Ask any Realtor active in the Lake Norman residential market how business is and they will collectively smile and say great. But, are the current Lake Norman sales evenly distributed around all 4 counties that share waterfront land on Lake Norman?
Over the past few years I have created sales charts focusing on all of the largest of the Crescent Communities on Lake Norman to provide insight into the different areas surrounding Lake Norman including:
- The Point, The Harbour at The Pointe and The Farms in Mooresville ( down Brawley School Rd)
- The Peninsula in Cornelius
- Sailview in Denver
- Northview Harbour in Sherrills Ford
- Falls Cove in Statesville
Here is one fresh off the presses:
A couple of numbers stand out immediately, particularly the Months of Supply. The Point, The Farms and North View Harbour are well below last year’s and just slightly above a truly balanced real estate market of 6-8 months of supply. Look at how they have improved compared to last June 2011:
- Another striking difference is the number of conditional properties. (Under contract but not closed). We currently have 30 conditional properties compared to 10 last June.
- While still trailing the communities on the east side of Lake Norman, Sailview and Northview Harbour have improved significantly.
- The Farms remains strong but what is a truly positive sign for Lake Norman is that a number of NEW construction homes are now selling in The Farms after years of being almost non-existent.
- Finally, it is important to note that the average $ per square foot has dropped in every community but one.
Sales are up, prices are down and the number of distressed properties, if you read my February Sales Analysis, only represent 7.5% of our active homes for sale in Lake Norman. I had multiple offers on my most recent waterfront listing and it sold above the asking price in less that 12 hours! So far, 2012 is far exceeding my expectations. Now would be a really good time for serious Lake Norman buyers to get off the fence before it is too late!