Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where we are at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.
It looks like our April showers will bring not just flowers but many May home sales as Lake Norman continues it’s strong real estate activity. We currently have a whopping 321 single family homes under contract (sellers have accepted an offer but the sale is not complete) in all of Lake Norman compared to last month’s 245. This is the highest number since the recession! The strong activity I have noted since the first of the year just keeps gaining momentum. What is equally important is our record low number of active listings. Here are our 2-week Hot Sheet numbers:
Lake Norman Real Estate’s April 2015 Two-Week Hot Sheet
* The above chart is a summary of today’s “Hot Sheet” from the Charlotte Multiple Listing Service for single family homes in all of Lake Norman. These numbers represent a real time snapshot of the past two week’s activity. (April 7th – 21st). As always, I have included the past 6 months so that you can put these numbers in perspective.
I created this additional chart comparing just the April Lake Norman Hot Sheet numbers for the past 6 years to help put our April 2015 home sales activity in perspective with prior Aprils’.
April Hot Sheet Numbers for the Past 6 Years
- New listings: This may be one of the most significant numbers for our 2015 Lake Norman housing market. We have consistently added fewer new listings to our market every month since January. At 104 we added even fewer than last month and we are well below all prior Aprils with the exception of 2011. This morning we had only 900 active listings in all of Lake Norman compared to last month’s 850 and last April’s 1029! If you combine our Under Contract Show and our Pending sales in the past to weeks the total is 126 yet we only listed 104 new properties for a net loss of 22. If our inventory remains this tight we are looking forward to a sellers market very soon. Buyers, this is not the time to be too picky or procrastinate.
- Our number of “Under Contract but Continue to Show” homes, formally called Conditional and Contingent sales in our MLS at 87 is the strongest by far since last summer, 50% higher than last April’s AND the best April since I have been keeping these records!
- Our number of Under Contract No Show/Pending sales, is 62.5% higher than last month’s and higher than all but 2010’s April Hot Sheet. (Pending or “Under Contract No More Showings” are contracts that have passed all of their conditions/contingencies/Due Diligence Deadlines and are just waiting to close. These home sales contracts will most likely close by the end of this month or in April.)
- 58 Closed Sales, while strong, are not as impressive as our newer contract numbers. It looks like we will only have modest gains in closed sales this month but significant gains in May/June closings. Keep in mind that we have a surge of new construction right now so these MLS numbers are lower than our actual total sales because so many new homes are sold directly to buyers rather than through the MLS. 2015 is going to be a very interesting year to watch given this great start, low inventory, low interest rates and rather bullish predictions for the US economy and housing market.
2015, which started out with a bang will continue this strong trend through June at least. With such low inventory I am actually counseling my buyers to watch the market daily for new listings when we can’t find anything close to what they want rather than purchase a property that may have incurable issues like a really bad floor plan and/or a less than desirable location. If buyers are willing to do remodeling, then now is a great opportunity to buy an older home that needs work, has been on the market for a long time but is in a great location or has great water. The waterfront teardowns/fixers are HOT! Interest rates have remained unexpectedly low. Keep in mind that we have very few distressed sales, (Less than 3% of our inventory are distressed properties: foreclosures and short sales), so a bargain may actually be a really well priced home that is in a good location with a good floor plan. My Mantra for 2015: Think location and resale and look for good waterfront opportunities.
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