LAKE NORMAN RESIDENTIAL REAL ESTATE HOT SHEET
September 26, 2008
|Back- on Market||32||60||33||54||55||46|
My sixth bi-monthly Lake Norman Friday Hot Sheet is here!
Above is a chart with our Friday’s “hot sheet” numbers from the Charlotte Multiple Listing Services for all single family homes in Lake Norman (area 13). For comparison, I have provided numbers from two weeks ago and earlier this year. Here are some highlights:
- Our pending and number of closed sales were both down to all time lows. Pending home sales dropped by -18% compared to two weeks ago and closed sales dropped -12%.
- New listings were down to an all time low. Inventory is continuing to inch downward which is a positive sign!
- The number of Lake Norman listings coming back-on-the-market dropped significantly after a spike two weeks ago. It is good to see this number drop back to about the same levels as August and the lowest so far since I started doing these reports. While our home sales have gone down, it looks like those that are selling are “sticking”. Perhaps our current Lake Norman home buyers are more qualified, having less difficulty getting financing and more committed to purchasing the homes.
- The number of price changes also dropped to a new low. Are sellers reaching a point where they can’t or won’t drop their prices any further? I actually saw a builder RAISE the listing price of one of their estates in The Point. According to the listing agent, the builder decided to put the home price back to where it was and wait out the market rather than take a loss/break even.
- Pending home sales dropped -18% as I stated above. This may be an indication that we are not going to get our usual September/October bump up in sales before the holiday slowdown.
- Solds (Lake Norman home sales contracts that closed in the past two weeks) dropped -12%. This summer we have been seeing an average of about -50% in sales versus the same periods in 2007. Clearly, the Lake Norman real estate market is a buyers’ market!
- Contingent and Conditional Sales dropped to another all time low; down 20% from the last Hot Sheet. These numbers are Lake Norman home sales just put under contract which would seem to indicated that our overall Lake Norman real estate market is still be trending downward.
The good news is that the inventory of Lake Norman active listings is dropping. Most pundits conclude that until the inventory of homes for sale drops back down to a 8-10 month supply on hand, we will continue to be in a buyers market. Considering the incredible national financial crisis playing out today in Washington DC, I am encouraged by the drop in the number of homes that went back on the market.
Despite it all, homes that are priced properly and are in excellent condition or a great “buy” are selling. Personally, I showed 3 sets of out-of-state buyers homes this week. Short term we will continue to struggle but there is no doubt that there are many buyers looking forward to moving to Lake Norman in the future.
Have a great weekend!
Learn More About Life in Lake Norman: