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Lake Norman Region Market Report for September 2020

All data is from the Canopy/Carolina Multiple Listing Service.

September surpassed our expectations with 236 closed single-family homes, almost matching August’s 238 closed units. It was a record-breaking September, with only one other year (2017) where closed units exceeded 200.  Year over year, September closings were up 38%, in comparison to 2019’s 171 closings during this period. We also had a significant increase in the average sales price, which jumped from $495,425 to $719,374, a 45% increase!  This was largely due to 44 homes selling over one million, and one topping out at $6,300,000 in Norman Estate of Denver.

The total homes that went under contract were 437, which increased slightly from the previous month at 423, an overall increase of 30% from the previous year.  The average price is also more realistic here as well, with an increase of 13%, which is still a substantial increase year over year. In addition, the average time on the market has decreased by 43.5%.

The predictor of future real estate sales is determined by the active inventory, which continues to be drastically low as compared to previous years.  With a 57% decrease in active single-family homes, there were only 285 homes available for September, and 14 listed as coming soon.  The median price is also much higher, going from $786,420 to $916,735.  Only 17 homes are available for under $300,000 in the area, which is a direct reflection on the average prices. Of the 285 active listings, 69 of them are over one million, making up 24% of the active inventory.

Here are some other interesting facts for active homes in September 2020:

  • 112 of the active homes are new construction, 39% of the active listings (very similar to months past)
  • 83 of the active homes are waterfront, 29% of the active listings (similar to August)
  • The average year built is 2008
  • 140 of the active listings are in Mooresville at Lake Norman, right at half of the available inventory
  • 37 of the 140 for Mooresville were in Atwater Landing (new construction), making it the community with the most available homes for September (was same for August and July)
  • Denver has the second largest inventory with 7 single-family homes, followed by Cornelius with 36 homes available
  • The average square footage of heated living space is 3727
  • The average lot size is .83 acres
  • The average price per square foot is $224

And some interesting facts for the homes under contract for September 2020 (note – prices are based on the listing price as the sales price is undisclosed until sold):

  • The average price of all pending homes (under contract show and no show) is $637,478
  • The average price of the combined median prices of all pending homes (under contract show and no show) is $482,000
  • 140 of the homes under contract are new construction, 32% of the pending sales (same for August)
  • 114 of the homes under contract are waterfront, 26% of the pending sales
  • The average year built for homes that are under contract no show is 2008. In comparison the average year built for homes under contract show is 1998.
  • The average lots size is .67 acres (same as August)
  • The average square footage of heated living space is 3228
  • 218 of the homes under contract are in Mooresville, making up 50% of the market

Finally, here are some facts for the homes that sold in September 2020:

  • The average listing price of homes sold was $736,166 (sold price $719,374)
  • The median listing price of homes sold was $514,000, which aligns with the average prices from 2019. The median price will likely be a better reflection of our market as we move forward.
  • The listing price to sales price ratio was just over 97.7%
  • Only 35 of the homes sold were new construction, 15% of the homes sold
  • 65 of the homes sold were waterfront, 27.5% of the homes sold
  • The average year built was 2005
  • 111 of the homes sold were in Mooresville, 47% of the market (was same for August)
  • The average lots size was .69 acres
  • The average square footage of heated living space was 3304
  • The average price per square foot is $207/sq. ft.

For those of you following along, the total number of Lake Norman homes under contract (UCS + UCNS) at the end of the first week of each month are as follows:

  • October 8, 2020: 437
  • September 8, 2020: 423
  • August 10, 2020: 463
  • July 7, 2020: 489
  • June 11, 2020: 471
  • May 8, 2020: 319
  • April 8, 2020: 288
  • March 6, 2020: 341
  • February 8, 2020: 287
  • January 6, 2020: 213
  • December 8, 2019: 246
  • November 8, 2019: 310
  • October 8, 2019: 335
  • September 8, 2019: 335
  • August 8, 2019: 362
  • July 8, 2019: 355
  • June 9, 2019 383
  • May 9, 2019: 386
  • April 9, 2019: 363
  • March 10, 2019: 318
  • February 8, 2019: 268
  • January 6, 2019: 225
  • December 6, 2018: 251
  • November 8, 2018: 255
  • October 8, 2018: 281
  • September 8, 2018: 310
  • August 8, 2018: 347
  • July 8, 2018: 345
  • June 8, 2018: 406
  • May 8, 2018: 389
  • April 8, 2018: 334
  • March 8, 2018: 280
  • February 8, 2018: 244
  • January 8, 2018: 206
  • December 8, 2017: 264

 CLOSED HISTORICAL SALES FOR LAKE NORMAN REAL ESTATE

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