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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.   Continue reading

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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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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 News, Events and Celebrations, lake norman real estate, Lake Norman Real Estate Market Reports, Lake Norman waterfront homes, Relocating? Life in Lake Norman

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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Lake Norman News, Events and Celebrations, Lake Norman photos, lake norman real estate, Lake Norman Real Estate Market Reports, Lake Norman waterfront homes, Relocating? Life in Lake Norman

COVID-19 and the Lake Norman Real Estate Market

 

 

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

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

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

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

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

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Lake Norman Lake Levels Nearing Full Pond

Lake Norman

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

Lake Norman

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

99.3 ft.

As of 02/08/2020 at 07:35 AM

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

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

4th Quarter 2019 Lake Norman Home Sales by Price Range

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

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

If you are a home buyer or seller in the Lake Norman area it matters most what is happening in YOUR price-range. Yes, it is important to know about the global, national, and Charlotte area economy and real estate market but real estate is hyper-local so it is most meaningful for you to learn about the Lake Norman real estate market and within that, your specific niche. For instance, if you are looking to buy or sell in the $400,000 price range, you are going to have an entirely different experience than someone in the $500,000’s. And, if you are considering a broader range of prices, this chart can help you develop a more effective strategy by narrowing your search based upon actual strengths and weaknesses within our Lake Norman price-ranges.

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Red Dirt Alert! New Iredell Health Mooresville Facility

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

John Green, President & CEO, Iredell Health System

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Lake Norman Real Estate's May 2019 Desktop Calendar

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Lake Norman Real Estate’s May 2019 Calendar

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Just the facts about Lake Norman, Property Tax Rates

Lake Norman property tax rates by county and city

 Lake Norman Propery Real EstateTax

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

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

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

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lake norman real estate

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 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 Real Estate's January 2019 Calendar

 Download this month’s Lake Norman calendar here

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Lake Norman Real Estate’s January 2019 Calendar

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Lake Norman’s 4th of July 2018 Fireworks, Events and Celebrations

Lake Norman sunset

 

From nostalgic patriotic parades to community festivals with firework displays to myriad planned and spontaneous raft- up (boat) parties on Lake Norman, there truly is something for everyone here in the greater Lake Norman area this 4th of July. Get out of your home, save gas and have a great time!” I wrote this NINE years ago and it is still just as true this year. So, here is the run down on Lake Norman’s 4th of July festivities 2018:

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Lake Norman Real Estate’s March 2018 Market Report

We are now entering our most active months for our Lake Norman area’s housing sales. After a dip in January and a jump up in February our Lake Norman real estate market once again took a hit in March when compared to March 2017’s sales. However, to be fair, this was expected due to March 2017’s exceptionally strong month so while 134 closed sales are disappointing they are certainly respectable when compared to previous month’s since the recession.

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

  • March’s closed sales were 29% lower than March 2017 but 17.5% higher than last month’s.
  • Our inventory of active listings remains alarmingly low; currently 3% below last year’s which were also historically low.  It is hard to quantify but there is no doubt that low inventory does have a negative impact on Lake Norman’s home sales.
  • After a strong February, as I predicted, we didn’t come close to meeting March 2017’s huge, record-breaking 188 closed sales.
  • What the heck is going on with our waterfront market? Yikes!  (See below)
  • Our trade-up ($600,000 – $999,000) and luxury price ranges were once again weak after a slight uptick last month. The only thing consistent about our higher price ranges is their constant roller coaster ride of ups and downs.

Let’s take a closer look:

Lake Norman Real Estate Home Sales Analysis

All data is from the Carolina Multiple Listing Service.

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Lake Norman 2017 Halloween Events, Pumpkin Patches and More!

Lake Norman real estate's October 2019 Desktop Calendar

FOR 2019 go to : Lake Norman 2019 Halloween Events, Pumpkin Patches and More!  New events have been added. Also, the photo above is the October 2019 Calendar!

 

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

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Lake Norman Lake Levels: Important Update 4/5/2017

Lake Norman Lake Levels down

4/25/2017 Update:  I just checked and Lake Norman’s lake levels are up to 99.4′ thanks to our significant rainfall in the past few days.  Duke Energy provided updates for smaller lakes with some potential for flooding: Duke Energy Site.  They did not include Lake Norman or Lake Wylie in this warning. 

Duke Energy posted this important update for Lake Norman on April 3rd:

03-APR-17 Lake Normans elevation is expected to be lower than customary this year from mid April through early June. This is in part due to the Catawba River Basin being in a Low Inflow Protocol LIP drought Stage 1. Planned maintenance work at McGuire Nuclear Station requires the elevation not to exceed 96.5 ft. Once the outage is completed, we may be able to move the elevation closer toward the late spring target level of 98 ft weather permitting. Please be aware these projections can change based on actual rainfall and changes to the drought stage. Please stay alert to changing weather conditions. Updated lake levels are available any time at http://www.duke-energy.com/lakes/levels.asp and at 800-829-5253.

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Gorgeous Aerial Photo of Lake Norman

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Lake Norman Real Estate’s February Calendar is Here!

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Lake Norman Real Estate's Holiday Calendar 2016

Download this month’s Lake Norman calendar here

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Lake Norman Real Estate’s December 2016 Calendar: Happy Holidays!

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lake norman real estate, The Real Estate Process, Home Buying and Selling Tips

2 Marketing Tools that will set your Lake Norman home apart

Pool and rear view of the listing in The Point

I recently listed this beautiful home in The Point and had the good fortune of getting a full-price offer within 24 hours of it hitting the market.  At a price point that’s average days on the market is 212 days and the average listing- to-selling price is 95% for recent comparable sales I would say we did very well!  So was this pure luck? Perhaps, but I do believe that my seller’s and my efforts getting the property ready, staging and then going all out on the marketing didn’t hurt!

In this specific case we decided the gorgeous pool and outdoor fireplace/grill and bar were huge attributes given that these amenities didn’t exist in our competition. So, besides having the house and garden groomed to perfection I hired a wonderful stager to make everything inside “popped” while I focused on the pool area and the front door.  My inspiration was a recent Frontgate catalog and other photos on such online sites as Houzz.com. But all of this effort might have ended up under the radar of buyers if we hadn’t used two key marketing tools that are rather new to the Lake Norman area:

  • Aerial/Drone Photography and Professional Video
  • Matterport 3-D and 360 Virtual Tour

Of course, both of these required the expertise of a very talented photographer I was able to hire for the project.  He did all of the still photos, the drone aerial photos, created the video and took the Matterport 3-D photos.  The end result was pretty darn awesome!

Here is the video:

Below is the Matterport 3-D tour.  If you are not experienced viewing this type of marketing, I find it easiest to click on one of the photos and then use your up, down, right and left arrows to either take a good look of a room by doing a 360 degree scan or literally walk through the house from room to room and stop and turn whenever you want:

Lake Norman 3-D home tour

What is the take away? I can’t emphasize enough the importance of staging a home and then using the best marketing tools available that are appropriate for your property.  It is worth every penny!

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Lake Norman Real Estate’s May 2016 Hot Sheet is Here!

Lake Norman Hot Sheet Home Sales

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where we are at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.

I always get excited to do this Hot Sheet analysis each month because it provides me with a mid-month pulse of our Lake Norman real estate market.  So where are we today? The numbers below prove just how HOT our market is right now and the momentum that we saw last month is continuing after the dip in closed sales in March. Let’s take a closer look:

Lake Norman Real Estate’s May 2016 Two-Week Hot Sheet

Lake Norman home sales hot sheet chart for May

* The above chart is a summary of today’s “Hot Sheet” from the Charlotte Multiple Listing Service for single family homes in all of Lake Norman. These numbers represent a real time snapshot of the past two week’s activity. (May 8th – 22nd . As always, I have included the past 6 months so that you can put these numbers in perspective. Below is the April chart using my data since 2009.

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How Noisy is a Lake Norman Neighborhood?

Sound map for home in Lake Norman

How would you like to search for homes and be able to also find out just how noisy it is in each location?  The company that provides the property search program for this website, Davis Farrell Technology, just added a really COOL new tool provided by a company called HowLoud.  Utilizing a Soundscore™, buyers can search and view properties based on environmental noise.  A Soundscore is a combination of 3 factors:  airports, traffic, and local sources.  Listings that are scored will display the score and a map like the one above.

To test this I did a search for homes in The Point in Mooresville.  Above is the result for a property just off Brawley School Rd.  As you can see, this property is rated 82 which is “calm” but getting close to being “active” given its proximity to Brawley School Rd.  As the main road in and out of the Brawley School Rd. peninsula, you can see that Brawley School Rd itself is yellow which indicates “Active”.  The farther away from Brawley School Rd you get the “Calmer” you get.  Note that the darkest areas are the lake itself.

How cool is this?  Have some fun, give it a try and let me know what you think!

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lake norman real estate, Lake Norman Real Estate Market Reports

Lake Norman’s 4th Quarter Market Report by Price Range: Great Tool for Buyers and Sellers!

If you are a home buyer or seller in the Lake Norman area it really only matters what is happening in YOUR price-range. Yes, it is important to know about the global economy, the national economy and the Charlotte area economy and real estate market but real estate is hyper-local so it is most meaningful 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. This is the reason why I create a price-range analysis every quarter for my readers:

Lake Norman’s 4th Quarter 2015 Home Sales By Price Range

Lake Norman Home Sales by Price Range 4th Quarter 2015

*Compiled from the Carolina Multiple Listing Service’s data, this chart enables you to focus on your specific price range(s) rather than use the broad-brush approach thus allowing you to size up your competition and better position yourself.  Please note that these numbers are actually from the 15th of October to to the 15th of January so they will differ slightly from my monthly market reports. 

How to read this report:

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lake norman real estate, Lake Norman waterfront homes

Lake Norman’s Top 10 Most Expensive Home Sales in 2015

Lake Norman waterfront luxury estate at sunset

While Lake Norman is home to a wide variety of people and lifestyles, who doesn’t have fun looking at and learning about our luxury waterfront home sales?  Above and below are some of my favorite photos from the top 5 waterfront estates sold in 2015.

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Is there Fracking in our Lake Norman area?

Exposed North Carolina Triassic Rift Basins

Despite being a mandatory disclosure since January, Lake Norman home buyers and sellers still understandably have a lot of questions about mineral rights.  I wrote in detail about it back in July: What Lake Norman Buyers and Sellers About Mineral, Oil and Gas Rights.  However I recently learned about this great North Carolina “Fracking Map” or technically a map of the Exposed North Carolina Triassic Rift Basins which, according to raftusa.org indicates where hydraulic fracking could occur in North Carolina.  Finally, an official resource!  According to this map there are no Triassic Basins in our Lake Norman area at all so it becomes a moot point for us. Continue reading

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lake norman real estate

Trader Joe’s or Whole Foods; Which is Better for Homeowners?

What a great and creative analysis done by RealtyTrac!

Of course, it helps that I grew up with Trader Joe’s (Pasadena CA is where they began) and love Whole Foods so this study immediately got my attention.  But, my guess was that Whole Foods, being more expensive, would win over Trader Joe’s which is known for its great values in cool foods, wines and flowers.  After all, here in Lake Norman we just recently got a Whole Foods but the closest Trader Joe’s is down in the University area where there are more rental and lower priced properties.  Wrong!

In home appreciation, home values, and property taxes Trader Joe’s came out on top.  Hey Trader Joe’s, when are you coming to Lake Norman?

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How do Lake Norman home buyers learn how long a property has been on the market?

Lake Norman real estate icons

Our real estate industry loves using acronyms and lingo as if our clients completely understand us.  One area which is particularly confusing is the number of days a property has been on the market. For decades MLS’s only provided one number for us and that was the “days on market” or DOM as we call it. However, this number was recalculated every time a listing was taken off the market so the real “life of a listing” could be monkeyed with by the listing agents. In order to combat this problem and provide a true representation as to how long a property has been for sale, our Carolina Multiple Listing Services (Charlotte Regional REALTOR Association) now uses three different terms related to the time a property has been in the MLS : Days on Market, Cumulative Days on Market and List to Close.

Here is the definition of each of these terms: Continue reading

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lake norman real estate, The Real Estate Process, Home Buying and Selling Tips

What Lake Norman Buyers & Sellers Should Know About Mineral, Oil & Gas Rights

North Carolina's new Mineral Rights Disclosure image

 

Effective January 1st of this year, The State of North Carolina added a new disclosure form that must be signed by both parties of a residential property transaction as part of the initial purchase contract. The State of North Carolina Mineral and Oil and Gas Rights Mandatory Disclosure Statement   requires all sellers of  new or existing homes in North Carolina to disclose whether the mineral, oil and gas rights for the property are owned by someone other than the seller.

“The purpose of this new law is to protect the buyer. Property owners sometimes lease or sell the subsurface mineral rights on their property to a third party or company. This means that if sellers have “severed” their mineral rights, the third party or company could potentially have the perpetual right to drill, mine, explore and remove any of the subsurface mineral resources on or from the property. These mineral or materials could be extracted directly from the surface of the property or from a nearby location – even if the property is sold to a new owner.”

Okay, so why here and why now?  Continue reading

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Coming Soon? Pocket Listings? What Lake Norman Buyers and Sellers Need to Know!

 

Lake Norman home for sale sign with Coming Soon

 

When I first drove by and saw this sign on a new Lake Norman listing I was actually a bit surprised and decided it was time to write about listings like this one as well as what Realtors call “pocket listings” to give you all a heads up as to the whys and what’s related to these terms.

Okay so what is a pocket listing or a coming soon listing?  They are simply properties that are available for sale but are not yet listed in the MLS.  Here are my pros and cons: Continue reading

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lake norman real estate

Really Cool Real Life Examples of Home Value Trends in Lake Norman!

 

Lake Norman Waterfront Estate in The Point

The other day I noticed a newly listed waterfront property come up as “under contract” on the hot sheet after only 7 days. Impressive I thought to myself!  It is in a neighborhood I know well so I clicked on it and realized this property,  now listed at $950,000,  was the same property I has shown several times back in 2010 and 2011 that had finally closed at $740,000 on 5/03/11 after being on the market for almost a year.  Digging deeper I found that this waterfront property sold back in 2005 for $722,500.  So, is this 28% increase in value typical?  I sure don’t see this in the overall Lake Norman housing market reports I do.

Being the data geek that I am I decided to look at sales in the past few months, pick random properties, and look at their history to see more examples that might support the above property’s success.  Here are some of the more interesting ones I found.  I stuck with properties in Mooresville on the Lake Norman side of I-77 to be consistent and I looked at a variety of price ranges and both waterfront and off water.

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How to Get Your Lake Norman Home on Zillow (Despite CMLS)

QR Code for Lake Norman waterfront  for sale

I recently wrote a post about the fact that our Carolina Multiple Listing Service had not come to an agreement with Zillow/Trulia and as of April 7th they were no longer sending our new Lake Norman listings to Zillow. So, over a month later, where do we stand and what is the reality of this severing of ties?

I was actually able to test it with a new waterfront listing of mine.  As always, I submitted it first to the Carolina MLS.  Again, as always, I created my new listing’s own website using VFlyer. (The QR Code above sends you to the site).  Within a day, I did a Google search for the address, 124 Sawyer Lane, and sure enough Zillow was the first result on page 1! Continue reading

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lake norman real estate, Relocating? Life in Lake Norman

Just When You Thought Lake Norman Couldn’t Get Any More Active… Welcome Trilogy!

Trilogy Lake Norman by Shea Homes

Whether you call it a “Premier Resort Community” or an “Active Lifestyle Community”, Lake Norman is finally going to have an active adult community designed to meet the needs of those who want to live in our wonderful Lake Norman area but seek a truly carefree lifestyle! Continue reading

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lake norman real estate, Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s Market Report April 2015

So, Lake Norman’s real estate market is still rocking!  We beat last April’s closed sales by 5% and just about matched last month’s stunning numbers. For the first time our April closed sales actually BEAT April 2007’s and logged in the best April since 2006. Our year-to-date 2015 closed single family home sales were 20.8% higher than 2014’s.  On top of these impressive numbers, take a look at what’s on the horizon. Our total number of properties currently under contract match the highest number since the recession which was May 6th of 2013. Lake Norman’s housing market got crazy busy (my technical term for it) right after the holidays and we are now seeing this translated into not just closed sales but high numbers of new contracts as well. Let’s take a closer look:

Lake Norman Market Report April 2015

Lake Norman Market Report April 2015

* All data is from the Carolina Multiple Listing Service.

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lake norman real estate

TRID is Coming August 1st Bringing HUGE Changes to our Lake Norman Home Buying Process!

Stealth Bomber

 

It has been called “the disclosure tsunami” but I fear it is more like a stealth bomber that the majority of Lake Norman Realtors and home buyers and sellers won’t see coming until it has already wreaked havoc on their lives. Despite the enormity of the new disclosure rules collectively known as TRID the result of combining the Truth in Lending/Good Faith Estimate and RESPA, in my opinion there is not nearly enough discussion, press coverage and public education going one right now given what is going to take place starting August 1. DELAYED to October 1st!!! Continue reading

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lake norman real estate

Why you might not find Lake Norman homes for sale on Zillow and Trulia

Lake Norman homes missing on Zillow and Trulia?

 

I work with a lot of buyers relocating to our wonderful Lake Norman area and without a doubt most of them use Zillow.com to search for homes.  But, some big acquisitions recently have created incredible drama and turmoil within the real estate industry and these are greatly impacting home buyers and sellers and they/you probably don’t even know it!

Okay, so here is the scoop:

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lake norman real estate

How to Search for a”Green” Home in Lake Norman

Green Homes in Lake NormanI’ll bet if I asked 50 people to define a “green” home I would be 50 different answers.  That is why I am particularly excited that our Charlotte Multiple Listing Service not just added a number of “Green” search and data fields for listings of single family homes including  Green Certifications, HERS Index ratings and a list  27 “Green Building Features” but also added definitions which helps both home buyers and Realtors better understand what is considered a “green” feature. While it will take time, more and more Realtors, builders and home sellers are going to take advantage of these fields making it easier for Lake Norman area home buyers to find them.  Here is the list directly from our CMLS. If you aren’t looking immediately, you might want to bookmark this list for the future! Continue reading

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lake norman real estate, Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s February 2015 Hot Sheet Analysis

Lake Norman real estate Hot Sheet report

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where we are at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.

Despite the weather, February closed sales so far indicate that Lake Norman’s housing market is plugging along at a pace slightly better than last year’s. We currently have 230 single family homes under contract (sellers have accepted an offer but the sale is not complete) in all of Lake Norman compared to last month’s 187, December’s 174, November’s  208, and October’s 262.  While February is historically one of our lowest month for closed sales, activity is good.  Here are our 2-week Hot Sheet numbers: Continue reading

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Just the facts about Lake Norman, lake norman real estate

Why are Lake Norman’s water levels so low in February?

Lake Norman waterfront shoreline in  February

Isn’t it reassuring to know that Duke Energy, who controls Lake Norman’s water levels, has a well designed plan which is monitored daily?  I took this photo today while showing waterfront properties because you can clearly see the different colors of the shoreline riprap which mark the high, medium and lowest lake levels.  The orangish layer closest to the water is under water most of the year. Looking at this, newcomers might think that the lake is abnormally low right now which is true.  However, if all goes as planned February should have the lowest water levels of the year according to Duke Energy.  In fact, today, at 95.7, we are actually a foot above our “target” of 94.5.  The winter draw down of water levels helps us prepare for the spring runoff from the melting snow in the mountains. Continue reading

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lake norman real estate

How to Relocate to Lake Norman NC

Welcome to Lake Norman North Carolina!

Last week I drove to an unfamiliar small town east of Charlotte so that I could check out a new housing development for my buyers.  After I met with the builder and toured the subdivision I started to drive around to get a sense of what the area was like,  the proximity and type of shopping, restaurants and schools so that I could better compare it to a community by the same builder in Lake Norman that I know very well.  The sales rep was great about pointing out actual stores and restaurants on their map but I realized when I started to drive around that I really needed a tour from someone who knows the community! I wanted/needed the same kind of help/orientation I give to my clients during their first visits to Lake Norman. I know this sounds egotistical but seriously, I needed a Harrisburg version of me!

So what do I do that I needed so much? My Lake Norman orientation process has evolved and is unique for each client but the goals are still same: Help my relocating buyers to understand as much as they can about the nuances and personalities of the Lake Norman towns and neighborhoods and the home buying process in NC so that they can make informed decisions and find the best home/location to suit their specific goals and lifestyles. Here is a general outline of my orientation process: Continue reading

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