2005’s previous record high by 6.2%.
  • What a freaky month when we look at price ranges.  A whopping 79% of our sales were under $600,000.  Then, seemingly out of nowhere, we had 7 sales OVER $2 million!
  • Our trade-up price ranges from $600,000-$999,999 simply disappeared after last month’s strong showing. So much for stability.
  • Waterfront homes fell back into a buyer’s market after two pretty strong months. 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. 2017 will be the 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 them to regain their pre-recession levels.

Let’s take a closer look:

Lake Norman real estate sales analysis October 2017

All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s September 2017 Market Report

September numbers are out! Here are what I feel are the biggest takeaways from last month’s Lake Norman real estate sales numbers:

  • We had another awesome month, logging in an all time September record of 194 closed sales of single family homes! (See green and yellow chart below).
  • At 1525 closed sales, our first 9 months of 2017 exceeded all previous years in Lake Norman’s history, even exceeding 2005’s previous record high by 7%.
  • My excitement about our luxury market last month has been tempered slightly as we currently has 29 properties over $1 million under contract down from 42 last month.
  • For the second straight month waterfront homes are in a sellers’ market but there are some worrisome signs that this momentum might not be sustained so it will be important to watch this trend going forward.
  • Our trade-up price ranges from $600,000-$999,999 represented almost 1/4 of our sales and our current properties under contract again showing signs of stability after many years of struggling to recover.

In a nutshell, these numbers mean that our overall strong sales are no longer erratic but instead impressively consistent in beating prior year’s numbers month after month.  While there is no guarantee that this will continue long term, they are still tremendous accomplishments for our Lake Norman real estate market.  It looks like 2017 will be the single best year for home sales in Lake Norman’s history. But I am not going to celebrate just yet as I want to watch the waterfront and luxury niches carefully to see if they can finally regain their pre-recession levels.

Let’s take a closer look:

Lake Norman Housing Report September 2017

All data is from the Carolina Multiple Listing Service.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s August 2017 Market Report

I usually introduce these market reports with basic numbers about the month.  But today, instead, I want to share with you what I feel are the biggest takeaways:

  • Lake Norman currently has 42 properties over $1 million under contract.
  • Waterfront homes are, for the first time since the recession, in a sellers’ market.
  • Our trade-up price ranges from $600,000-$999,999 represented almost 1/4 of our sales.
  • Finally, at 1329 closed sales, our first 8 months were the highest first 8 months in Lake Norman’s history, exceeding 2005’s by 6.6%.

In a nutshell, these mean that our waterfront, trade-up and luxury markets may finally be recovering after lagging for years, AND our overall strong sales are no longer erratic but instead impressively consistent in beating prior year’s numbers month after month.  While there is no guarantee that these will continue long term, they are still tremendous accomplishments for our Lake Norman real estate market.

Let’s take a closer look:

Lake Norman Market Report August 2017

All data is from the Carolina Multiple Listing Service.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s July 2017 Market Report

After June’s highest monthly home sales in Lake Norman’s history, we closed a respectable 180 single family homes in July but it was only the second best July since 2005. No new records set. :-). That said, our July sales were 15% higher than last July’s! 6 out of the first 7 months of this year our sales exceeded 2016’s.  We were up against a huge May 2016 of 211 and managed to exceed that by a respectable 7%.  Over all, home sales in the first 7 months of 2017 were 19.7% higher than 2016’s.  AND, at 1119 closed sales, our first 7 months were the highest first 7 months in Lake Norman’s history!  Let’s take a closer look:

Lake Norman Real Estate Sales Spread Sheet July 2017

All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Aerial photo calendar

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How cool is this photo?  Simple breathtaking! I recently discovered Legacy Biplane Rides  when I happened upon one of their aerial photos of Lake Norman. So, I reached out to the owner, Brian Rosenstein <brian@legacybiplane.com> and he generously shared this amazing photo with me for my Lake Norman Real Estate’s August calendar.  I can’t describe his services better than he does on their website:

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Lake Norman Real Estate’s August 2017 Calendar!

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 1st Quarter 2017 Market Report by Price Range: Great Tool for Buyers and Sellers!

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 for you 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 $900,000 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 1st Quarter 2017 Home Sales By Price Range

Lake Norman Real Estate's Market Report 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.  

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Lake Norman Real Estate Market Reports, Lake Norman waterfront homes

Lake Norman Waterfront Home Sales 2005-2016: Interesting Insights!

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

Lake Norman waterfront home sales chart by year

*All date is compiled using the Charlotte Multiple Listing Service

A closer look by vertical columns of this chart:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s March 2016 Market Report: Sales Dip Sharply

So, we saw it coming in my mid-month hot sheet analysis, but the closed sales numbers for this March compared to March 2015’s were down right abysmal as -29%. That said, it is important to consider the fact that last March Lake Norman posted exceptionally high closed home sales. This year’s March numbers are as much about the huge sales we are up against as they are about the fact that we experienced a dip in momentum in late January/February resulting in lower March closed sales.  I am positive this dip is short lived because we currently have 297 homes under contract compared to last year’s 272. Clearly we are now on a terror!  Let’s take a closer look:

Lake Norman Real Estate March 2016 Home Sales Analysis

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s October 2015 Market Report: An Anomaly?

So a month ago I wrote:  “October is really going to be ugly“.  Unfortunately, it was.  Sales were down 36% compared to October 2014 and 28.7% from last month. Because we had exceptionally strong home sales in October 2014, October 2015 looks REALLY bad however we actually logged in some respectable numbers when you look at Lake Norman’s October sales historically. (See annual sales chart below) . Our inventory of active listings is insanely low (10% below last year’s) which will also serve as another challenge to the rest of 2015 sales. If there is a silver lining  it is that after October, our sales in 2014 dropped significantly so there is a chance we can pull out ahead of  last year again in November and December. And, our year-to-date 2015 closed single family home sales are still 9% higher than 2014’s.  After 9 straight months of increases over 2014, October broke our winning streak.  However, things just may pick up based upon the numbers below. Let’s take a closer look:    

Lake Norman Market Report for October 2015

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s August 2015 Market Report: Does the Momentum Continue?

Well, yes and no, is the honest answer.  Yes, Lake Norman’s August closed home sales did exceed last August’s by 8% making it the 8th month in a row where we beat 2014 closed sales.  And, our pending sales are slightly better than last year. However, our  number of newly under contract homes fell 3% below last year’s which is the first indication that there may be a slowdown in Lake Norman’s horizon. So, while sales were up, they were not up by as much as prior months which may indicate that the impressive momentum we have enjoyed since January is beginning to slow.  That said, our year-to-date 2015 closed single family home sales are 15.8% higher than 2014’s.  For the first time since the recession, Lake Norman’s housing market has been consistently strong every month in 2015. But will it continue? Let’s take a closer look:

Lake Norman Home Sales Analysis

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s June 2015 Market Report; Record Breaking Sales!

Despite being up against a huge June 2014, we not only beat that number by 4% but we logged in the highest number of single family sales in one given month in Lake Norman since May 2006 and the 6th highest monthly sales in the past ten years! The momentum since January continues for our Lake Norman real estate market and our new “under contract” numbers indicate that we should have another good showing for the next several months at least. Our year-to-date 2015 closed single family home sales are 15.9% higher than 2014’s.  Lake Norman’s housing market got crazy busy (my technical term for it) right after the holidays and unlike previous years has been consistently strong every month so far in 2015. Plus, our new contracts indicate that this trend will continue for at least another month or two. Let’s take a closer look:

Lake Norman Real Estate's June 2015 Market Report Chart

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you: Continue reading

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lake norman real estate

Really Cool Real Life Examples of Home Value Trends in Lake Norman!

 

Lake Norman Waterfront Estate in The Point

The other day I noticed a newly listed waterfront property come up as “under contract” on the hot sheet after only 7 days. Impressive I thought to myself!  It is in a neighborhood I know well so I clicked on it and realized this property,  now listed at $950,000,  was the same property I has shown several times back in 2010 and 2011 that had finally closed at $740,000 on 5/03/11 after being on the market for almost a year.  Digging deeper I found that this waterfront property sold back in 2005 for $722,500.  So, is this 28% increase in value typical?  I sure don’t see this in the overall Lake Norman housing market reports I do.

Being the data geek that I am I decided to look at sales in the past few months, pick random properties, and look at their history to see more examples that might support the above property’s success.  Here are some of the more interesting ones I found.  I stuck with properties in Mooresville on the Lake Norman side of I-77 to be consistent and I looked at a variety of price ranges and both waterfront and off water.

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