Lake Norman Real Estate Hot Sheet Summary
I have been doing regular real estate sales analysis on this blog since last June but I have never actually provided a map of the exact area I am analyzing. If you look at the map above, Lake Norman is Area 13. I always include all of Area 13 in my sales analysis with the exception of the northern most part referred to as The Catawba River since it is where the lake turns in to a river heading north to I-40. For those of you with access to MLS numbers I am using Areas 13/1 – 13/5.
As of today we have:
Active listings: 1407
Contingent Sales: 15
Conditional Sales: 34
Pending Sales: 106
Solds in the past 30 days: 59
Solds in the past 15 days: 32
Compared to the exact same 30 days as last year, we have had a -44% drop in the number of home sales and a -4% in the average sales price of a home in Lake Norman.
Technically, if you divide the number of listings: 1407 by the number of sales this past 30 days: 59 we get 23.8 months of supply on hand of homes for sale. This is the highest inventory we have had in our Lake Norman area since I have been doing these reports.
There is some good news. The number of sales that are pending and will close in the next 30 days or so has increased to 106 which indicates that our sales are creeping up, just not as much as they do historically.
For sellers this is going to be a market where you are going to have to work harder and lower your expectations. While the market is expected to remain flat and slanted in favor of buyers, there are buyers who are ready to buy in our Lake Norman area. In many areas of the country the agents tell me there are no buyers at all! So, as has been said myriad times in the news: Make your property sparkle like a model home and price it based upon the very most recent sales in your neighborhood that share the most in common with your property. It’s a bit like a beauty pagent, or for you guys, a car show…make your property stand out and it will get chosen.
Buyers, with interest rates low and such a substantial inventory this is your time in the sun! If you have always dreamed about that waterfront home or retiring on the edge of a beautiful golf course…carpe diem!