If you are a home buyer or seller in Lake Norman, 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 $300,000 price range, you are going to have an entirely different experience than someone in the $500,000’s. This is exactly the reason why I create a price-range analysis every quarter:
*Compiled from the Charlotte Regional 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.
** Compare this to last year’s first quarter sales analysis of Lake Norman homes by price range
How to read this report:
- First choose a price range.
- The next column provides the actual number of listings sold in this price range in the 1st quarter of 2012
- This is followed by the percentage this price range represents of the total number of listings sold in all of Lake Norman area 13
- Next is the number of active listings in this price range
- This is followed by the percentage this price range represents of the total number of active listings
- Finally, the last column represent the absorption rate or the number of months of supply for each price range based upon the number of listings divided by the number of sales.
- Sales of Lake Norman homes when compared with the amount of inventory remain strongest in the lowest price ranges. The $0 – $399,999 price range represented 51.6% of Lake Norman home sales and only 39% of the active listings. Properties up to $399,999 currently have an absorption rate of 9.3 months compared to the first quarter of 2011 when they had 12.7 months of supply.
- The second strongest price ranges these past 3 months were the $400,000’s, $600,000’s and $900,000’s, all of which had higher percentages of numbers sold than percentages of active listings.
- Our weakest price ranges in the past 3 months were the $700,000’s, $800,000’s and homes over $1,500,000.
- 12.21% of our home sales were at or above $800,000 compared to 9.66, 12.92% in the 3rd quarter of 2011 and 14.3% in the 2nd quarter of 2011. Once again we only had 1 closed sale over $2 million. Our luxury housing market in Lake Norman definitely slowed down in the fourth quarter and early in the first quarter. However, sales in the $1 million – $1.5 million definitely picked up in March.
- Our overall Months of Supply increased slightly from the 4th quarter 2011 in large part due to our seasonal slowdown in winter. To put this year in perspective, in the first quarter of 2011 we had 21.99 months of supply and, in the 4th quarter of 2009, we had a staggering 46.4 months of supply of homes for sale in Lake Norman! All of our Lake Norman real estate numbers are trending in a positive direction and have been for quite some time. (see my other Lake Norman home sales analysis by clicking on the Market Reports category in the right hand column of this page.
As a buyer, the chart above will show you where you might face the stiffest competition and at what price ranges you might see opportunities. As a seller, you can look at the Lake Norman real estate market’s activity by price range and if you are right on the cusp of, for example, a $700,000 listing price, it would clearly be prudent to price your home in the high $600,000’s where there were three times as many properties sold (and more buyers) and comparatively less competition in active listings.
Questions about this report or the overall Lake Norman real estate market? Send me a quick email: firstname.lastname@example.org.
Just for fun, I also created a sales chart by price range for all of 2011:
Please note that in all of the price range charts I am actually using data from the 15th of the month so these numbers won’t match perfectly with the monthly or annual sales numbers I provide.
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