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.
While our January closed sales so far are stable with last year’s, there is no doubt in my mind that Lake Norman home buyers have hit the ground running in 2015! We currently have 187 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 174, November’s 208, and October’s 262. While January historically is our lowest month for closed sales, our momentum has picked up rather quickly this year which bodes well for February and March. Here are our 2-week Hot Sheet numbers:
Lake Norman Real Estate’s January 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. (January 8th – 22nd). 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 January Lake Norman Hot Sheet numbers for the past 5 years to help put our January 2015 home sales activity in perspective with prior Januarys’.
January 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 the highest since September but well below ALL prior Januarys’. Today we have only 794 active listings in all of Lake Norman compared to last month’s 833, and last end of January 2014’s 806 . I have been working not-stop with buyers in the past few weeks and the consistent complaint has been the lack of listings.
- Our number of “Under Contract but Continue to Show” homes, formally called Conditional and Contingent sales in our MLS at 58 is the strongest since October and the best January since I have been keeping these records! It is clear that I am not the only one crazy busy right now. Lake Norman’s current housing market’s activity is hot!
- Our number of Under Contract No Show/Pending sales, is also relatively strong logging in higher that the past two months and all prior January’s since 2010. (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 February.)
- 31 Closed Sales may not look like much compared to prior months this past year but it is the highest of all January’s since 2009. I don’t think we will beat last January’s closed sales of 68 but we might. I am more confident that we have the momentum to surpass the first quarter of 2014’s closed sales. Now that we have a surge of new construction these MLS numbers are actually lower than our 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, exceptionally low interest rates and rather bullish predictions for the US economy and housing market.
Times are a changing, that’s for sure. 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. (Location, location, location). Interest rates are unexpected low right now but 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 resale!
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