lake norman real estate

Lake Norman Region Market Report for October 2020

Calm waters display nature’s watercolors of autumn leaf reflections on Lake Norman, NC. 

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

Another incredible month for real estate at Lake Norman! October exceeded September and was another record-breaking month with 238 single-family homes sold.  This was an increase of 22% from the previous year.  The average sales price also had a significant increase of 31%, going from $556,758 to $731,611.  The median sales price decreased to $532,500.  One of the most expensive homes ever sold in the Lake Norman region closed in October for $7,500,000.  This would account for the higher average price versus the lower median price of homes sold. In addition, the lowest selling price for October was $132,000.  Finally, there was almost a 50% decline in the days on the market (DOM) as well, with only 39 DOM.  This is all fantastic news for sellers!  With interest rates continuing to hit record lows, this market trend is expected to continue and is also promising for buyers who take advantage of those low rates.

The market continues to soar with pending home sales.  There were a total of 413 single-family homes that went under contract for the month of October.  This was a 33% increase from 2019.

The primary concern for buyers looking to enter the market continues to be the lack of inventory, with only 282 homes available, a 54% decrease year-over-year.  This is a drastic decline, going from 615 homes available in October 2019 to 282 homes available in 2020!  The average price also went up by over $100,000!  The most inexpensive home on the market for October was $132,000.  You can expect bidding wars in most price points due to limited homes available.  Many buyers are making offers sight unseen in order to secure a contract in this highly sought market.  Buyers absolutely want to make sure they have an experienced buyer agent representing their best interests to navigate the purchasing process.  A seasoned broker can give you tips on how to make your offer stand out in a competitive situation.

There were 47 single-family homes that did not sell or were taken off the market for one reason or another.  The prices ranged from $264,900 to $695,000.

The economic forecast indicates that we will finish out 2020 with the same gusto.  The question that everyone has however is what to expect for 2021.  Always check back in with us to keep you up to date with the latest news on the Lake Norman area real estate market.

Here are some other interesting facts for active homes in October 2020:

  • 118 of the active homes are new construction, 42% of the active listings
  • 80 of the active homes are waterfront, 29% of the active listings
  • The average year built is 2008
  • 138 of the active listings are in Mooresville at Lake Norman, 49% of the available inventory
  • 50 of the active listings are in Denver, 18% of the available inventory followed by Cornelius with 35 homes available
  • The average square footage of heated living space is 3576
  • The average lot size is .82 acres

And some interesting facts for the homes under contract for October 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 $646.656
  • The average price of the combined median prices of all pending homes (under contract show and no show) is $442,450
  • 151 of the homes under contract are new construction, 36.5% of the pending sales (same for August)
  • 102 of the homes under contract are waterfront, 25% of the pending sales
  • The average year built for homes that are under contract is 2007
  • 212 of the homes under contract are in Mooresville, making up 51% of the market
  • The most inexpensive home to go under contract was listed at $75,000
  • The most expensive home to go under contract was listed at $3,275,000

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

  • The average listing price of homes sold was $745,528 (sold average price of $731,611)
  • The median listing price of homes sold was $534,950 (sold median price $532,500)
  • The average listing price to average sales price ratio was just over 98%
  • The median listing price to median sales price ratio was almost 100%!
  • 69 of the homes sold were waterfront, 29% of the homes sold
  • The average year built was 2003
  • 107 of the homes sold were in Mooresville, 45% of the market
  • The average lots size was .75 acres
  • The average square footage of heated living space was 3412
  • The average price per square foot is $198.65/sq. ft.

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:

  • 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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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

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lake norman real estate

Lake Norman Real Estate: Developer Close-Out Auction in Davidson!

Lake Norman Condos for sale in Davidson

Would you like to own a part of one of Lake Norman’s trendy new mixed-use Urban Villages?  Mark your calendars for Saturday, April 18th at 10:00am when 17 new residential condominiums located in the popular South Main Street District in Historic Downtown Davidsonwill be sold by auction.

The scoop:  5 of these condos are going to be sold at “ABSOLUTE AUCTION” which means there is no reserve.  The highest bidder buys regardless of the price!  The other 12 condos will sell subject to the sellers confirmation.

The history:  Pre-selling of these “Condos in South Main Square” began in 2007.  5 sold through our MLS at prices from $129,900 for a 550 square foot “garden condo” to $247,595 for an 1132 square foot 2-bedroom 2-bathroom patio condo. The rest of the units for sale on the MLS were withdrawn several months ago.  17 of these will be in this auction.

The facts: There are 17 units with 4 floorplans ranging in size from 1072 to 1132 square feet.  All of the units have 2 bedrooms and either 2 or 2.5 bathrooms. 10 of the units are actually 2 level townhomes.  The listing prices for these 17 units before they were withdrawn from the MLS ranged from $198,100 to $248,500.  Financing is available from Peoples Bank.  The auction itself is being held at Campania Cafe which is located at 416 S. Main Street adjacent to the condos.  For more information: Interstate Auction, for photos, floorplans, contracts, instructions on how to bid and buy at the auction and other important information.

Open Houses:  Every Saturday and Sunday from 1pm – 5pm or by appointment. (704.892.6923) until auction day.

If you are looking for new construction in a truly walkable neighborhood that is part of the Davidson Main Street Arts District and close to Davidson College, minutes to the I-77 and only about 25 miles to Charlotte, this might be a great opportunity for you.

I would caution that there are a number of townhomes and condominiums currently for sale in the Davidson community some of which are new construction and some re-sale.  Sales are very slow so know your comparable sales before bidding. It is hard to know whether these will be bargains until the day of the auction.

RELATED ARTICLES

 Lake Norman Real Estate:  Davidson’s Harbour Place Urban Village

Lake Norman’s Birkdale Village: Great Shopping, Dining and Housing!

 Lake Norman Real Estate:  Morrison Plantation; Another Urban Village

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lake norman real estate

Lake Norman Real Estate: The Woodlands in Davidson

Butterfly Meadow in The Woodlands in Davidson

When one thinks of Lake Norman housing developments, Butterfly Meadows, Crab Apple Orchards and a suggested plant list derived from the “North Carolina Wildlife Federation  Recommended Native Plants for Wildlife” don’t normally come to mind.  I think that is what I love most about Lake Norman because not only do we have lifestyles and homes designed for lake living, we also have innovative housing developments like The Woodlands in Davidson that is the first in North Carolina to be designated a Certified Wildlife Habitat.

The result of a collaboration between Greathorn Properties, Inc, Ridgeline Development  and the North Carolina Wildlife Federation, the 70-acre site of The Woodlands housing development is a 57-home community located about 3 miles from downtown Davidson on a 70-acre site where 24 acres are preserved for open space including natural hardwood forest, orchards and walking trails.

The three custom home builders at The Woodlands: Dienst Custom Homes, Marquee Builders LLC, and Walker Madison are committed to designing ecologically conscious homes that incorporate energy-efficiency and blend into the natural environment.  Homes range in size from 2,500 to more than 5,000 square feet and are priced from $400,000s up to $1.5 million. Architectural styles include Arts & Crafts, French Country, American Farmhouse and English Tudor.

The Woodlands was created to serve as a model of ecological sustainability by preserving the hardwood trees, creeks, wetlands and the paths for woodland creatures.

There are certain responsibilities the homeowner assumes as well.  Owners are “required to landscape their lots with plant material which is indigenous to the area and leave untouched as much as possible the existing vegetation and natural amenities.  The use of vegetation native to the North Carolina Piedmont Region is required.” Plantings for all common areas and public open spaces are designated habitat friendly by the North Carolina Wildlife Federation.

What is really exciting is that it will take very little additional effort for homeowners in The Woodlands to have their yards become a “certified wildlife habitat”.  Just about all new homeowners of The Woodlands will have to do is add water! (Birdbath, pond etc.)

The Certified Habitat Program for the National Wildlife Federation is growing in popularity around the entire Lake Norman area. “The four essential elements of a wildlife-friendly habitat are food, water, cover and places to raise their young” according to Julie Higgie, a certified habitat steward with the National Wildlife Federation.

So, if you want to live close enough to the services and amenities of the nearby towns of Davidson, Cornelius and Huntersville yet enjoy the natural environment and wildlife of the country, The Woodlands in Davidson just may be your ideal community!

Learn More!

The Woodlands at Davidson 

National Wildlife Federation

How to create a NWF Certified Wildlife Habitat in your own yard

Lake Norman Wildlife Conservationists

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