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Lake Norman Region Market Report for November 2020

Winter sunset on Lake Norman.

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

If we go back to March of this year, who would have guessed that we would be setting records in the Lake Norman real estate market during a global pandemic AND an election year!? We never dreamed we would be watching sales soar this time of year. COVID-19 aside, in election years, we typically see a slight decline in the real estate market. While November saw 58 less closed single-family homes than October, it was still a record-breaking month! Continue reading

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Lake Norman Region Market Report for November 2020

Winter sunset on Lake Norman.

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

If we go back to March of this year, who would have guessed that we would be setting records in the Lake Norman real estate market during a global pandemic AND an election year!?  We never dreamed we would be watching sales soar this time of year.  COVID-19 aside, in election years, we typically see a slight decline in the real estate market.  While November saw 58 less closed single-family homes than October, it was still a record-breaking month! Never have we seen this many closings for the month of November in the Lake Norman region, with 180 homes sold, surpassing last November by 10 sales (6% increase).

There were fewer homes “coming soon” for November as most homes went straight to the market.  There were 250 active listings for the month, less than half of the inventory we had in November 2019.  The lower inventory continues to be the driver of the sales market as values continue to increase. We saw a 4% increase in the average listing price from the previous year, however, that is much higher on the sales side. This increase hasn’t stopped buyers from entering the market, and the low interest rates offered on home financing is allowing buyer dollars to go even further.

With 393 single-family homes going under contract for November, this was 147 more homes than the previous year!  For the homes that are “under contract no show,” there was a 104% increase in units and a 35% increase in the average sales price.  This is much higher than the 4% price increase with active listings.  The median price for those homes was $399,000, which is fabulous for buyers in that price point.

Here is a deep dive into some other fun facts about market statistics this month.  Let us know what you think!  Which one surprises you the most?  Here they are:

Active Listings Market Statistics –

  • 115 of the active homes are new construction, 46% of the active listings
  • 66 of the active homes are waterfront, 26% of the active listings
  • The average year built is 2008
  • 129 of the active listings are in Mooresville at Lake Norman, 52% of the available inventory (great news for anyone searching in Mooresville)
  • The average square footage of heated living space is 3334
  • The average lot size is .83 acres
  • The most expensive home available is $6,995,000
  • The least expensive home available is $150,000

Under Contract Show Market Statistics (note – prices are based on the listing price as the sales price is undisclosed until sold) –

  • 93 of the homes are new construction
  • 57 of the active homes are waterfront
  • The average year built is 2007
  • 136 of the active listings are in Mooresville at Lake Norman, 54% of the available inventory (good thing most of the inventory is there too)
  • The average square footage of heated living space is 3143
  • The average lot size is .76 acres
  • The most expensive home available is $6,800,000
  • The least expensive home available is $160,000
  • 40 of the homes that went under contract show were on the market less than one day
  • 100 of the homes that went under contract show were on the market less than one week

Under Contract No Show Market Statistics –

  • 70 of the active homes are new construction
  • 30 of the active homes are waterfront
  • The average year built is 2010
  • 82 of the active listings are in Mooresville at Lake Norman, 58% of the available inventory
  • The average square footage of heated living space is 3175
  • The average lot size is .70 acres
  • The most expensive home available is $3,499,900
  • The least expensive home available is $130,000

Closed Market Statistics-

  • The average listing price of homes sold was $675,444 (sold average price is in the chart)
  • The median listing price of homes sold was $532,500 (sold median price is in the chart)
  • The average listing price to average sales price ratio was 97.6%
  • The median listing price to median sales price ratio was 96.25%
    • For buyers, this tells you that you have roughly 3% negotiation room
  • 27 of the homes were new construction
  • 49 of the homes sold were waterfront
  • The average year built was 1990
  • The average lots size was .65 acres
  • The average square footage of heated living space was 3194
  • The most expensive home sold was $2,825,000 (It was listed for $2,999,990
  • Of the homes sold, 17 of them went under contract with less than a day on the market
  • 77 of the homes sold went under contract in a week or less
  • 115 of the homes sold went under contract in under 115 days
  • The home that sold with the most days on market was on the market for 839 days

Overall, we see several patterns among the statistics.  Homes built in the last 10 to 15 years are selling more than much older resale homes.  Most of the homes are over 3000 square feet.  The lots are all over a half an acre on average as well.  Does your home match these criteria?  If so, and you are thinking of selling, we would love to speak with you!

For those of you following along, the total number of Lake Norman homes under contract (UCS + UCNS) at the end of the first week of each month are as follows:

  • December 7, 2020: 393
  • November 9, 2020: 413
  • October 8, 2020: 437
  • September 8, 2020: 423
  • August 10, 2020: 463
  • July 7, 2020: 489
  • June 11, 2020: 471
  • 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: 335
  • 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

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Lake Norman Region Market Report for October 2020

Calm waters display nature’s watercolors of autumn leaf reflections on Lake Norman, NC. 

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

Another incredible month for real estate at Lake Norman! October exceeded September and was another record-breaking month with 238 single-family homes sold.  This was an increase of 22% from the previous year.  The average sales price also had a significant increase of 31%, going from $556,758 to $731,611.  The median sales price decreased to $532,500.  One of the most expensive homes ever sold in the Lake Norman region closed in October for $7,500,000.  This would account for the higher average price versus the lower median price of homes sold. In addition, the lowest selling price for October was $132,000.  Finally, there was almost a 50% decline in the days on the market (DOM) as well, with only 39 DOM.  This is all fantastic news for sellers!  With interest rates continuing to hit record lows, this market trend is expected to continue and is also promising for buyers who take advantage of those low rates.

The market continues to soar with pending home sales.  There were a total of 413 single-family homes that went under contract for the month of October.  This was a 33% increase from 2019.

The primary concern for buyers looking to enter the market continues to be the lack of inventory, with only 282 homes available, a 54% decrease year-over-year.  This is a drastic decline, going from 615 homes available in October 2019 to 282 homes available in 2020!  The average price also went up by over $100,000!  The most inexpensive home on the market for October was $132,000.  You can expect bidding wars in most price points due to limited homes available.  Many buyers are making offers sight unseen in order to secure a contract in this highly sought market.  Buyers absolutely want to make sure they have an experienced buyer agent representing their best interests to navigate the purchasing process.  A seasoned broker can give you tips on how to make your offer stand out in a competitive situation.

There were 47 single-family homes that did not sell or were taken off the market for one reason or another.  The prices ranged from $264,900 to $695,000.

The economic forecast indicates that we will finish out 2020 with the same gusto.  The question that everyone has however is what to expect for 2021.  Always check back in with us to keep you up to date with the latest news on the Lake Norman area real estate market.

Here are some other interesting facts for active homes in October 2020:

  • 118 of the active homes are new construction, 42% of the active listings
  • 80 of the active homes are waterfront, 29% of the active listings
  • The average year built is 2008
  • 138 of the active listings are in Mooresville at Lake Norman, 49% of the available inventory
  • 50 of the active listings are in Denver, 18% of the available inventory followed by Cornelius with 35 homes available
  • The average square footage of heated living space is 3576
  • The average lot size is .82 acres

And some interesting facts for the homes under contract for October 2020 (note – prices are based on the listing price as the sales price is undisclosed until sold):

  • The average price of all pending homes (under contract show and no show) is $646.656
  • The average price of the combined median prices of all pending homes (under contract show and no show) is $442,450
  • 151 of the homes under contract are new construction, 36.5% of the pending sales (same for August)
  • 102 of the homes under contract are waterfront, 25% of the pending sales
  • The average year built for homes that are under contract is 2007
  • 212 of the homes under contract are in Mooresville, making up 51% of the market
  • The most inexpensive home to go under contract was listed at $75,000
  • The most expensive home to go under contract was listed at $3,275,000

Finally, here are some facts for the homes that sold in October 2020:

  • The average listing price of homes sold was $745,528 (sold average price of $731,611)
  • The median listing price of homes sold was $534,950 (sold median price $532,500)
  • The average listing price to average sales price ratio was just over 98%
  • The median listing price to median sales price ratio was almost 100%!
  • 69 of the homes sold were waterfront, 29% of the homes sold
  • The average year built was 2003
  • 107 of the homes sold were in Mooresville, 45% of the market
  • The average lots size was .75 acres
  • The average square footage of heated living space was 3412
  • The average price per square foot is $198.65/sq. ft.

For those of you following along, the total number of Lake Norman homes under contract (UCS + UCNS) at the end of the first week of each month are as follows:

  • November 9, 2020: 413
  • October 8, 2020: 437
  • September 8, 2020: 423
  • August 10, 2020: 463
  • July 7, 2020: 489
  • June 11, 2020: 471
  • 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: 335
  • 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

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Lake Norman Region Market Report for September 2020

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

September surpassed our expectations with 236 closed single-family homes, almost matching August’s 238 closed units. It was a record-breaking September, with only one other year (2017) where closed units exceeded 200.  Year over year, September closings were up 38%, in comparison to 2019’s 171 closings during this period. We also had a significant increase in the average sales price, which jumped from $495,425 to $719,374, a 45% increase!  This was largely due to 44 homes selling over one million, and one topping out at $6,300,000 in Norman Estate of Denver.

The total homes that went under contract were 437, which increased slightly from the previous month at 423, an overall increase of 30% from the previous year.  The average price is also more realistic here as well, with an increase of 13%, which is still a substantial increase year over year. In addition, the average time on the market has decreased by 43.5%.

The predictor of future real estate sales is determined by the active inventory, which continues to be drastically low as compared to previous years.  With a 57% decrease in active single-family homes, there were only 285 homes available for September, and 14 listed as coming soon.  The median price is also much higher, going from $786,420 to $916,735.  Only 17 homes are available for under $300,000 in the area, which is a direct reflection on the average prices. Of the 285 active listings, 69 of them are over one million, making up 24% of the active inventory.

Here are some other interesting facts for active homes in September 2020:

  • 112 of the active homes are new construction, 39% of the active listings (very similar to months past)
  • 83 of the active homes are waterfront, 29% of the active listings (similar to August)
  • The average year built is 2008
  • 140 of the active listings are in Mooresville at Lake Norman, right at half of the available inventory
  • 37 of the 140 for Mooresville were in Atwater Landing (new construction), making it the community with the most available homes for September (was same for August and July)
  • Denver has the second largest inventory with 7 single-family homes, followed by Cornelius with 36 homes available
  • The average square footage of heated living space is 3727
  • The average lot size is .83 acres
  • The average price per square foot is $224

And some interesting facts for the homes under contract for September 2020 (note – prices are based on the listing price as the sales price is undisclosed until sold):

  • The average price of all pending homes (under contract show and no show) is $637,478
  • The average price of the combined median prices of all pending homes (under contract show and no show) is $482,000
  • 140 of the homes under contract are new construction, 32% of the pending sales (same for August)
  • 114 of the homes under contract are waterfront, 26% of the pending sales
  • The average year built for homes that are under contract no show is 2008. In comparison the average year built for homes under contract show is 1998.
  • The average lots size is .67 acres (same as August)
  • The average square footage of heated living space is 3228
  • 218 of the homes under contract are in Mooresville, making up 50% of the market

Finally, here are some facts for the homes that sold in September 2020:

  • The average listing price of homes sold was $736,166 (sold price $719,374)
  • The median listing price of homes sold was $514,000, which aligns with the average prices from 2019. The median price will likely be a better reflection of our market as we move forward.
  • The listing price to sales price ratio was just over 97.7%
  • Only 35 of the homes sold were new construction, 15% of the homes sold
  • 65 of the homes sold were waterfront, 27.5% of the homes sold
  • The average year built was 2005
  • 111 of the homes sold were in Mooresville, 47% of the market (was same for August)
  • The average lots size was .69 acres
  • The average square footage of heated living space was 3304
  • The average price per square foot is $207/sq. ft.

For those of you following along, the total number of Lake Norman homes under contract (UCS + UCNS) at the end of the first week of each month are as follows:

  • October 8, 2020: 437
  • September 8, 2020: 423
  • August 10, 2020: 463
  • July 7, 2020: 489
  • June 11, 2020: 471
  • 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: 335
  • 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

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Lake Norman Region Market Report for August 2020

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

August closings decreased in comparison to the record-breaking months of June and July.  This was anticipated as these peak summer months also included the pent-up demand and delayed sales from COVID closures.  We saw a decrease of 25% of units sold, going from 288 homes sold in July to 216 homes sold in August.  There was also a slight decrease year over year as well, as August 2019 finished with 238 closed homes, resulting in a 9% decrease in August 2020.  However, this could be attributed to the 59% decrease in available inventory, which continues to keep the market lively.  As there is limited supply for the strong demand that we have in the Lake Norman area, a decrease year over year is to be expected.

Homes under contract were quite a different story!  We saw a 37% increase in new pending sales representing 423 properties when UCS and UCNS are combined.  Additionally, the combined average prices for the homes under contract saw a positive increase as well, with a strong 17.8%!  The average price for homes sold year over year also increased by an astounding 22%.  We’ll be watching closely in the months to come to see if that appreciation level remains steady.  As with home sales, it is also likely to slow as we head into the third quarter of the year.  However, with a typical appreciation being around 6%, anything higher in our current climate happily exceeds our expectations.

Here are some interesting facts for active homes in August 2020:

  • 121 of the active homes are new construction, 38% of the active listings
  • 97 of the active homes are waterfront, 31% of the active listings
  • The average year built is 2007
  • 157 of the active listings are in Mooresville at Lake Norman, right at half of the available inventory
  • 50 of the 157 for Mooresville were in Atwater Landing (new construction), making it the community with the most available homes for August (was same for July)
  • Denver has the second largest inventory with 67 single-family homes, followed by Cornelius with 40 homes available
  • The average square footage of heated living space is 3628

And some interesting facts for the homes under contract for August 2020 (note – prices are based on the listing price as the sales price is undisclosed until sold):

  • The average price of all pending homes (under contract show and no show) is $661,427
  • The average price of the combined median prices of all pending homes (under contract show and no show) is $487,288
  • 137 of the homes under contract are new construction, 32% of the pending sales (an increase of 3% from the previous month)
  • 108 of the homes under contract are waterfront, 25.5% of the pending sales
  • The average year built for homes that are under contract no show is 1991. In comparison the average year built for homes under contract show is 2004.
  • The average lots size is .67 acres
  • The average square footage of heated living space is 3278 (remarkably only 1 sq. ft. off from July)

Finally, here are some facts for the homes that sold in August 2020:

  • The average listings price of homes sold was $675,188 (sold price $659849)
  • The listing price to sales price ratio was just over 97.7%
  • Only 28 of the homes sold were new construction, 13% of the homes sold
  • 58 of the homes sold were waterfront, 27% of the homes sold
  • The average year built was 1992, which is older than in previous months. This will be interesting to see if this continues.  Has buyer demand increase for the resale market or older homes?  Are sellers investing more in upgrades on older homes?  More to come on this…
  • 101 of the homes sold were in Mooresville, 47% of the market
  • The average lots size was .82 acres. This makes sense with the average year built as older homes typically offer larger lot sizes.
  • The average square footage of heated living space was 3310

Other information:

  • Across all reports, it appears that the average home size for active, under contract and sold is above 3200 Sq. Ft. This push toward larger homes could be a result of more living space needed as people work from home, homeschool, and generally are spending more time at home.

For those of you following along, the total number of Lake Norman homes under contract (UCS + UCNS) at the end of the first week of each month are as follows:

  • September 8, 2020: 423
  • August 10, 2020: 463
  • July 7, 2020: 489
  • June 11, 2020: 471
  • 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

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Lake Norman Region Market Report for July 2020

 

Another Record-breaking Sales Month at Lake Norman!

All data is from the Canopy/Carolina Multiple Listing Service

We did not anticipate the market could get any better after seeing June’s sales, but July proved us wrong!  We had another record-breaking month for July 2020, with 288 single-family home closings.  This was over and above the 253 closings from a record-setting June.

Now, while we’ve shared this AMAZING news, we must also tell you that we do not expect this to last throughout the year.  As with any season, things tend to slow down in the Fall.  August will be likely one final and fabulous month for home sales, and then we will likely start to see a slow decline.  The decline however does not mean a down market.  It is simply typical for our area with Lake Norman being one of our largest attractions, as the lake season slows, so do the sales. We do expect that we will still finish 2020 strong.

There was a 53% decrease in active listings.  We anticipate sales to shift, however, we do not see available inventory getting any better for some time.  We will maintain a strong seller’s market in most price points.  Remember, each price point can vary so be sure to do your research on price points specifically when you are looking to buy.  In addition to a lower inventory of available homes, the average price also increased by 17% year over year, and days on market decreased by 6%.  These are also indications of continued strong demand for homes in our area.

There were 463 homes that went under contract.  This is significant because, with only 351 homes available, we have less than a month’s supply of inventory.  Historically, anything under 4 months is a seller’s market, 4 to 6 months is a stable market, and over 6 months is a buyer’s market.  While it is not a buyer’s market, buyers continue to enter the market in droves since mortgage interest rates are equally low.  In addition, rents continually increase as well, and buying a home is still a great investment!  In addition, the homes that went under contract increased by just over 27% compared to 2019.

Here are some interesting facts for active homes in July 2020:

  • 118 of the active homes are new construction, 34% of the active listings
  • 131 of the active homes are waterfront, 37% of the active listings
  • The average year built is 2000, which was the same in June
  • 178 of the active listings are in Mooresville at Lake Norman, just over half
  • 31 of the 178 for Mooresville were in Atwater Landing (new construction), making it the community with the most available homes for July
  • Denver has the second largest inventory with 63 single-family homes
  • The available lot size is .89
  • The average square footage of heated living space is 3735

And some interesting facts for the homes under contract for July 2020 (note – prices are based on the listing price as the sales price is undisclosed until sold):

  • The average price of all pending homes (under contract show and no show) is $646,974
  • 134 of the homes under contract are new construction, 29% of the pending sales
  • 111 of the homes under contract are waterfront, 24% of the pending sales
  • The average year built is 2001
  • 222 of the homes under contract are in Mooresville, 48% of the market
  • Denver was second with 108 homes pending for July, 23% of the market
  • The average lots size is .71 acres
  • The average square footage of heated living space is 3279
  • Sherrills Ford finished strong in June based on previous months, with 42 homes under contract

Finally, here are some facts for the homes that sold in July 2020:

  • The average listings price of homes sold was $643,513 (sold price $626,244)
  • The median listings price of homes sold was $499,500
  • The listing price to sales price ratio was just over 97%
  • 55 of the homes sold were new construction, 19% of the homes sold
  • 81 of the homes sold were waterfront, 28% of the homes sold
  • The average year built was 2005
  • 154 of the homes sold were in Mooresville, 53.5% of the market
  • Denver was second with 56 homes sold for July, 19% of the market
  • The average lots size was .61 acres
  • The average square footage of heated living space was 3315

Other information:

  • 43 homes went off the market (expired, withdrawn, temporarily off-market)
    • Of those, the average listings price was $780,797
    • Of those, the median listing price was $596,990

For those of you following along, the total number of Lake Norman homes under contract (UCS + UCNS) at the end of the first week of each month are as follows:

  • August 10, 2020: 463
  • July 7, 2020: 489
  • June 11, 2020: 471
  • 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

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Lake Norman Region Market Report for June 2020

Record-breaking home sales for June 2020!

June 2020 Lake Norman Real Estate

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

We knew June was going to be a fabulous month for real estate sales in the Lake Norman region, but we had no idea we would set a record!  With 253 closed sales for June of 2020, this is our largest number of single-family homes sold since we started tracking the monthly sales in 2005.  This is not just a record for June but a record for all months for the last 15 years! You can see this data in the chart a little later.

With a 45% decrease in active listings, we can only imagine how well our region would have done with more listings.  There is a significant difference between the median price and average price of active inventory.  This is due to a large number of homes on the market over $1,000,000.  To be exact, 100 of the 417 active listings were over $1,000,000; nearly 25% of the market.

The numbers continue to be outstanding as we look at homes under contract for June.  There were 367 homes ‘under contract show’ and 122 homes ‘under contract no show’, totaling 489 homes pending in total.  That exceeds the amount of current inventory, which would suggest that our housing shortage is going to continue to worsen.  Sellers on the fence about selling this summer may want to reconsider.  This is absolutely a STRONG sellers-market on all fronts.  If that doesn’t make sellers want to consider putting their home on the market then they may also want to make note of the tremendous increase in the average prices for the homes under contract.  The average of both ‘under contract show’ and ‘under contract now show’ is 22%!  WOW!  Now the question is, how long with this continue?

Here are some interesting facts for active homes in June 2020:

  • 133 of the active homes are new construction, 32% of the active listings
  • 150 of the active homes are waterfront, 36% of the active listings
  • 20 active homes are both new construction AND waterfront
  • The average year built is 2000
  • 202 of the active listings are in Mooresville at Lake Norman, close to half

And some interesting facts for the homes under contract for June 2020:

  • 139 of the homes under contract are new construction, 28% of the pending sales
  • 129 of the homes under contract are waterfront, 26% of the pending sales
  • The average year built is 2001
  • 252 of the homes under contract are in Mooresville at Lake Norman, 52% of the market

Finally, here are some facts for the homes that sold in June 2020:

  • 55 of the homes were new construction, 22% of homes sold
  • 56 of the homes were waterfront, 22% of homes sold
  • The average year built was 2004
  • The average seller concessions were $2,344
  • 127 of the homes sold had NO seller concessions, right at half
  • The average list price to sales price ratio was 97.6%
  • While the average sold price was $561,450, the average listing price for those that sold was $578,955

For those of you following along, the total number of Lake Norman homes under contract (UCS + UCNS) at the end of the first week of each month are as follows:

  • July 7, 2020: 489
  • June 11, 2020: 471
  • 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

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June is here and Lake Norman is OPEN

June is here and Lake Norman is OPEN for lake lovers! Lake Norman is known as a haven for water sports and recreation, and this is one thing that hasn’t changed! No matter how you personally like to enjoy the water, Lake Norman has a place just for you.

This month’s June Calendar image illustrates just one of many lake activities: paddleboarding!  This activity is a wonderful way to experience the lake and exercise too. Paddleboarding, kayaking, and canoeing are boating activities that can be explored anywhere on Lake Norman.  Weekdays, or early morning or late afternoons on the weekends, are often the best times to find “still” water and active wildlife which make these activities most enjoyable.  If you don’t have your own vessel, no worries, there are many rental options available around the lake too.

Although paddleboarding, kayaking, and canoeing aren’t motorized boating activities, they are still governed by boating laws. The main rules to remember for non-motorized watercraft are:  Each vessel needs a PFD for each passenger. Children under 13 must wear their PFD while underway. Have a whistle on hand for emergencies. Don’t stay out after sunset. For a brochure of all of the NC Vessel Operator rules, click here to the link to the NC Wildlife’s brochure.

However, not all parts of the lake are suitable for all activities.  Due to bridge heights, some areas are not best for sailboats with fixed masts, and during times of high lake levels, some smaller bridges are not accessible to motorboats either. The Lake Norman Marine Commission’s site lists all of Lake Norman’s bridge heights at full pond.  It is important for all boaters to know the lake levels and understand the lake geography before exploring new areas.  When the lake is at lower levels, which usually is during peak energy demands in the summer, shoals or shallow areas become serious lake hazards to be avoided. Duke Energy, which manages all of the Catawba River basin lakes and shorelines has a robust website with links to many informative sites.  One of which is their lake level page, where you will find up to date information on the lake levels for all of the lakes managed by Duke Energy. As of today, Lake Norman is at 98.7, which is 1.3 feet below full pond. Lake Norman is part of the Catawba-Wateree system of lakes created through damming the Catawba River.  These lakes are James, Rhodhiss, Hickory, Lookout Shoals, Norman, Mountain Island, Wylie, Fishing Creek, Rocky Creek and Wateree.  As stated on Duke Energy’s site, “These lakes and dams provide benefits that are balanced among the individual needs of several communities, including:

  • Municipal water supplies
  • Industrial and power plant water uses
  • Daily release requirements and drought mitigation
  • Wildlife habitat and aquatic environments
  • Recreation (fishing, boating, skiing, docks, etc.)
  • Each lake directly affects the other lakes in its system. To manage the level of one lake, Duke Energy must examine the levels and requirements at each of the other lakes in the system and respond accordingly.”

In addition to lake levels, lake enthusiasts should also be mindful of water quality, especially when swimming or jumping in to cool off on a hot summer day.  The Catawba Riverkeepers have implemented an extremely useful swim guide to help swimmers know where to swim safely at Lake Norman and in our surrounding lakes.  For more information, visit https://www.catawbariverkeeper.org/swim-guide/

If you’d like to learn more about Lake Norman’s recreational options or anything else about the lake, please let us know, we’ll be happy to help!

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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 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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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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