Lake Norman’s real estate market continued its dramatic downturn in November with a 26% drop in home sales compared to last year and a 31% drop from last month’s. While this was the 4th best November since 2005 this certainly isn’t enough to restore our confidence. No matter what factors have contributed to our weakening housing market, we have been battered with three months and there is nothing to suggest this will change in the next few months given our low pending sales and new contracts’ numbers compared to last year. My numbers below should provide some deeper insight.
Here are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:
- Our Lake Norman home sales were down for the third consecutive month and our year-to-date sales are down -3.6% compared to 2017.
- Our inventory of active listings remains historically low, (13 fewer than last year), as they have been all year, never reaching our normal summer highs. It is hard to quantify but there is no doubt that the low inventory does have a negative impact on our Lake Norman’s home sales.
- Our pending sales and our newest contracts (UCS) are down which indicates a continuation of the slowdown for the rest of 2018.
- Waterfront homes moved back into a buyers’ market.
- 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.
Some significant additional statistics for you: