So, when all is said and done, our Lake Norman single family housing market was just okay in 2011. We didn’t quite match 2010 sales but at least we didn’t have a double dip back to our abysmal 2009 numbers! 5 months in 2011 were either equal to or better than 2010 while 7 months were lower compared to 2010. With the exception of March, the first half of 2011 was pretty tough but then we had a string of strong months (look at August!) before dipping back down in November/December. As you can see, there is really no consistent pattern by month:
Lake Norman Monthly Sales Chart for 7 Years
*Please note that all of my numbers are for single family homes. They come from the Charlotte Region Multiple Listing Service and will not include sales that took place outside of our MLS. **I have made an adjustment of the totals reflecting the ACTUAL sales every month in 2009, 2010 and 2011 and the totals in the prior calendar years. The columns may not add up but I do my best with what I have to work!
Price trends since 1998:
As you can see, our volume of Lake Norman home sales peaked in 2005 while our average sales price and price per square foot peaked in 2007. But, since our significant drop in 2009, our average sales price for all homes in Lake Norman has remained fairly stable while our number of home sales has increased about 16%.
This past year’s average price per square foot of $136 is not that far off of 2005’s $144 despite a drop to half the number of home sales.
Another interesting trend is the average days a home was on the market in Lake Norman (DOM which is the last column on the right). This number has consistently increased since 2006.
Of course, this is a very broad generalization including so many variables related to waterfront home sales, luxury homes sales etc. but it is important to see our annual trends to get a better overview of our Lake Norman home sales and price trends.
Waterfront home sales trends since 2006:
Waterfront homes have experienced more steady rises and falls in both volume an prices. After peaking in 2006 in volume, the number of sales plummeted 57% by 2008 and since then have steadily increased by a total of 72%. At the same time our average sales price and price per square foot peaked in 2007/2008 and have been consistently falling since that time. Since their peak, the average sales price has dropped 22% and the average price per square foot has dropped 29%. Finally, the average days on market has increase 3 fold since 2008.
Our waterfront market has such a diversity of types of properties, from luxury estates to single-wide mobile homes and from open main channel water to end of tiny coves that to truly understand your own market you will need to look at the sales by price-range and by age of the property as well. But, this overview is a good indication of our overall waterfront housing trends.
I would agree that most of the common terms to describe the current national housing market also apply to our Lake Norman real estate market:
- Fits and Starts
- Rocky Bottom
- A light at the end of the tunnel
- The worst is over
- Price declines are coming to an end
- Home prices won’t hit bottom unitl the end of 2012 or early 2013
- Prices are stabilizing
- Shadow inventory could stall the market’s recovery
- Foreclosures May delay housing rebound to 2013
I will focus on 2012 in my annual forecast in the next few weeks!
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