Lake Norman experienced a dramatic slowdown in our 4th quarter but that doesn’t mean there weren’t “hot” niches. The best way to understand our hot and cold niches is by analyzing our sales by price range which is why I create this chart each quarter.
If you are a home buyer or seller in the Lake Norman area it matters most what is happening in YOUR price-range. Yes, it is important to know about the global, national, and Charlotte area economy and real estate market but real estate is hyper-local so it is most meaningful for you to learn about the Lake Norman real estate market and within that, your specific niche. For instance, if you are looking to buy or sell in the $900,000 price range, you are going to have an entirely different experience than someone in the $800,000’s. And, if you considering a broader range of prices, this chart can help you develop a more effective strategy by narrowing your search based upon actual strengths and weaknesses within our Lake Norman price ranges.
The single most important number in this chart is the last column which provides that month’s of supply for each price range. Keeping in mind that economists use 6-months supply as a balanced market and anything below that as a seller’s market and above 6 months as a buyer’s market, you can quickly determine this past quarter’s strengths and weaknesses. Overall, at 5.77 months of supply of active listings, Lake Norman ended the year in a balanced market.
Lake Norman’s 4th Quarter 2018 Home Sales By Price Range
*Compiled from the Carolina Multiple Listing Service’s data. Note that the numbers in this chart are generated by a technology expert I hired and not by me. The mapped perimeter of our Lake Norman area that he used for this chart’s numbers is slightly different from mine.