All data is from the Canopy/Carolina Multiple Listing Service.
As we analyze the real estate market numbers for Lake Norman in December 2019, December was much stronger than originally expected. There was an increase in single-family listings sold by 32%, compared to December 2018. Active listings took a significant drop with a 25% decrease. Inventory continues to be problematic in our market. At first glance, it would appear that properties under contract were down significantly as well by looking at the Under Contract Show report, however if you combine the Under Contract Show and No Show, the difference was very minimal with only a 5% decline. Of the 172 properties sold, 45 were new construction, making up 26% of the homes sold. That leaves 75% of the market open for resale homes. Also, with a very close 23%, waterfront homes accounted for 40 of the 172 homes. The average price of new construction homes sold was $395,893. Based upon the average sold price for all single-family homes at $527,188 the resale market demands a higher sales price. Waterfront averages sales price is higher as expected, at $888,140.
Looking at the chart below, December 2019 tied 2017 for the highest number of units sold in December since 2005. However, the total units sold throughout the year was 2133, making 2019 the strongest year for total units sold! The averages sales price for 2019 was at $535,638, with a 97.4% list price to sales price ratio. The cumulative days on market averaged 102, which is still a very strong seller’s market. Both new construction AND waterfront homes sold accounted for 22% each, of the total units sold for 2019. However, the average sales price of new construction was $394,695, while the waterfront reached $972,058. We are expected to see continued growth in 2020. Prices are also expected to increase by 3% to 5%.
CLOSED HISTORICAL SALES FOR LAKE NORMAN REAL ESTATE
It is going to be an interesting year for sure as many economists can’t seem to agree. Lake Norman is also becoming a strong second home and vacation home market. That will also influence the coming year. North Carolina also came in 3rd for the top states that Americans moved to last year as depicted by the graphic below. That is exciting news for us North Carolinians! Please continue to follow along month to month as we explore and analyze the market.
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