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.
I always get excited to do this Hot Sheet analysis each month because it provides me with a mid-month pulse of our Lake Norman real estate market. So where are we today? The numbers below prove just how HOT our market is right now and the momentum that we saw last month is continuing after the dip in closed sales in March. Let’s take a closer look:
Lake Norman Real Estate’s May 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. (May 8th – 22nd . As always, I have included the past 6 months so that you can put these numbers in perspective. Below is the April chart using my data since 2009.
May Hot Sheet Numbers for the Past 8 Years
Wow, there is not doubt that the strong activity we saw last month is continuing. We currently have a whopping 351 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 323, and last year’s end of May’s 304. Based upon these numbers I would predict we will exceed last month’s and last May’s closed sales this year.
- New listings: At 105, we are just slightly below last month’s but much higher than last fall and earlier this year. However, when compared to prior Mays’ we are the second lowest since 2009! We are still experiencing a shortage of single family homes for sale in our Lake Norman area. As of today we have only 952 active listings in all of Lake Norman which is up from last month but still slightly below last May’s 969.
- Our number of brand NEW “Under Contract but Continue to Show” homes, formally called Conditional and Contingent sales in our MLS, at 92 is lower that last month’s but by far the highest May since 2009. This bodes very well for our June/July closed sales.
- Our number of Under Contract No Show/Pending sales, at 45, is the highest by far in the past 7 months however is slightly below last May’s. 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.
- 87 Hot Sheet Closed Sales is by far the highest May since I started these reports in 2009. And it is significantly higher than the past 6 months. As of today we have 90 closed sales so far this month. Last May we had 165 closed sales and it looks like we are on pace to match or exceed that number. Keep in mind as well 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. Multiple offers are not uncommon in the $200,000’s and our lower price ranges are selling faster than the higher price ranges. That said, our trade up price ranges have picked up significantly in the past 2 months. With relatively 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 almost every area on Lake Norman you will see an amazing amount of new construction. I was showing waterfront homes and lots on the west side of the lake this past weekend and I was amazed at the number of large developments breaking ground in both Sherrill’s Ford and Denver. 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, good floorplans and resale and look for good waterfront opportunities before they are gone. And, if you find a property that suits you, don’t wait too long to act!
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