The Point, with its 13 phases and about 900 home-sites is arguably the most well-known and popular luxury community on all of Lake Norman. It has been fascinating to watch how the recession initially impacted its home sales and the progress it has made since then. In fact, the numbers today would indicate that The Point is actually leading the Lake Norman real estate market’s recovery.
Back in September of 2008, (see my article: Lake Norman Real Estate: The Point, A Case Study, Part 2 ) The Point looked like this:
- 123 Active Listings
- A whopping 41-months of supply of homes for sale compared to the overall Lake Norman housing market’s 28-months of supply
- The average days on market for the 9 properties sold was 428 DAYS!
Now fast forward to today and The Point looks like this:
- 38 Active Listings (One third of the amount in 2008)
- 7.86 months of supply of homes compared to over 12-months of supply in all of our Lake Norman housing market
- The average days on market for the 29 properties sold in the past 6 months was 178 days
What a remarkable turn around during a very tough national economic slowdown! What is so interesting is how The Point went from being significantly worse than our overall Lake Norman market in 2008 to today when it is a bit better off than our overall real estate market.
Here are two charts, one for waterfront homes and one for off-water homes to provide you an overview for the past 10 years. Keep in mind that 2011 is not completed:
Waterfront Home Sales in The Point
*Note that the while the number of homes sales this year to date are lower, the average price and $ per square foot are significantly higher.
Non-Waterfront Homes Sales in The Point
*Again, while the number of sales is down, the average price and days on market are improving.
This is yet another sign that our Lake Norman real estate market is improving. Low inventories are key to this trend and they are continuing to fall not just in The Point but throughout our Lake Norman area.