lake norman real estate

Lake Norman Region Market Report for July 2020

 

Another Record-breaking Sales Month at Lake Norman!

All data is from the Canopy/Carolina Multiple Listing Service

We did not anticipate the market could get any better after seeing June’s sales, but July proved us wrong!  We had another record-breaking month for July 2020, with 288 single-family home closings.  This was over and above the 253 closings from a record-setting June.

Now, while we’ve shared this AMAZING news, we must also tell you that we do not expect this to last throughout the year.  As with any season, things tend to slow down in the Fall.  August will be likely one final and fabulous month for home sales, and then we will likely start to see a slow decline.  The decline however does not mean a down market.  It is simply typical for our area with Lake Norman being one of our largest attractions, as the lake season slows, so do the sales. We do expect that we will still finish 2020 strong.

There was a 53% decrease in active listings.  We anticipate sales to shift, however, we do not see available inventory getting any better for some time.  We will maintain a strong seller’s market in most price points.  Remember, each price point can vary so be sure to do your research on price points specifically when you are looking to buy.  In addition to a lower inventory of available homes, the average price also increased by 17% year over year, and days on market decreased by 6%.  These are also indications of continued strong demand for homes in our area.

There were 463 homes that went under contract.  This is significant because, with only 351 homes available, we have less than a month’s supply of inventory.  Historically, anything under 4 months is a seller’s market, 4 to 6 months is a stable market, and over 6 months is a buyer’s market.  While it is not a buyer’s market, buyers continue to enter the market in droves since mortgage interest rates are equally low.  In addition, rents continually increase as well, and buying a home is still a great investment!  In addition, the homes that went under contract increased by just over 27% compared to 2019.

Here are some interesting facts for active homes in July 2020:

  • 118 of the active homes are new construction, 34% of the active listings
  • 131 of the active homes are waterfront, 37% of the active listings
  • The average year built is 2000, which was the same in June
  • 178 of the active listings are in Mooresville at Lake Norman, just over half
  • 31 of the 178 for Mooresville were in Atwater Landing (new construction), making it the community with the most available homes for July
  • Denver has the second largest inventory with 63 single-family homes
  • The available lot size is .89
  • The average square footage of heated living space is 3735

And some interesting facts for the homes under contract for July 2020 (note – prices are based on the listing price as the sales price is undisclosed until sold):

  • The average price of all pending homes (under contract show and no show) is $646,974
  • 134 of the homes under contract are new construction, 29% of the pending sales
  • 111 of the homes under contract are waterfront, 24% of the pending sales
  • The average year built is 2001
  • 222 of the homes under contract are in Mooresville, 48% of the market
  • Denver was second with 108 homes pending for July, 23% of the market
  • The average lots size is .71 acres
  • The average square footage of heated living space is 3279
  • Sherrills Ford finished strong in June based on previous months, with 42 homes under contract

Finally, here are some facts for the homes that sold in July 2020:

  • The average listings price of homes sold was $643,513 (sold price $626,244)
  • The median listings price of homes sold was $499,500
  • The listing price to sales price ratio was just over 97%
  • 55 of the homes sold were new construction, 19% of the homes sold
  • 81 of the homes sold were waterfront, 28% of the homes sold
  • The average year built was 2005
  • 154 of the homes sold were in Mooresville, 53.5% of the market
  • Denver was second with 56 homes sold for July, 19% of the market
  • The average lots size was .61 acres
  • The average square footage of heated living space was 3315

Other information:

  • 43 homes went off the market (expired, withdrawn, temporarily off-market)
    • Of those, the average listings price was $780,797
    • Of those, the median listing price was $596,990

For those of you following along, the total number of Lake Norman homes under contract (UCS + UCNS) at the end of the first week of each month are as follows:

  • August 10, 2020: 463
  • July 7, 2020: 489
  • June 11, 2020: 471
  • May 8, 2020: 319
  • April 8, 2020: 288
  • March 6, 2020: 341
  • February 8, 2020: 287
  • January 6, 2020: 213
  • December 8, 2019: 246
  • November 8, 2019: 310
  • October 8, 2019: 335
  • September 8, 2019: 378
  • August 8, 2019: 362
  • July 8, 2019: 355
  • June 9, 2019 383
  • May 9, 2019: 386
  • April 9, 2019: 363
  • March 10, 2019: 318
  • February 8, 2019: 268
  • January 6, 2019: 225
  • December 6, 2018: 251
  • November 8, 2018: 255
  • October 8, 2018: 281
  • September 8, 2018: 310
  • August 8, 2018: 347
  • July 8, 2018: 345
  • June 8, 2018: 406
  • May 8, 2018: 389
  • April 8, 2018: 334
  • March 8, 2018: 280
  • February 8, 2018: 244
  • January 8, 2018: 206
  • December 8, 2017: 264

 CLOSED HISTORICAL SALES FOR LAKE NORMAN REAL ESTATE

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 1st Quarter 2020 Sales by Price Range

Lake Norman real estate home sales by price range 4th quarter 2018

*Compiled from the Carolina/Canopy 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.

Our Lake Norman real estate market has been in a seller’s market for about a year and this trend continued into the first quarter of 2020. While the impact of the Covid-19 Virus on our housing market going forward is hard to predict, no matter what type of market we are experiencing by far the best way to truly understand our hot and cold niches is by analyzing our single family home sales by price-range which is why I create this chart each quarter. You can use this chart to find fascinating sub-trends within our Lake Norman housing market which can serve as a great tool in assisting you in your buying or selling strategies.

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COVID-19 and the Lake Norman Real Estate Market

 

 

Many are asking the question, how is COVID-19 affecting the Lake Norman real estate market? To get a clear picture, we’ll need to wait for the final sales numbers for March 2020, but in the meantime, one indicator to take note of is buyer activity.  Through analyzing data from showing reports, we can see the numbers of active buyers per price point in the Lake Norman real estate market.

It is no surprise in the wake of the coronavirus, total showings went down this past week compared to the previous week, but we are still seeing a large amount of showing activity week over week with 2408 showings in the past 7 days.  The price points from $250,000 to $400,000 have the largest percentage of the showings.  This is partially due to higher inventory in those price points, with significantly fewer options under $250,000.   We’re keeping a close eye on all Lake Norman real estate trends, and we will keep you posted as we learn more. Stay well and stay tuned!

Week of 3/10/20 to 3/17/20 Showing Report = 2408 Total Showings

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s October 2019 Market Report

Lake Norman Real Estate's October 2019 Market Report

All data is from the Canopy/Carolina Multiple Listing Service.

As our numbers from last month predicted, Lake Norman home sales in October were very strong: a 23% increase over last year’s and a 14% increase over last month’s. This month’s sales also exceeded all prior October home sales since 2005 by a significant amount! (See green chart below). Yes, we are up against some weak 2018 numbers but the fact that we also beat our 2017 record-breaking October is truly impressive especially when you consider how low our inventory of active listings is today. And, this trend looks to be continuing throughout the rest of this year. Let’s look at my comprehensive report below which will provide deeper insight into where we are headed as well as details regarding this month’s sales.

Here are what I feel to be the biggest takeaways from October’s Lake Norman real estate sales data:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 3rd Quarter 2019 Sales by Price Range

Lake Norman real estate sales by price range 3rd quarter 2019

*Compiled from the Carolina/Canopy 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.

Despite a few weaker months, Lake Norman’s overall real estate market in the 3rd quarter of this year remained very much in a seller’s market. However, there were some fascinating sub-trends within price-ranges in the past 3 months as you can see above. By far the best way to truly understand our hot and cold niches is by analyzing our single family home sales by price-range which is why I create this chart each quarter.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s August 2019 Market Report

Lake Norman Real Estate Market Report August 2019

All data is from the Carolina Multiple Listing Service.

We knew we were up against some huge sales numbers for last August so it came as no surprise that our Lake Norman home sales in August ended up 14% below August 2018’s. On the plus side our August sales were 9% higher than last month’s. August was the 3rd consecutive month that our Lake Norman home sales fell below last year’s. After a great start to 2019 we have definitely experienced a softening of our housing market. We are now just 2 sales higher than the first 8 months of 2018.  My numbers below should provide some deeper insight into where we are headed as well as details regarding this month’s sales.

Here are what I feel to be the biggest takeaways from August’s Lake Norman real estate sales data:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s July 2019 Market Report

Lake Norman real estate market report spreadsheet

All data is from the Carolina Multiple Listing Service.

So, despite pretty strong under contract and pending sales on last month’s market report, our Lake Norman home sales in July were not only 7% below July 2018’s but they were also 16.9% below last month’s. July was the second month in a row that our Lake Norman home sales were below last year’s. After a great start to 2019 we are definitely experiencing a softening of our housing market. Despite these drops, we are still 2.8% higher for the first 7 months of 2019 compared to 2018.  My numbers below should provide some deeper insight into where we are headed as well as details regarding this month’s sales.

Here are what I feel to be the biggest takeaways from July’s Lake Norman real estate sales data:

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Lake Norman Real Estate Market Reports

Lake Norman’s 2nd Quarter 2019 Home Sales by Price Range

Lake Norman real estate's 2nd quarter 2019 home sales by price

*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.

Lake Norman’s overall real estate market in the 2nd quarter of this year continued our strong pace that began in January, (With the exception of June.) However, there were some fascinating sub-trends within price-ranges in the past 3 months as you can see in above chart. By far the best way to truly understand our hot and cold niches is by analyzing our single family home sales by price-range which is why I create this chart each quarter.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s June 2019 Market Report

Lake Norman Real Estate's June 2019 Market Report

All data is from the Carolina Multiple Listing Service.

So, our lower pending sales numbers in Lake Norman last month did, in fact, result in a decline in closed sales in June, posting a 12% drop from June 2018’s and a 6.3% decline compared to last month’s. This was the first month in 2019 that our Lake Norman home sales were below last year’s. Despite this modest drop we are still 4.4% higher for the first 6 months of 2019 compared to 2018.  My numbers below should provide some deeper insight into where we are headed as well as details regarding this month’s sales.

Here are what I feel to be the biggest takeaways from June’s Lake Norman real estate sales data:

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lake norman real estate

Lake Norman Real Estate’s 4th Quarter 2018 Market Report by Price Range

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

Lake Norman real estate home sales by price range 4th quarter 2018

*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.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s November 2018 Market Report

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:

Lake Norman real estate market report for November 2018

All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 2nd Quarter 2018 Sales by Price Range

Wow, what an amazing report this quarter! I was really shocked to see the extent of the improvement in all of our middle to luxury price ranges and the strength of our sales despite such low inventory.  If you compare this chart to the second chart below for the same quarter in 2017 you will see the impressive evolution of our luxury and waterfront housing markets in the past year.

If you are a home buyer or seller in the Lake Norman area it really only matters what is happening in YOUR price-range. Yes, it is important to know about the global economy, the national economy and the Charlotte area economy and real estate market but real estate is hyper-local here 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 $700,000 price range, you are going to have an entirely different experience than someone in the $800,000’s. This is the reason why I create a price-range analysis every quarter for my readers and clients:

Lake Norman’s 2nd Quarter 2018 Home Sales By Price Range

Lake Norman Home Sales by Price Range 2nd Quarter 2018

*Compiled from the Carolina Multiple Listing Service’s data, this chart enables you to focus on your specific price range(s) rather than use the broad-brush approach thus allowing you to size up your competition and better position yourself.  

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lake norman real estate

Lake Norman Real Estate’s March 2018 Market Report

We are now entering our most active months for our Lake Norman area’s housing sales. After a dip in January and a jump up in February our Lake Norman real estate market once again took a hit in March when compared to March 2017’s sales. However, to be fair, this was expected due to March 2017’s exceptionally strong month so while 134 closed sales are disappointing they are certainly respectable when compared to previous month’s since the recession.

Here are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:

  • March’s closed sales were 29% lower than March 2017 but 17.5% higher than last month’s.
  • Our inventory of active listings remains alarmingly low; currently 3% below last year’s which were also historically low.  It is hard to quantify but there is no doubt that low inventory does have a negative impact on Lake Norman’s home sales.
  • After a strong February, as I predicted, we didn’t come close to meeting March 2017’s huge, record-breaking 188 closed sales.
  • What the heck is going on with our waterfront market? Yikes!  (See below)
  • Our trade-up ($600,000 – $999,000) and luxury price ranges were once again weak after a slight uptick last month. The only thing consistent about our higher price ranges is their constant roller coaster ride of ups and downs.

Let’s take a closer look:

Lake Norman Real Estate Home Sales Analysis

All data is from the Carolina Multiple Listing Service.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 3rd Quarter 2017 Price Range Overview

If you are a home buyer or seller in the Lake Norman area it really only matters what is happening in YOUR price-range. Yes, it is important to know about the global economy, the national economy and the 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 $700,000 price range, you are going to have an entirely different experience than someone in the $800,000’s. This is the reason why I create a price-range analysis every quarter for my readers and clients:

Lake Norman’s 3rd Quarter 2017 Home Sales By Price Range

Lake Norman home sales 3rd quarter 2017 by price range

*Compiled from the Carolina Multiple Listing Service’s data, this chart enables you to focus on your specific price range(s) rather than use the broad-brush approach thus allowing you to size up your competition and better position yourself.  

How to read this report:

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Lake Norman Real Estate Market Reports

Lake Norman’s 2nd Quarter 2017 Price Range Market Report

If you are a home buyer or seller in the Lake Norman area it really only matters what is happening in YOUR price-range. Yes, it is important to know about the global economy, the national economy and the 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 $700,000 price range, you are going to have an entirely different experience than someone in the $800,000’s. This is the reason why I create a price-range analysis every quarter for my readers:

Lake Norman’s 2nd Quarter 2017 Home Sales By Price Range

Lake Norman Real Estate's Marktet Report by price range 2nd Quarter 2017

*Compiled from the Carolina Multiple Listing Service’s data, this chart enables you to focus on your specific price range(s) rather than use the broad-brush approach thus allowing you to size up your competition and better position yourself.  

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