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, wow. In May we have taken the ball and are running with it at record breaking speed as Lake Norman continues its strong housing sales activity which began at the beginning of the year. It is not just the strong numbers that impress, but the consistency. Rather than ups and downs in 2015 our market just keeps gaining momentum which truly is a first since 2006. We currently have a whopping 347 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 321. This is the highest number since the recession! What is equally important is our low number of active listings although they are growing. Here are our 2-week Hot Sheet numbers:
Lake Norman Real Estate’s May 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. (May 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 May Lake Norman Hot Sheet numbers for the past 6 years to help put our May 2015 home sales activity in perspective with prior Mays’.
May Hot Sheet Numbers for the Past 7 Years
- New listings: So, we are clearly beginning to see an increase in new listings after a slow first 4 months. At 119 we added the most so far this year and equal to last May’s in the same 2-week period. This morning we had 958 active listings in all of Lake Norman which is up from last month’s 900 but well below last May’s 1055! If you combine our Under Contract Show and our Pending sales in the past two weeks the total is 134 yet we only listed 119 new properties for a net loss of 15. If our inventory remains at these levels we are looking forward to a sellers market very soon. In some price ranges and locations it is already here. Buyers, this is not the time to be too picky or procrastinate.
- Our number of “Under Contract but Continue to Show” homes, formally called Conditional and Contingent sales in our MLS at 81 was a bit lower than last month’s but 40% higher than last May’s AND the best May hot sheet since I have been keeping these records!
- Our number of Under Contract No Show/Pending sales, is 62.5% higher than last month’s, 253% higher than last May’s and the highest May since 2009. (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 June.)
- 55 Closed Sales, while strong, are not as impressive as our newer contract numbers. (Although so far in May we have closed 70 sales). It looks like we will only have modest gains in closed sales this month but significant gains in June/July closings. Keep in mind that we have a surge of new construction right now 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.
2015, which started out with a bang will clearly continue this strong trend through July at least. With relatively low inventory I am still 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. The average days on market has dropped significantly, especially for “good” new listings. 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. The waterfront teardowns/fixers are HOT! Interest rates have remained unexpectedly low. 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 location and resale and look for good waterfront opportunities.
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