The Point in Mooresville NC is arguably the most prestigious luxury community in all of Lake Norman and it is also the largest with 18 miles of beautiful Lake Norman shoreline.
Exactly one year ago I did a sales analysis of The Point for a client looking for insight into trends as well as an accurate assessment of the current market. But, how did this same luxury community fare in the past 12 months? You may be interested to find out they did and are doing quite well… But at what price? Here are the answers:
12-Month Sales By Price Range
*All data is from the Charlotte Regional Multiple Listing Service only and does not include sales that were not conducted through our MLS
Probably the most shocking number of all in the above chart of sales in The Point for the last 12 months is that there was one sale in the $300,000’s and 14 total sales under $600,000! In fact, this niche accounted for 27% of the annual sales. Almost HALF of the total number of homes sold in The Point were under $800,000. Of course, many of these were distressed sales of inventory left over from our peak building market of 2006/2007. Note that while this niche represented 46.5% of the sales it represents only 29.3% of the current inventory.
The most significant number, in my opinion, is the months of supply of active listings in The Point which has dropped to 13.6 months a number well below the overall Lake Norman real estate market. And, this is also a vast improvement from 3 years ago. At their peak there were over 140 active listings in The Point. Back on September 18, 2008 I wrote: The Point in Lake Norman: A Case Study #2. In this report I noted that we had 123 active listings which translated at the time to a whopping 41-month supply of inventory! Then, in: Lake Norman Real Estate: Affordable Housing at The Point…Wow! on July 25, 2009 I noted that we had 114 active listings and had sold only 19 homes since the beginning of the year for a 38-month supply of active listings.
Here is a look at both waterfront and off-water homes in The Point since 2001 so that you can put the past year’s numbers in historical context:
Home Sales: Non Waterfront
- The $ per square foot has continued to decline since the peak in 2006 but the average sale price has actually increased slightly.
- Sales volume of non-waterfront homes increased 38.5% in 2010
- The list -to-sales price differential has dropped down to 4%
Home Sales: Waterfront
- The average sales price improved slightly in 2010 while the average dollar per square foot remained fairly steady until our 2011’s first quarter.
- Sales of waterfront homes rose only slightly in 2010.
The Point seems to be over the worst of its own mini meltdown. Inventory is down, sales have improved but this is clearly due to serious drops in the sales prices. Now that most of the earlier round of distressed sales are gone, the question is will the prices of the existing inventory have to drop as well before they sell or has the bleeding stopped? I am most interested in watching their waterfront homes because up until now they have not dropped in price as much as the overall waterfront housing market in Lake Norman. Stay tuned!