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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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