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.
Wow, it is hard to believe that 2014 is almost over! While we had a significant slowdown of home sales last month compared to prior months in 2014, our December real estate market looks to be ending our year on a high note. We currently have 174 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 208, October’s 262 and September’s 282. Yes, we have hit our typical seasonal slow down. Here are our 2-week Hot Sheet numbers:
Lake Norman Real Estate’s December 2014 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. (December 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 December Lake Norman Hot Sheet numbers for the past 5 years to help put our December 2014 home sales activity in perspective with prior Decembers’.
December Hot Sheet Numbers for the Past 6 Years
- New listings: The number of homes listed for sale in Lake Norman in the past two weeks is below any other month in 2014 but about equal to prior Decembers’. Today we have 833 active listings in all of Lake Norman compared to last month’s 901, October’s 965, September’s 1038 and last end of December’s 759 . Our number of active listings continues to decline as expected as we enter our slowest months of the year.
- Our number of “Under Contract but Continue to Show” homes, formally called Conditional and Contingent sales in our MLS, is well below the past 6 months’ but equal to last December’s and higher than the rest of the Decembers’ since 2009. It looks like we will be on pace with the January/February sales of last year.
- Our number of Under Contract No Show/Pending sales, is surprisingly one higher than last month’s and on pace with or better than the past 4 December’s. (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 January.)
- 82 Closed Sales? Wow! I checked the number twice to make sure there wasn’t an error. This number is stunning! Not only is it the highest in the past 6 months but it is almost double many previous Decembers’. Because we don’t have a large number of pending sales, despite this huge number my guess is that we will just about equal or slightly exceed last December’s total home sales of 99 and end 2014 with the strongest annual sales since 2007. This is truly something to celebrate!
So, overall our Lake Norman real estate market is trending downward just as it does every year but not below last year’s sales. What also must be factored in is the strong sales of new construction homes in new and existing communities/subdivisions in the towns around the lake. Keep in mind that these sales rarely hit the MLS because the builders are selling homes before they are built and/or marketed. So, our actual home sales numbers are even higher than those stated in the Charlotte MLS. At the same time, our waterfront home sales and some pockets and price ranges are relatively soft. The dynamics of our current Lake Norman housing market are complex and challenging. There are no concrete trends but rather fluid micro trends.
I continue to encourage my buyers to buy if they find a good home at a good price, especially waterfront homes and lots or homes in the most popular neighborhoods. (Location, location, location). Interest rates are unexpected low right now and with few distressed sales, (Less than 3% of our inventory are distressed properties: foreclosures and short sales), Lake Norman home buyers need to strike while the iron is hot when they find a home with potential, especially since our inventory of homes for sale is so low. Prices, while increasing, are still historically low and economists expect home loan rates to continue to rise in 2015. Here’s to a great 2015!
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