Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s May 2019 Market Report

Lake Norman real estate market report* All data is from the Carolina Multiple Listing Service.

Our Lake Norman’s real estate market posted record sales again in May with an impressive 12% gain over May 2018 and a 27% increase over last month’s. Wow! The first five months of 2019 stand out not only for their 9.3% total increase over 2018 but also for their consistency.  Each month exceeded last year’s and also increased over the prior month as well.  Consistency like this is very rare here in Lake Norman. It is even more interesting considering that this follows on the heels of a very a rough end to 2018.  My numbers below should provide some 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 May’s Lake Norman real estate sales data:

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lake norman real estate

Lake Norman Real Estate’s 4th Quarter 2018 Market Report by Price Range

Lake Norman experienced a dramatic slowdown in our 4th quarter but that doesn’t mean there weren’t “hot” niches.  The best way to understand our hot and cold niches is by analyzing our sales by price range which is why I create this chart each quarter.

If you are a home buyer or seller in the Lake Norman area it matters most what is happening in YOUR price-range. Yes, it is important to know about the global, national, and 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 $900,000 price range, you are going to have an entirely different experience than someone in the $800,000’s. And, if you considering a broader range of prices, this chart can help you develop a more effective strategy by narrowing your search based upon actual strengths and weaknesses within our Lake Norman price ranges.

The single most important number in this chart is the last column which provides that month’s of supply for each price range.  Keeping in mind that economists use 6-months supply as a balanced market and anything below that as a seller’s market and above 6 months as a buyer’s market, you can quickly determine this past quarter’s strengths and weaknesses.  Overall, at 5.77 months of supply of active listings, Lake Norman ended the year in a balanced market.

Lake Norman’s 4th Quarter 2018 Home Sales By Price Range

Lake Norman real estate home sales by price range 4th quarter 2018

*Compiled from the Carolina Multiple Listing Service’s data.  Note that the numbers in this chart are generated by a technology expert I hired and not by me. The mapped perimeter of our Lake Norman area that he used for this chart’s numbers is slightly different from mine.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s October Market Report

As predicted, Lake Norman’s real estate numbers for October continued their downturn for a second month in a row. We logged in a total of 150 home sales, a 14% drop when compared to last October but a 13.6% increase over last month’s. So, while disappointing, not nearly as severe a decline as we experienced in September. And, this was the 4th best October in since 2005. Was Hurricane Florence a factor? No matter what factors have contributed to our weakening housing market, there is clearly a downward trend that will continue through the end of this year.  Our low pending sales and new contracts’ numbers compared to last year are both down which substantiates this trend. My numbers below should provide some insight.

Here are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:

  • Our Lake Norman home sales were down for the second consecutive month and our year-to-date sales are down -2.6% compared to 2017.
  • Our inventory of active listings remains historically low, (44 fewer than last year), as they have been all year, never reaching our normal summer highs.  It is hard to quantify but there is no doubt that the low inventory does have a negative impact on our Lake Norman’s home sales.
  • Our pending sales and our newest contracts (UCS) are down which indicates a continuation of this slowdown for the rest of 2018.
  • Waterfront homes moved back into a buyers’ market.
  • I want to share with you again this great interactive calculator for determining rent vs. own costs from the New York Times!

Let’s take a closer look:

Lake Norman Real Estate Sales Analysis

All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s July 2017 Market Report

After June’s highest monthly home sales in Lake Norman’s history, we closed a respectable 180 single family homes in July but it was only the second best July since 2005. No new records set. :-). That said, our July sales were 15% higher than last July’s! 6 out of the first 7 months of this year our sales exceeded 2016’s.  We were up against a huge May 2016 of 211 and managed to exceed that by a respectable 7%.  Over all, home sales in the first 7 months of 2017 were 19.7% higher than 2016’s.  AND, at 1119 closed sales, our first 7 months were the highest first 7 months in Lake Norman’s history!  Let’s take a closer look:

Lake Norman Real Estate Sales Spread Sheet July 2017

All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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