After a dip in January our Lake Norman real estate market kind of looks like it is back on track posting 60% more closed sales than February 2017. It is important to note, however, that February 2017 was a very weak month so while 112 closed sales is impressive, it is not quite as significant as it appears. There are also some indications in the numbers below that our short term market may struggle to meet last year’s record-breaking sales.
Here are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:
- February closed sales were 60% higher than February 2017 and 13% higher than last month’s.
- Our inventory of active listings remains alarmingly low; currently 11% below last year’s which were also historically low. It is hard to quantify but there is no doubt that low inventory does have of a negative impact on home sales.
- While we had a strong month, I foresee a rocky next couple of months ahead.
- Our trade-up price ranges $600,000 – $999,000) this month were weak again as a group. The only thing consistent about this niche is their constant roller coaster ride of ups and downs.
- Waterfront home sales volume is down quite a bit as is our inventory which could present challenges for this spring.
Let’s take a closer look:
* All data is from the Carolina Multiple Listing Service.
Some significant additional statistics for you: