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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’s April Calendar Photo: Wisteria Hysteria!

 

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! Click here to read more.

 

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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

Week of 3/3/2020 to 3/10/2020 Showing Report = 2659 Total Showings

Week of 2/25/2020 to 3/3/2020 Showing Report = 2622 Total Showings

Week of 2/18/2020 to 2/25/2020 Showing Report =  2644 Total Showings

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Lake Norman Real Estate’s February Market Report

 

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

We wondered if January’s strong market indicated what we could expect for 2020, and February proved to follow in stride with very positive numbers. For this month’s market report, we’ve added “coming soon” and “cumulative days on market” (CDOM). “Coming Soon” indicates properties which will be active in the next 21 days or less, but are not quite ready for the market.  CDOM is the cumulative total days from the start of the listing to the contract date.  The difference between days on market (DOM) and CDOM, is that CDOM accounts for the entire time a property has been on the market, regardless of firms it may have been listed with.  DOM only accounts for the time on the market with one firm/agent.  Thus, CDOM can offer truer market data in terms of real time on the market.

February 2020 was a record-breaker for the past decade, only surpassed by February 2007 with 126 closed sales compared to 123 currently, as shown in the chart below.  The number of active listings decreased by 27%, a significant decline.  Available homes for purchase will remain problematic and likely continue to decline for our year over year outlook throughout 2020.  The lack of inventory could be an indication of why our average listing price yielded a 12% increase year over year.   This improvement was also noted in closed sales, with a 9% increase in the average sales price year over year.

Total contracts (show and no show) combined rose by 7% from last February, with a total of 341 properties that went under contract for the month.  With only 514 active single-family homes, our months’ supply of inventory continues to fall and is now under 2 months.  This is less than our CDOM and DOM, which shows 86 to 113 days on the market.  This can easily be skewed if multiple properties remain on the market longer than average, causing the overall ratio to increase.  Thus, if a seller’s home has been on the market longer than 2 to 3 months, a price adjustment may be a consideration.

Of the 123 sold single-family homes, 22% were new construction and 16% were waterfront.  In addition, the average house age was 2003, and the average heated living area was 3073 square feet.  The average price per square foot was $166.29, while the active listings average was $226.58 per square foot, over a $60/sq. ft. difference.  The listing price to sales price ratio was 97%.  Each home averaged 5.3 showings in February and had 14 showings on average before going under contract.

What will March 2020 bring to the Lake Norman market? We look forward to learning and sharing the results with you next month, as we are watching the market very closely. Although there is more uncertainty in the economy than we’ve recently seen, we know for certain that the Lake Norman real estate market is a good one.  Whether you are a buyer or a seller our current market has something for you. With mortgage rates at all-time lows, buyers can buy more house with less money than they could last month. For sellers, the lack of inventory offers a prime time to sell, as we continue to see multiple offers on well-priced properties.  Let us know if you’ve got questions on the Lake Norman market, we are happy to answer them.

 

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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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Happy St. Patrick’s Day and wishing you all things lucky in 2020.  Our March calendar features Josh, a real community cat.

Josh is a very Lucky Cat.

He lives in a colony of community cats, in which every cat has been spayed or neutered, vaccinated, receives medical care when needed, and is fed every day by a dedicated caretaker. His colony in Kinston, NC was established through outreach by the Lake Norman Lucky Cat Program.

The Lake Norman Lucky Cat Program was born over 20 years ago to humanely address community cat situation in the Lake Norman region.  Since then, Lucky Cat’s success has spread, inspiring others to establish effective TNRM (trap-neuter-return-manage) services in their communities.

Josh lives in Kinston, NC, where Lucky Cats of Kinston has served nearly 700 cats since the summer of 2018.  Lucky Cats’ 2020 vision is to facilitate TNRM services wherever needed, creating and connecting TNRM solutions in every NC county, lowering euthanasia rates, reducing numbers of unwanted kittens, and improving the lives of community cats throughout our state. To learn more, visit www.luckycats.org and/or email info@luckycats.org.

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

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Lake Norman Real Estate’s January 2020 Market Report

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

January surprised us with repeated strong closings for the month, the highest since our reports began in 2005 (see chart below).  What was no surprise was the decrease in active inventory, while supply and demand remains to be an issue for new buyers entering the market. We’ve added the median price to our report this month and will continue to do so going forward.  As you can see, the median active listing price versus the average listing price is quite different.  This indicates that we have a substantial amount of luxury homes on the market versus lower-priced inventory.

The homes that went under contract remained steady year over year, however, we did see a slight decrease in the days on market.  With our current inventory, there is just slightly over a month of inventory of homes available, continuing a strong and robust sellers-market.  Of course, each price point can shift if we were to take a closer examination of the properties.  Watch for our quarterly report for more details in the coming months.

With a 19% increase of homes sold year over year in January, we are eagerly awaiting to see what 2020 will bring in the coming months. Although election years always create an additional variable to market dynamics, if January is any indication, we are going to continue to thrive in the Lake Norman region.

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Lake Norman Real Estate’s December 2019 Market Report

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

As we analyze the real estate market numbers for Lake Norman in December 2019, December was much stronger than originally expected. There was an increase in single-family listings sold by 32%, compared to December 2018. Active listings took a significant drop with a 25% decrease. Inventory continues to be problematic in our market. At first glance, it would appear that properties under contract were down significantly as well by looking at the Under Contract Show report, however if you combine the Under Contract Show and No Show, the difference was very minimal with only a 5% decline. Of the 172 properties sold, 45 were new construction, making up 26% of the homes sold. That leaves 75% of the market open for resale homes. Also, with a very close 23%, waterfront homes accounted for 40 of the 172 homes. The average price of new construction homes sold was $395,893. Based upon the average sold price for all single-family homes at $527,188 the resale market demands a higher sales price. Waterfront averages sales price is higher as expected, at $888,140.

Looking at the chart below, December 2019 tied 2017 for the highest number of units sold in December since 2005. However, the total units sold throughout the year was 2133, making 2019 the strongest year for total units sold! The averages sales price for 2019 was at $535,638, with a 97.4% list price to sales price ratio. The cumulative days on market averaged 102, which is still a very strong seller’s market. Both new construction AND waterfront homes sold accounted for 22% each, of the total units sold for 2019. However, the average sales price of new construction was $394,695, while the waterfront reached $972,058. We are expected to see continued growth in 2020. Prices are also expected to increase by 3% to 5%.

CLOSED HISTORICAL SALES FOR LAKE NORMAN REAL ESTATE

 

It is going to be an interesting year for sure as many economists can’t seem to agree.  Lake Norman is also becoming a strong second home and vacation home market.  That will also influence the coming year.  North Carolina also came in 3rd for the top states that Americans moved to last year as depicted by the graphic below.  That is exciting news for us North Carolinians! Please continue to follow along month to month as we explore and analyze the market.

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Lake Norman Lake Levels Nearing Full Pond

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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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Our February calendar features a Cedar waxwing (Bombycilla cedrorum).  These beautiful songbirds migrate through the Lake Norman area this month, traveling in large flocks of hundreds of birds, stopping to feast on seasonal fruits and berries. A flock or two faithfully visit our house to browse our privet and cedar hedges each year. Cedar waxwing are identified by their unmistakable sleek profiles, black eye mask, vibrant scarlet wing tips, and yellow tail tips. You may also hear them before you see them, as they are very social birds and like to chatter with each other.  For this reason, a flock of cedar waxwings is known as an “ear-full” due to their trills and tweets.  Another term for a flock of cedar waxwings, is a “museum,” which I can only imagine is due to their massive appearance together as a collection. They are a treat to behold each year!

 

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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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