Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s September 2019 Market Report

Lake Norman real estate market report

All data is from the Carolina Multiple Listing Service.

At first glance our Lake Norman home sales for September look remarkable: a 20% increase over last year’s. But I encourage you to never take any real estate numbers out of context as they are pretty meaningless by themselves. What you need to know about this past September’s 20% increase is that we were up against an unusually low number of sales in September 2018. So, the whole picture includes the fact that our 170 sales still puts us below September of 2017, 2016 and 2005. We also dropped 19% from last month’s sales. Okay, our sales weren’t exactly stellar after all.  But, there is actually a lot of good in my comprehensive report below which bodes well for our last quarter and 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 September’s Lake Norman real estate sales data:

  • Our current month’s of supply (absorption rate) is only 3.89.  We are still very much in a seller’s market.  (A balanced market is 6 months of inventory).
  • Lake Norman’s home sales for the first 9 months of 2019 are now 2.4% higher than 2018’s.
  • The average sales price was down 15% compared to last year’s.  Yep, our luxury market once again took a rest. To learn more, scroll down to the sales by price range below.
  • Our inventory of active listings is significantly lower than last year’s. (-15% or a whopping 115 fewer than last year’s!). Normally our inventories  start to decline after their summer peaks but there is no doubt that this year’s numbers are exceptionally low, period!
  • Our newest contracts (UCS) are up an impressive 25% while our pending sales (UCNS) are up 7%. It looks like our Lake Norman home sales will be strong through the end of the year after the 3-month slowdown.  This is remarkable given our record low inventory!
  • Waterfront home sales is now just on the cusp of a balanced market with 5.74 months of supply. This important niche remains weaker than our overall Lake Norman real estate market.
  • New construction sales represented 18.8% of our overall market in September however today they represent 33.1% of our new contracts.

Let’s take a closer look:

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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 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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