lake norman real estate

Lake Norman Region Market Report for November 2020

Winter sunset on Lake Norman.

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

If we go back to March of this year, who would have guessed that we would be setting records in the Lake Norman real estate market during a global pandemic AND an election year!?  We never dreamed we would be watching sales soar this time of year.  COVID-19 aside, in election years, we typically see a slight decline in the real estate market.  While November saw 58 less closed single-family homes than October, it was still a record-breaking month! Never have we seen this many closings for the month of November in the Lake Norman region, with 180 homes sold, surpassing last November by 10 sales (6% increase).

There were fewer homes “coming soon” for November as most homes went straight to the market.  There were 250 active listings for the month, less than half of the inventory we had in November 2019.  The lower inventory continues to be the driver of the sales market as values continue to increase. We saw a 4% increase in the average listing price from the previous year, however, that is much higher on the sales side. This increase hasn’t stopped buyers from entering the market, and the low interest rates offered on home financing is allowing buyer dollars to go even further.

With 393 single-family homes going under contract for November, this was 147 more homes than the previous year!  For the homes that are “under contract no show,” there was a 104% increase in units and a 35% increase in the average sales price.  This is much higher than the 4% price increase with active listings.  The median price for those homes was $399,000, which is fabulous for buyers in that price point.

Here is a deep dive into some other fun facts about market statistics this month.  Let us know what you think!  Which one surprises you the most?  Here they are:

Active Listings Market Statistics –

  • 115 of the active homes are new construction, 46% of the active listings
  • 66 of the active homes are waterfront, 26% of the active listings
  • The average year built is 2008
  • 129 of the active listings are in Mooresville at Lake Norman, 52% of the available inventory (great news for anyone searching in Mooresville)
  • The average square footage of heated living space is 3334
  • The average lot size is .83 acres
  • The most expensive home available is $6,995,000
  • The least expensive home available is $150,000

Under Contract Show Market Statistics (note – prices are based on the listing price as the sales price is undisclosed until sold) –

  • 93 of the homes are new construction
  • 57 of the active homes are waterfront
  • The average year built is 2007
  • 136 of the active listings are in Mooresville at Lake Norman, 54% of the available inventory (good thing most of the inventory is there too)
  • The average square footage of heated living space is 3143
  • The average lot size is .76 acres
  • The most expensive home available is $6,800,000
  • The least expensive home available is $160,000
  • 40 of the homes that went under contract show were on the market less than one day
  • 100 of the homes that went under contract show were on the market less than one week

Under Contract No Show Market Statistics –

  • 70 of the active homes are new construction
  • 30 of the active homes are waterfront
  • The average year built is 2010
  • 82 of the active listings are in Mooresville at Lake Norman, 58% of the available inventory
  • The average square footage of heated living space is 3175
  • The average lot size is .70 acres
  • The most expensive home available is $3,499,900
  • The least expensive home available is $130,000

Closed Market Statistics-

  • The average listing price of homes sold was $675,444 (sold average price is in the chart)
  • The median listing price of homes sold was $532,500 (sold median price is in the chart)
  • The average listing price to average sales price ratio was 97.6%
  • The median listing price to median sales price ratio was 96.25%
    • For buyers, this tells you that you have roughly 3% negotiation room
  • 27 of the homes were new construction
  • 49 of the homes sold were waterfront
  • The average year built was 1990
  • The average lots size was .65 acres
  • The average square footage of heated living space was 3194
  • The most expensive home sold was $2,825,000 (It was listed for $2,999,990
  • Of the homes sold, 17 of them went under contract with less than a day on the market
  • 77 of the homes sold went under contract in a week or less
  • 115 of the homes sold went under contract in under 115 days
  • The home that sold with the most days on market was on the market for 839 days

Overall, we see several patterns among the statistics.  Homes built in the last 10 to 15 years are selling more than much older resale homes.  Most of the homes are over 3000 square feet.  The lots are all over a half an acre on average as well.  Does your home match these criteria?  If so, and you are thinking of selling, we would love to speak with you!

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:

  • December 7, 2020: 393
  • November 9, 2020: 413
  • October 8, 2020: 437
  • 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: 335
  • 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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