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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!  Continue reading

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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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Download this month’s calendar here.

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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