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.
So, here are some very interesting numbers! They indicate that Lake Norman’s real estate market is HOT today but only after a potential hiccup for closed sales this month. Let’s take a closer look:
Lake Norman Real Estate’s March 2016 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 8th – 22nd). As always, I have included the past 6 months so that you can put these numbers in perspective. Below is the March chart using my data since 2009.
March Hot Sheet Numbers for the Past 8 Years
Wow, talk about some hot and cold swings! It looks like we experienced a dip in late February and early March and are now on fire. We currently have 280 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 227 and last year’s end of March’s 272 so we have picked up the pace significantly from last month’s and are even out pacing last year at this time in terms of new contracts.
- New listings: At 121, we had the most new properties listed in these past 2 weeks than in the past 6 months’ hot sheets AND all prior February hot sheet numbers since 2010. Despite this strong number, as of today we have only 800 active listings in all of Lake Norman which is up from last month but still well below last March’s 850!
- Our number of brand NEW “Under Contract but Continue to Show” homes, formally called Conditional and Contingent sales in our MLS, at 80, is the highest since last August and the best March since 2009. This bodes very well for our April/May closed sales.
- Our number of Under Contract No Show/Pending sales, however, at 30, while the best since last September still fell below last year’s 36. 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.
- 46 Closed Sales is the second highest February since I started these reports in 2009. At the same time, it is the third lowest of the past 6 months. Last March we had a huge month and it looks to me that we will fall short of those numbers this March but then jump up considerably in April/May. Last March Lake Norman closed a whopping 136 sales and as of today we have only 51 closed sales so far this month so my prediction is that we will fall well short of last March’s 136 but will then see closed sales jump back up in April/May. (Keep in mind that we have had a surge of new construction this year 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).
Today I am seeing quite a variety of trends depending on location, types of properties and price ranges. I have experienced multiple offers in Huntersville in the high $200,000’s, a full price offer within the first 2 weeks of a waterview listing in the mid $300,000’s in Mooresville yet at the same time multiple price reductions on waterfronts and higher-end properties. With such low inventory I am counseling my buyers to watch the market daily for new listings and price reductions. The average days on market has dropped significantly, especially for “good” new listings. But properties that aren’t perfect are still sitting. If buyers are willing to do remodeling, then now is a great opportunity to buy an older waterfront 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 disappearing so prices are going up! If you drive around the waterfront streets, especially around Brawley School Rd, you will find an amazing amount of new construction. I can count 10 waterfronts just in the few blocks surrounding my own home. And, interest rates remain under 4% although they have been creeping up slowly. Don’t forget that we have very few distressed sales, (Less than 2% 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 2016 remains: Think location and resale and look for good waterfront opportunities before they are gone!
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