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
Any 55+ communities, waterfront
Hi Patricia,
There are many 55+ communities in the area and some have waterfront amenities. Are you currently working with a broker? If not, we’d love to help you!
Abigail Jennings abigailj@lakenormanrealty.com