lake norman real estate, Lake Norman Real Estate Market Reports, Lake Norman waterfront homes

Lake Norman Region Market Report for August 2020

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

August closings decreased in comparison to the record-breaking months of June and July.  This was anticipated as these peak summer months also included the pent-up demand and delayed sales from COVID closures.  We saw a decrease of 25% of units sold, going from 288 homes sold in July to 216 homes sold in August.  There was also a slight decrease year over year as well, as August 2019 finished with 238 closed homes, resulting in a 9% decrease in August 2020.  However, this could be attributed to the 59% decrease in available inventory, which continues to keep the market lively.  As there is limited supply for the strong demand that we have in the Lake Norman area, a decrease year over year is to be expected.

Homes under contract were quite a different story!  We saw a 37% increase in new pending sales representing 423 properties when UCS and UCNS are combined.  Additionally, the combined average prices for the homes under contract saw a positive increase as well, with a strong 17.8%!  The average price for homes sold year over year also increased by an astounding 22%.  We’ll be watching closely in the months to come to see if that appreciation level remains steady.  As with home sales, it is also likely to slow as we head into the third quarter of the year.  However, with a typical appreciation being around 6%, anything higher in our current climate happily exceeds our expectations.

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

  • 121 of the active homes are new construction, 38% of the active listings
  • 97 of the active homes are waterfront, 31% of the active listings
  • The average year built is 2007
  • 157 of the active listings are in Mooresville at Lake Norman, right at half of the available inventory
  • 50 of the 157 for Mooresville were in Atwater Landing (new construction), making it the community with the most available homes for August (was same for July)
  • Denver has the second largest inventory with 67 single-family homes, followed by Cornelius with 40 homes available
  • The average square footage of heated living space is 3628

And some interesting facts for the homes under contract for August 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 $661,427
  • The average price of the combined median prices of all pending homes (under contract show and no show) is $487,288
  • 137 of the homes under contract are new construction, 32% of the pending sales (an increase of 3% from the previous month)
  • 108 of the homes under contract are waterfront, 25.5% of the pending sales
  • The average year built for homes that are under contract no show is 1991. In comparison the average year built for homes under contract show is 2004.
  • The average lots size is .67 acres
  • The average square footage of heated living space is 3278 (remarkably only 1 sq. ft. off from July)

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

  • The average listings price of homes sold was $675,188 (sold price $659849)
  • The listing price to sales price ratio was just over 97.7%
  • Only 28 of the homes sold were new construction, 13% of the homes sold
  • 58 of the homes sold were waterfront, 27% of the homes sold
  • The average year built was 1992, which is older than in previous months. This will be interesting to see if this continues.  Has buyer demand increase for the resale market or older homes?  Are sellers investing more in upgrades on older homes?  More to come on this…
  • 101 of the homes sold were in Mooresville, 47% of the market
  • The average lots size was .82 acres. This makes sense with the average year built as older homes typically offer larger lot sizes.
  • The average square footage of heated living space was 3310

Other information:

  • Across all reports, it appears that the average home size for active, under contract and sold is above 3200 Sq. Ft. This push toward larger homes could be a result of more living space needed as people work from home, homeschool, and generally are spending more time at home.

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:

  • September 8, 2020: 423
  • 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

Standard
lake norman real estate

Lake Norman Real Estate’s Growth and Development Update

Lake Norman Construction site

It has been a while since I have written any news related to our greater Lake Norman developments because, quite frankly, most of the exciting projects I have written about have been stalled for the past year due to the national economic downturn.

However, some large and small developments are moving forward.  Here is an update on these:

Four Points Sheraton:  Construction is expected to begin very soon at Exit 28.  The Four Points Sheraton is expected to have about 2,200 square feet of meeting space.

Langtree at the Lake:  While delayed for about a year, Langtree at the Lake developer Rich Howard says he plans to start construction in the coming months.  Also, the Missouri based John Q Hammonds recently announced a 12-story 300 room Embassy Suites will break ground later this summer or early fall and is expected to be completed by early 2011.  It will have a 75,000 square feet conference center which is something our Lake Norman area has needed for quite some time!  Langtree at the Lake.

Augustalee:  Once called the Village at lake Norman, the Augustaleeis a $515 million mixed-use development at I-77 and Westmoreland Rd (at a new Exit 27) which will include The Grand Hotel, a 250 room, 10-story building featuring ballrooms, conference facilities, a full service restaurant as well as a boutique hotel with 100 rooms and retail on the first floor.

Cornelius One: This three-story mixed-use project located at 18615 West Catawba in Cornelius will include a restaurant and retail on the first floor and offices on the second and third floors.  Developer Kenny Habul is awaiting rezoning approval.

The Widening of West Catawba Blvd:  While those of us are watching the progress of the widening of  Brawley School Road which is slated for completion in 2011, the widening of West Catawba Blvd will be completed in the next 60 days!  Simonini’s The Preserve at Robbins Park that I have written about previously is also making progress.  Once completed, Catawba Blvd will be fully landscaped and according to Commissioner Dave Gilroy, will be “simply gorgeous”!

New Exit 31:  Our new Exit 31 is expected to open this summer!

Courtyard by Marriott and a Holiday Inn Express:  Both of these hotels in Statesville are due to open this month!

TownPlace Suites by Marriot:  Located off of Exit 33 in Mooresville, this hotel is scheduled to open in October of this year.

Larkin:  I first wrote about this massive multi-use development project just south of Statesville about two years when it was ramping up to high gear.  There was great excitement and property around Exit 45 was scooped up by potential investors and developers.  The site has been annexed by the City of Statesville and and some of  the plans have already been approved by the Statesville City Council.   According to the Statesville Record and Landmark, since then “nothing of any substance has been done with the site.”  “I honestly believe that Larkin will happen” said City Manager Rob Hites.  “But it’s really hard to say right now when it will happen.”

Equestrian Subdivision in Mooresville:  NASCAR race car driver Jeremy Mayfield’s former home located at 3245  Jackson Rd in Mooresville was purchased by Ron LeGrand who has teamed up with Sill Creek Team and developer Urchel Hill to launch a 73-home equestrian subdivision on 135 acres.  While the land is currently empty, developers have already put in the road and other community amenities and are optimistic about its future.

The Club at Westport:  I recently wrote a separate blog post about the opening of the Club at Westport and the new residential plans for the rest of the development in Denver on the west side of Lake Norman.

Lake Norman’s new community sailing and rowing is open!: After years of work, the North Carolina Community Sailing and Rowing Center is now open.  Located at Huntersville’s Blythe Landing Park,  this facility is truly for anyone interested in learning to sail or  row, from Senior citizens to the disabled to our youth.  A non-profit organization and its volunteers operate the center in partnership with the Mecklenburg County Parks and Recreation.

It is interesting to look back several years and read news articles and my old blog posts focused on building moratoriums and smart growth plans.  Our national recession has actually provided our fast-growing Lake Norman communities the time to take a deep breath and prepare for the future growth that is sure to return once our economy has stabilized.

RELATED ARTICLES

A Sneak Preview of The Club in Westport, Denver NC

The Preserve at Robbins Park:  Not Just Another Housing Development

Standard