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Lake Norman Real Estate Market Report April 2020

A beautiful Spring day at Lake Norman.

The final April numbers are in, and as expected due to the COVID-19 restrictions, listings, contracts, and sales are down year over year for April.  However, we have already seen market improvements and we’re optimistic we’ll see continued growth in May.  Overall, as predicted (and hoped) it appears our strong traditional Spring market at Lake Norman will eventually fully blossom, and this is a temporary delay due to the pandemic. To help us stay in sync with these unusual times, we have been tracking stats daily on our parent website at https://www.lakenormanrealty.com/covid-19-market-updates/ which offers additional insights and details into the Lake Norman market. Continue reading

 

 

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Lake Norman Real Estate Market Report April 2020

 

All data is from the Canopy/Carolina Multiple Listing Service.

The final April numbers are in, and as expected due to the COVID-19 restrictions, listings, contracts, and sales are down year over year for April.  However, we have already seen market improvements and we’re optimistic we’ll see continued growth in May.  Overall, as predicted (and hoped) it appears our strong traditional Spring market at Lake Norman will eventually fully blossom, and this is a temporary delay due to the pandemic. To help us stay in sync with these unusual times, we have been tracking stats daily on our parent website at https://www.lakenormanrealty.com/covid-19-market-updates/ which offers additional insights and details into the Lake Norman market.

In the first weeks into April, we saw a dramatic decline of nearly 50% in all categories when compared to the same time last year.  However, the downward trend turned around and shifted upwards mid-April, and by the end of the month, the numbers fared much better leaving April 2020 with a 22% drop in new contracts, and a 9% drop in closed sales.  We anticipate this rebound will continue into May and beyond as COVID-19 restrictions are lifted here and elsewhere in the country.

Showings in April were down considerably as expected due to the Stay at Home Orders.  “Virtual Showings” became the norm in April, but as this was a new method, these virtual showings were rarely logged into the system-wide showing service.  This resulted in only 5439 showings logged into the system vs 12,593 in last April.

Home values are remaining firm, primarily due to the lack of inventory.  Multiple offers continue, particularly in the lower price points, but have been seen in all price ranges.  April 2020’s ratio for list price vs sales price was 98%.  Of the 162 closings for April, 81 of those had some sort of seller contribution averaging $4,164 given back toward closing costs or some other expense on behalf of the buyer.  The average year built of homes sold was 2007.

Our active listings were reduced by 25% in an already tight market with slim inventory and high demand.  With the decrease in listings, this supply and demand will remain an issue for buyers that desire to move into the Lake Norman area.  Of the 567 homes available, 284 of them were in Mooresville, making up half of all available inventory.  In addition, the average year built was 2001.

Let’s take a closer look at some property specifics for the closed homes in April:

  • Waterfront
    • There were 29 Waterfront homes that closed this month, 18% of the market
    • The average price of waterfront closed homes was $972,241
    • The prices ranged from $280,000 to $1,875,000
    • The cumulative days on market for waterfront homes was 98
  • New Construction
    • 43 of the homes closed were new construction, 26.5% of the market
    • The average price of new construction closings was $365,060
    • The average list price to sales price was 100%
    • The price range for closed new construction homes was $209,900 to $777,000
    • 25 of the homes were in Mooresville, 15% of the homes sold
    • The cumulative days on the market was 121

The total number of Lake Norman homes under contract (UCS + UCNS) at the end of the first week of each month are as follows:

  • May 8, 2020: 319
  • April 8, 2020: 288
  • March 6, 2020: 341
  • February 8, 2020: 287
  • January 6, 2020: 213
  • December 8, 2019: 246
  • November 8, 2019: 310
  • October 8, 2019: 335
  • September 8, 2019: 378
  • August 8, 2019: 362
  • July 8, 2019: 355
  • June 9, 2019 383
  • May 9, 2019: 386
  • April 9, 2019: 363
  • March 10, 2019: 318
  • February 8, 2019: 268
  • January 6, 2019: 225
  • December 6, 2018: 251
  • November 8, 2018: 255
  • October 8, 2018: 281
  • September 8, 2018: 310
  • August 8, 2018: 347
  • July 8, 2018: 345
  • June 8, 2018: 406
  • May 8, 2018: 389
  • April 8, 2018: 334
  • March 8, 2018: 280
  • February 8, 2018: 244
  • January 8, 2018: 206
  • December 8, 2017: 264

CLOSED HISTORICAL SALES FOR LAKE NORMAN REAL ESTATE

If you are interested in specific market information for your neighborhood or would like to know your personal house value, just email info@lakenormanrealty.com with your question and we’ll be happy to help!

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 1st Quarter 2020 Sales by Price Range

Lake Norman real estate home sales by price range 4th quarter 2018

*Compiled from the Carolina/Canopy Multiple Listing Service’s data.  Note that the numbers in this chart are generated by a technology expert I hired and not by me. The mapped perimeter of our Lake Norman area that he used for this chart’s numbers is slightly different from mine.

Our Lake Norman real estate market has been in a seller’s market for about a year and this trend continued into the first quarter of 2020. While the impact of the Covid-19 Virus on our housing market going forward is hard to predict, no matter what type of market we are experiencing by far the best way to truly understand our hot and cold niches is by analyzing our single family home sales by price-range which is why I create this chart each quarter. You can use this chart to find fascinating sub-trends within our Lake Norman housing market which can serve as a great tool in assisting you in your buying or selling strategies.

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Lake Norman Region Market Report for March 2020

Lake Norman Real Estate's March 2020 Market Report

*All data is compiled from the Canopy/Carolina Multiple Listing Service.

As anticipated, the Lake Norman market reports for March 2020 demonstrate the initial effects of COVID-19 on the real estate market.  Across the charts, we saw a decrease in each category except for sold homes, as these were a result of prior contracts before the onset of the COVID-19 shutdown.  Active listings continue to be limited, although low inventory has been a market factor for many months. March 2020 saw a significant decrease in homes under contract, with a 22%-24% decline in contracts and due to the COVID-19 Stay at Home Orders, we anticipate seeing additional market decline for April. However, we remain positive on the Lake Norman real estate market and firmly believe this slowdown is only a temporary pause on the traditional Spring market, which should resume to expected levels once the current crisis has passed.

In reviewing the March/April time period since 2018, there has been an increase in contracts during this time with the exception of this current year, as you can see in bold below:

This list is the total number of Lake Norman homes under contract (UCS + UCNS) at the end of the first week of each month:

  • April 8, 2020: 288
  • March 6, 2020: 341
  • February 8, 2020: 287
  • January 6, 2020: 213
  • December 8, 2019: 246
  • November 8, 2019: 310
  • October 8, 2019: 335
  • September 8, 2019: 378
  • August 8, 2019: 362
  • July 8, 2019: 355
  • June 9, 2019: 383
  • May 9, 2019: 386
  • April 9, 2019: 363
  • March 10, 2019: 318
  • February 8, 2019: 268
  • January 6, 2019: 225
  • December 6, 2018: 251
  • November 8, 2018: 255
  • October 8, 2018: 281
  • September 8, 2018: 310
  • August 8, 2018: 347
  • July 8, 2018: 345
  • June 8, 2018: 406
  • May 8, 2018: 389
  • April 8, 2018: 334
  • March 8, 2018: 280
  • February 8, 2018: 244
  • January 8, 2018: 206
  • December 8, 2017: 264

Next, let’s take a closer look at some property specifics:

  • 146 of the active homes are new construction, making up 26% of the total homes available
  • 211 of the active homes were waterfront, making up 38% of the total homes available
  • 81 homes came off the market (expired, withdrawn, or temporarily removed)
  • Of the 288 homes under contract, 144 of them were new contracts in March
  • 103 of the homes UCS were in Mooresville, over half of all contracts
  • 40 of the 84 homes UCNS were also in Mooresville
  • 43 of the 84 homes UCNS were new construction
  • Only 71 of the 204 homes UCS were new construction

With the onset of COVID-19 affecting our area in March, we began tracking the market daily to get a better idea of what was happening with our Lake Norman market.  As expected, showings in our area declined, and then dropped drastically due primarily to the stricter stay-at-home order that went into effect for Mecklenburg County on March 24th.

This report is updated daily and can be viewed here for the most up-to-date information.

CLOSED HISTORICAL SALES FOR LAKE NORMAN REAL ESTATE

Lake Norman home sales by month and years 2005 - 2020

* Please note that all of my numbers are for single family homes in what used to be referred to as “Area 13 – Lake Norman. They come from the Canopy/Carolina Multiple Listing Service and will not include sales that took place outside of our MLS.** I adjust past months when I do the monthly update as a few more sales are usually input late by agents. ***Our MLS just merged with many others over the past several years so all of the total sales numbers have changed slightly.  I did update the entire 2017 year so that the past two years’ numbers will be comparing apples to apples. However, I am not going to go back to prior years and adjust.

I love being able to see this overview which puts our current sales in context with prior years and provides monthly trends to help better understand Lake Norman’s seasonal trends, peaks and valleys.

Let us know if you would like specific market information on your neighborhood or your personal house value. Just email info@lakenormanrealty.com with your question and we’ll be happy to help!

We’ll be posting our 2020 First Quarter Lake Norman Market Report in May with detailed breakdowns of our Lake Norman real estate market. Until then, stay well, stay safe, and enjoy this beautiful Spring at Lake Norman!

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Spring has sprung at Lake Norman!  Although the COVID-19 virus has stopped the community from our regular spring festivities, Mother Nature continues to bring out her finest display of beautiful blooms everywhere you turn!  For our April featured calendar photo, we hope you enjoy this spectacular display of wisteria, whose fragrant sweet perfume smells as amazing as it looks! This type of wisteria is Wisteria sinensis, commonly known as the Chinese wisteria. It is a non-native variety, but has naturalized in many areas of our region.  North Carolina also has a native variety and a Japanese variety too.  When purchasing wisteria for your garden, look for the native variety: Wisteria frutescens (American wisteria) which is less invasive and easier to maintain. Fun fact: Did you know both the Chinese and American wisterias twine in a counterclockwise direction but Wisteria floribunda (Japanese wisteria) twines clockwise?

 

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Lake Norman Real Estate’s April Calendar Photo: Wisteria Hysteria!

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COVID-19 and the Lake Norman Real Estate Market

 

 

Many are asking the question, how is COVID-19 affecting the Lake Norman real estate market? To get a clear picture, we’ll need to wait for the final sales numbers for March 2020, but in the meantime, one indicator to take note of is buyer activity.  Through analyzing data from showing reports, we can see the numbers of active buyers per price point in the Lake Norman real estate market.

It is no surprise in the wake of the coronavirus, total showings went down this past week compared to the previous week, but we are still seeing a large amount of showing activity week over week with 2408 showings in the past 7 days.  The price points from $250,000 to $400,000 have the largest percentage of the showings.  This is partially due to higher inventory in those price points, with significantly fewer options under $250,000.   We’re keeping a close eye on all Lake Norman real estate trends, and we will keep you posted as we learn more. Stay well and stay tuned!

Week of 3/10/20 to 3/17/20 Showing Report = 2408 Total Showings

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Truly a Lucky Cat, Josh reclines in a clover patch. His colony in Kinston, NC was established through outreach by the Lake Norman Lucky Cat Program. Photograph by Linda Whittington.

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Lake Norman Real Estate’s March 2020 Calendar – A Lucky Cat

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Lake Norman Lake Levels Nearing Full Pond

Lake Norman

The sun is shining on Lake Norman this morning, but the rainfall from Thursday’s massive storm remains evident everywhere and has led to the lake levels rising to nearly full pond.  As of this morning, lake levels are up to 99.3 feet, only 7 inches from full pond, which is 100 feet. Here’s the update from Duke Energy:

Lake Norman

08-FEB-20 The Catawba River Basin is experiencing increased inflows and higher lake levels due to the recent rainfall. Duke Energy is aggressively moving water through the river system. Additional rainfall forecast over the next 7 days could result in higher lake levels. Updates will be provided as conditions change. Real-time lake level information is available at duke-energy.com/lakes, by calling 800-829-5253 and via the Duke Energy Lake View mobile app.

99.3 ft.

As of 02/08/2020 at 07:35 AM

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Lake Norman Real Estate’s February Calendar – Cedar Waxwings at Lake Norman

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Lake Norman Real Estate’s 4th Quarter 2019 Sales by Price Range

4th Quarter 2019 Lake Norman Home Sales by Price Range

*Compiled from the Carolina/Canopy Multiple Listing Service’s data.  Note that the numbers in this chart are generated by a technology expert I hired and not by me. The mapped perimeter of our Lake Norman area that he used for this chart’s numbers is slightly different from mine.

Despite a downturn in the last few months, Lake Norman’s overall real estate market in the 4th quarter of 2019 remained very much in a seller’s market. However, there were some fascinating sub-trends within price-ranges in the past 3 months as you can see above. By far the best way to truly understand our hot and cold niches is by analyzing our single family home sales by price-range which is why I create this chart each quarter.

If you are a home buyer or seller in the Lake Norman area it matters most what is happening in YOUR price-range. Yes, it is important to know about the global, national, and 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 $400,000 price range, you are going to have an entirely different experience than someone in the $500,000’s. And, if you are considering a broader range of prices, this chart can help you develop a more effective strategy by narrowing your search based upon actual strengths and weaknesses within our Lake Norman price-ranges.

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Red Dirt Alert! New Iredell Health Mooresville Facility

Have you noticed the large tract of recently graded land off Bluefield Road (behind Lake Norman Realty’s Mooresville Office) and wondered, “what will that be?” I’m happy to report this 17-acre site is the new location for Iredell Health System’s new Mooresville facility.  The ground-breaking ceremony was this morning, and John Green, President and CEO, of Iredell Health System (pictured below) shared many details for the new facility.  The total project will be 200,000 square feet and will employ 1750 at the new facility upon completion.  The first phase will be 68,000 square feet and is planned to open in June 2021. Green shared in his remarks, “We are dedicated to being high touch, high tech, high quality, and highly reliable.”  Iredell Health System is a local community non-profit organization.

John Green, President & CEO, Iredell Health System

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Lake Norman Realty January 2020 Calendar

Historic Croft Schoolhouse

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Lake Norman Real Estate’s January 2020 Calendar

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Lake Norman News, Events and Celebrations

Lake Norman New Year’s Eve Celebrations 2019/2020

Lake Norman New Year's Eve 2020

Lake Norman and the greater Charlotte area don’t have just one major New Years’ celebration or event, instead we have myriad ways to celebrate on New Year’s Eve 2019 and New Year’s Day 2020. Our public celebrations are, for the most part, found at local restaurants and entertainment venues spread throughout Lake Norman and Charlotte. From cruises on our beautiful Lake Norman to elegant 5-course dinners to rockin’ oldies bands, there truly is something for everyone.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s November 2019 Market Report

Lake Norman real estate home sales report

All data is from the Canopy/Carolina Multiple Listing Service.

As our pending numbers from the past 2 months predicted, Lake Norman home sales in November were very strong: a whopping 50% increase over last year’s. They also exceeded all prior Novembers’ home sales since 2005 by a significant amount. (See green chart below). Yes, we were up against some weak 2018 numbers but the fact that we also beat our 2017 record-breaking November by 15.6% is truly impressive especially when you consider how dramatically low our inventory of active listings is today. What has changed, however, is our momentum. Based on the under contract and pending numbers above, our sales are going to be down quite a bit if not in December then January.  Let’s look at my comprehensive report below which will provide deeper insight into where we are headed as well as details regarding this month’s sales.

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

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Lake Norman real estate's December holiday greeting and calendar

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Lake Norman Real Estate’s December 2019 Calendar

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Historic Downtown Mooresville, Lake Norman News, Events and Celebrations

Lake Norman Area’s Christmas Parades and Holiday Events and Celebrations 2019

Our Lake Norman communities are humming with an amazing array of parades, festivities and celebrations during the holidays.  From small town parades to Christmas bazaars, old fashioned horse-drawn carriages, hot apple cider, carolers, Santa and even sailboat parades, you will find myriad ways to celebrate your holidays. It is amazing how Santa gets around Lake Norman!

Here are some of the biggest to get you started:

Lake Norman's Birkdale Village Christmas Tree

Christmas Tree at Birkdale Village’s main square

 

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s October 2019 Market Report

Lake Norman Real Estate's October 2019 Market Report

All data is from the Canopy/Carolina Multiple Listing Service.

As our numbers from last month predicted, Lake Norman home sales in October were very strong: a 23% increase over last year’s and a 14% increase over last month’s. This month’s sales also exceeded all prior October home sales since 2005 by a significant amount! (See green chart below). Yes, we are up against some weak 2018 numbers but the fact that we also beat our 2017 record-breaking October is truly impressive especially when you consider how low our inventory of active listings is today. And, this trend looks to be continuing throughout the rest of this year. Let’s look at my comprehensive report below which will provide deeper insight into where we are headed as well as details regarding this month’s sales.

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

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Lake Norman Real Estate's November 2019 Desktop Calendar

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Lake Norman Real Estate’s November 2019 Calendar

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 3rd Quarter 2019 Sales by Price Range

Lake Norman real estate sales by price range 3rd quarter 2019

*Compiled from the Carolina/Canopy Multiple Listing Service’s data.  Note that the numbers in this chart are generated by a technology expert I hired and not by me. The mapped perimeter of our Lake Norman area that he used for this chart’s numbers is slightly different from mine.

Despite a few weaker months, Lake Norman’s overall real estate market in the 3rd quarter of this year remained very much in a seller’s market. However, there were some fascinating sub-trends within price-ranges in the past 3 months as you can see above. By far the best way to truly understand our hot and cold niches is by analyzing our single family home sales by price-range which is why I create this chart each quarter.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s September 2019 Market Report

Lake Norman real estate market report

All data is from the Carolina Multiple Listing Service.

At first glance our Lake Norman home sales for September look remarkable: a 20% increase over last year’s. But I encourage you to never take any real estate numbers out of context as they are pretty meaningless by themselves. What you need to know about this past September’s 20% increase is that we were up against an unusually low number of sales in September 2018. So, the whole picture includes the fact that our 170 sales still puts us below September of 2017, 2016 and 2005. We also dropped 19% from last month’s sales. Okay, our sales weren’t exactly stellar after all.  But, there is actually a lot of good in my comprehensive report below which bodes well for our last quarter and will provide deeper insight into where we are headed as well as details regarding this month’s sales.

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Lake Norman News, Events and Celebrations

Lake Norman’s 2019 Halloween Events, Pumpkin Patches & More!

Happy Halloween Lake Norman!

Every year at this time the Lake Norman area comes alive with pumpkin patches, corn mazes, Halloween festivities for all ages and homes decorated to welcome all of our young trick -or -treaters. Many of our subdivisions and communities around Lake Norman have their own neighborhood events that are really popular and are a great way to get to know your neighbors.  But here are some more options from kid-friendly to oh-so scary.  New events have been added this year!

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Lake Norman real estate's October 2019 Desktop Calendar

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Lake Norman Real Estate’s October 2019 Desktop Calendar

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s August 2019 Market Report

Lake Norman Real Estate Market Report August 2019

All data is from the Carolina Multiple Listing Service.

We knew we were up against some huge sales numbers for last August so it came as no surprise that our Lake Norman home sales in August ended up 14% below August 2018’s. On the plus side our August sales were 9% higher than last month’s. August was the 3rd consecutive month that our Lake Norman home sales fell below last year’s. After a great start to 2019 we have definitely experienced a softening of our housing market. We are now just 2 sales higher than the first 8 months of 2018.  My numbers below should provide some deeper insight into where we are headed as well as details regarding this month’s sales.

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

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Lake Norman Real Estate's September 2019 Calendar

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Lake Norman Real Estate’s September 2019 Desktop Calendar

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s July 2019 Market Report

Lake Norman real estate market report spreadsheet

All data is from the Carolina Multiple Listing Service.

So, despite pretty strong under contract and pending sales on last month’s market report, our Lake Norman home sales in July were not only 7% below July 2018’s but they were also 16.9% below last month’s. July was the second month in a row that our Lake Norman home sales were below last year’s. After a great start to 2019 we are definitely experiencing a softening of our housing market. Despite these drops, we are still 2.8% higher for the first 7 months of 2019 compared to 2018.  My numbers below should provide some deeper insight into where we are headed as well as details regarding this month’s sales.

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

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Lake Norman Real Estate Market Reports

Lake Norman’s 2nd Quarter 2019 Home Sales by Price Range

Lake Norman real estate's 2nd quarter 2019 home sales by price

*Compiled from the Carolina Multiple Listing Service’s data.  Note that the numbers in this chart are generated by a technology expert I hired and not by me. The mapped perimeter of our Lake Norman area that he used for this chart’s numbers is slightly different from mine.

Lake Norman’s overall real estate market in the 2nd quarter of this year continued our strong pace that began in January, (With the exception of June.) However, there were some fascinating sub-trends within price-ranges in the past 3 months as you can see in above chart. By far the best way to truly understand our hot and cold niches is by analyzing our single family home sales by price-range which is why I create this chart each quarter.

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Lake Norman Real Estate's August 2019 Desktop Calendar

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Lake Norman Real Estate’s August 2019 Calendar

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s June 2019 Market Report

Lake Norman Real Estate's June 2019 Market Report

All data is from the Carolina Multiple Listing Service.

So, our lower pending sales numbers in Lake Norman last month did, in fact, result in a decline in closed sales in June, posting a 12% drop from June 2018’s and a 6.3% decline compared to last month’s. This was the first month in 2019 that our Lake Norman home sales were below last year’s. Despite this modest drop we are still 4.4% higher for the first 6 months of 2019 compared to 2018.  My numbers below should provide some deeper insight into where we are headed as well as details regarding this month’s sales.

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

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Lake Norman Real Estate's July Desktop calendar

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Lake Norman Real Estate’s July 2019 Calendar

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Lake Norman News, Events and Celebrations

Lake Norman water levels are at full pond!

Lake Norman water levels when full

Wow, we have had a lot of rain this weekend and more is on the way!  I just wanted to give you all a heads up that Lake Norman is officially at “full pond”.  I drove around and the water is even topping over a few walkways out to docks.  It is quite beautiful! Here is the update from Duke Energy.  Remember that we have the Cowan’s Ford Dam mentioned below so the water will spill down to Mountain Island Lake where there may be some flooding.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s May 2019 Market Report

Lake Norman real estate market report* All data is from the Carolina Multiple Listing Service.

Our Lake Norman’s real estate market posted record sales again in May with an impressive 12% gain over May 2018 and a 27% increase over last month’s. Wow! The first five months of 2019 stand out not only for their 9.3% total increase over 2018 but also for their consistency.  Each month exceeded last year’s and also increased over the prior month as well.  Consistency like this is very rare here in Lake Norman. It is even more interesting considering that this follows on the heels of a very a rough end to 2018.  My numbers below should provide some deeper insight into where we are headed as well as details regarding this month’s sales.

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

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Lake Norman Real Estate's June 2019 Desktop Calendare

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Lake Norman Real Estate’s June 2019 Calendar

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Lake Norman Real Estate's May 2019 Desktop Calendar

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Lake Norman Real Estate’s May 2019 Calendar

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 1st Quarter 2019 Market Report by Price-Range

Lake Norman’s 1st Quarter 2019 Home Sales By Price Range

Lake Norman Real Estate's Price Range Market Report 1st quarter 2019

*Compiled from the Carolina Multiple Listing Service’s data.  Note that the numbers in this chart are generated by a technology expert I hired and not by me. The mapped perimeter of our Lake Norman area that he used for this chart’s numbers is slightly different from mine.

Lake Norman’s overall real estate market in the first quarter of this year experienced a solid upswing after a very weak 4th quarter. However, there were some rather dramatic and inexplicable sub-trends within price-range groups both up and down within our market these past 3 months. These will be quite evident as you study the chart above. The best way to understand our hot and cold niches is by analyzing our sales by price-range which is why I create this chart each quarter.

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Lake Norman real estate's desktop calendar

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Lake Norman Real Estate’s April 2019 Calendar is Purrrfect!

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Lake Norman Real Estate's March 2019 Desktop Calendar

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Lake Norman Real Estate’s March 2019 Calendar is Here!

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Just the facts about Lake Norman, Property Tax Rates

Lake Norman property tax rates by county and city

 Lake Norman Propery Real EstateTax

 Lake Norman’s low property taxes are one of the attractions for home buyers considering a relocation to our beautiful area.  However, because Lake Norman falls in 4 different counties and ten towns for prospective home buyers it can be a bit of a challenge trying to get a sense of what their property taxes will be in any given location.

A special note!  I just updated the numbers below to our 2018 tax rates.  All properties were just reassessed for 2019 as they are every 8 years in North Carolina.  The last reassessment was 2011 and the next will be 2027. The new assessed values are just coming out and some properties have risen more than others so make sure to find out the new assessed value of a property of interest to you! These new assessed values will be used in our upcoming 2018-2019 tax bills.

Below are links to all of the county website pages that provide all of the information you will need.  In addition, here are a few helpful hints: Continue reading

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 Lake Norman Real Estate's February 2019 Calendar

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Lake Norman Real Estate’s February 2019 Calendar

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Lake Norman Real Estate’s 4th Quarter 2018 Market Report by Price Range

Lake Norman experienced a dramatic slowdown in our 4th quarter but that doesn’t mean there weren’t “hot” niches.  The best way to understand our hot and cold niches is by analyzing our sales by price range which is why I create this chart each quarter.

If you are a home buyer or seller in the Lake Norman area it matters most what is happening in YOUR price-range. Yes, it is important to know about the global, national, and 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. And, if you considering a broader range of prices, this chart can help you develop a more effective strategy by narrowing your search based upon actual strengths and weaknesses within our Lake Norman price ranges.

The single most important number in this chart is the last column which provides that month’s of supply for each price range.  Keeping in mind that economists use 6-months supply as a balanced market and anything below that as a seller’s market and above 6 months as a buyer’s market, you can quickly determine this past quarter’s strengths and weaknesses.  Overall, at 5.77 months of supply of active listings, Lake Norman ended the year in a balanced market.

Lake Norman’s 4th Quarter 2018 Home Sales By Price Range

Lake Norman real estate home sales by price range 4th quarter 2018

*Compiled from the Carolina Multiple Listing Service’s data.  Note that the numbers in this chart are generated by a technology expert I hired and not by me. The mapped perimeter of our Lake Norman area that he used for this chart’s numbers is slightly different from mine.

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lake norman real estate, Lake Norman Real Estate Market Reports

Lake Norman Market Trend Graphs in Real Time!

In November I launched a new feature on my Lake Norman Real Estate site.  I now have a real-time automatically updated graph of the number of active listings and homes sold in all of Lake Norman by month for the past three years.  These easy to read graphs provide simple but great insight into today’s trends in an historical context.  To get the latest number just click on Lake Norman Market Trends. .

Here are this month’s graphs:

Lake Norman homes sold for past 3 years graph by month

 

*Note that the sales numbers aren’t updated until the 20th of each month.

Above is the graph of single family homes sold in Lake Norman for the past 6 months.  You can clearly see our record-breaking months from May – August and then our nose dive in September with a slight uptick in October, down in November and December.   I discussed this in detail in the Lake Norman Real Estate Market Report December 2018.

 

Lake Norman real estate graph of homes sold trends

 

Above is the active listing graph.  As you can see our inventory of active listings was significantly lower from June – September compared to prior years and as of today are actually about even with the past 2 Decembers.  Keep in mind that those years we also had very low inventory of homes for sale!

I will update this post monthly for you!

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