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.
With winter now in our rear view mirror, our Lake Norman real estate market is hopping like a happy Easter bunny! You know it is a good market when I see not 1 but 3 updates on Facebook from local Realtors looking to hire assistants or team members in just this past week. We currently have 245 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 230, January’s 187, December’s 174, November’s 208, and October’s 262. The strong activity I noted since the first of the year just keeps gaining momentum! Here are our 2-week Hot Sheet numbers:
Lake Norman Real Estate’s March 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. (March 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 March Lake Norman Hot Sheet numbers for the past 5 years to help put our March 2015 home sales activity in perspective with prior Marchs’.
March 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 in the past 6 months but lower that the past few Marches. Today we have 850 active listings in all of Lake Norman compared to last month’s 821, January’s 794, December’s 833, and the end of March 2014’s 981! Wow, our inventory is well below last year’s and not increasing as fast as usual in March. I have been working not-stop with buyers since the beginning of the year and the consistent complaint has been the lack of listings. New listings that are well priced and in good condition tend to sell quickly.
- Our number of “Under Contract but Continue to Show” homes, formally called Conditional and Contingent sales in our MLS at 73 is the strongest since last summer, 62% higher than last March’s AND the best March by far since I have been keeping these records!
- Our number of Under Contract No Show/Pending sales, is 56% higher than last month’s and higher than all but 2010’s March 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.)
- 61 Closed Sales more than doubles most prior March Hot Sheets. While we may not get back up to our strong fall sales numbers, for this time of year we are doing exceptionally well. There is no doubt in my mind that Lake Norman will log in the most closings in March since March of 2007. And, I am confident that we will surpass the first quarter of 2014’s closed sales. Keep in mind that we have a surge of new construction right now so these MLS numbers are actually 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, exceptionally low interest rates and rather bullish predictions for the US economy and housing market.
2015 has certainly started out with a bang. 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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