Lake Norman Real Estate
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This is Lake Norman

Everything you need to know about beautiful Lake Norman, NC including waterfront properties, relocation resources, local news, photos and my latest blog post…

Lake Norman real estate market report

All data is from the Carolina Multiple Listing Service.

Lake Norman’s real estate market ended the year with a thud after setting record high sales for much of the year. Our December sales were down 30% compared to last year but were 9% above last months extremely low sales. This was only the 6th best December since 2005. No matter what factors have contributed to our weakening housing market, we have been battered since September.  How will Lake Norman’s housing market fare in 2019?  My numbers below should provide some deeper insight.

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

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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 Market Reports

Lake Norman Real Estate’s December 2018 Market Report

Lake Norman real estate market report

All data is from the Carolina Multiple Listing Service.

Lake Norman’s real estate market ended the year with a thud after setting record high sales for much of the year. Our December sales were down 30% compared to last year but were 9% above last months extremely low sales. This was only the 6th best December since 2005. No matter what factors have contributed to our weakening housing market, we have been battered since September.  How will Lake Norman’s housing market fare in 2019?  My numbers below should provide some deeper insight.

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

  • Our Lake Norman home sales were down for the fourth consecutive month and we ended 2018 down 5.6% compared to 2017.
  • Our inventory of active listings remains historically low, (44 fewer than last year), as they have been all year.  It is hard to quantify but there is no doubt that the low inventory does have a negative impact on our Lake Norman’s home sales.
  • Our our newest contracts (UCS) are UP for the first time in 4 months!  While January may not post strong numbers due to the low pending numbers we may actually see a slight improvement in February.
  • Waterfront homes moved back to a balanced market slightly favoring sellers.
  • Overall our average price in 2018 was 6.8% higher than 2017, our median price was up 4.1% and our price per-square-foot rose 3.5% in 2018
  • I want to share with you again this great interactive calculator for determining rent vs. own costs from the New York Times!

Let’s take a closer look: Continue reading

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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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Lake Norman News, Events and Celebrations

Lake Norman water levels are high again! Updated Jan. 5th 2018

lake norman water levels when high

Duke Energy just released the warning below with an update and caution due to yet another storm that arrived today. Due to our unusually high amounts of rain and snow, our Lake Norman water levels have been unusually high this past month.  100′ is full pond so at 98.6 we have some wiggle room but based upon the Duke Energy warning below, we can expect increasing lake water levels for the next few days at least. To get an idea of what it looks like when Lake Norman is a “full pond”  I took this photo a few years ago when it was at full pond and as  you can see even the dock is slightly under water!

Here is the official update from Duke Energy from today, January 5th.

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