Lake Norman’s real estate sales numbers for July exceeded my expectations slightly by logging in a total of 191 home sales which beats last June’s 187 by 2%. However, our July sales were 23% below last month’s. After some ups and downs at the beginning of the year, the past three months have helped us to record 12 more sales in the first 7 months of this year compared to 2017’s record breaking year which is truly impressive and, quite honestly, unexpected by early national real estate projections. The million dollar question is can we sustain this level for the rest of 2018? My numbers below will provide some insight into where we are headed for the next few months.
Here are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:
- July’s strong numbers were able to lift our total sales for the past 7 month’s of 2018 above our record-breaking 2017 numbers.
- Our inventory of active listings continues to drop to alarmingly low numbers (a whopping 136 fewer than last year!) at a time when they should be peaking and yet we are still recording strong sales. It is hard to quantify but there is no doubt that low inventory does have a negative impact on our Lake Norman’s home sales.
- We are seeing some weaker pending sales which will likely lead to a slight dip in sales in the next few months.
- Waterfront homes slipped back in to a buyer’s market and we saw fewer luxury sales as well.
- I want to share with you again this great interactive calculator for determining rent vs. own costs from the New York Times!
Let’s take a closer look:
* All data is from the Carolina Multiple Listing Service.