lake norman real estate, Lake Norman Real Estate Market Reports, Lake Norman waterfront homes

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 Region Market Report for July 2020

 

Another Record-breaking Sales Month at Lake Norman!

All data is from the Canopy/Carolina Multiple Listing Service

We did not anticipate the market could get any better after seeing June’s sales, but July proved us wrong!  We had another record-breaking month for July 2020, with 288 single-family home closings.  This was over and above the 253 closings from a record-setting June.

Now, while we’ve shared this AMAZING news, we must also tell you that we do not expect this to last throughout the year.  As with any season, things tend to slow down in the Fall.  August will be likely one final and fabulous month for home sales, and then we will likely start to see a slow decline.  The decline however does not mean a down market.  It is simply typical for our area with Lake Norman being one of our largest attractions, as the lake season slows, so do the sales. We do expect that we will still finish 2020 strong.

There was a 53% decrease in active listings.  We anticipate sales to shift, however, we do not see available inventory getting any better for some time.  We will maintain a strong seller’s market in most price points.  Remember, each price point can vary so be sure to do your research on price points specifically when you are looking to buy.  In addition to a lower inventory of available homes, the average price also increased by 17% year over year, and days on market decreased by 6%.  These are also indications of continued strong demand for homes in our area.

There were 463 homes that went under contract.  This is significant because, with only 351 homes available, we have less than a month’s supply of inventory.  Historically, anything under 4 months is a seller’s market, 4 to 6 months is a stable market, and over 6 months is a buyer’s market.  While it is not a buyer’s market, buyers continue to enter the market in droves since mortgage interest rates are equally low.  In addition, rents continually increase as well, and buying a home is still a great investment!  In addition, the homes that went under contract increased by just over 27% compared to 2019.

Here are some interesting facts for active homes in July 2020:

  • 118 of the active homes are new construction, 34% of the active listings
  • 131 of the active homes are waterfront, 37% of the active listings
  • The average year built is 2000, which was the same in June
  • 178 of the active listings are in Mooresville at Lake Norman, just over half
  • 31 of the 178 for Mooresville were in Atwater Landing (new construction), making it the community with the most available homes for July
  • Denver has the second largest inventory with 63 single-family homes
  • The available lot size is .89
  • The average square footage of heated living space is 3735

And some interesting facts for the homes under contract for July 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 $646,974
  • 134 of the homes under contract are new construction, 29% of the pending sales
  • 111 of the homes under contract are waterfront, 24% of the pending sales
  • The average year built is 2001
  • 222 of the homes under contract are in Mooresville, 48% of the market
  • Denver was second with 108 homes pending for July, 23% of the market
  • The average lots size is .71 acres
  • The average square footage of heated living space is 3279
  • Sherrills Ford finished strong in June based on previous months, with 42 homes under contract

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

  • The average listings price of homes sold was $643,513 (sold price $626,244)
  • The median listings price of homes sold was $499,500
  • The listing price to sales price ratio was just over 97%
  • 55 of the homes sold were new construction, 19% of the homes sold
  • 81 of the homes sold were waterfront, 28% of the homes sold
  • The average year built was 2005
  • 154 of the homes sold were in Mooresville, 53.5% of the market
  • Denver was second with 56 homes sold for July, 19% of the market
  • The average lots size was .61 acres
  • The average square footage of heated living space was 3315

Other information:

  • 43 homes went off the market (expired, withdrawn, temporarily off-market)
    • Of those, the average listings price was $780,797
    • Of those, the median listing price was $596,990

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:

  • 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 Market Reports

Lake Norman Real Estate’s November 2019 Market Report

Lake Norman real estate home sales report

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

As our pending numbers from the past 2 months predicted, Lake Norman home sales in November were very strong: a whopping 50% increase over last year’s. They also exceeded all prior Novembers’ home sales since 2005 by a significant amount. (See green chart below). Yes, we were up against some weak 2018 numbers but the fact that we also beat our 2017 record-breaking November by 15.6% is truly impressive especially when you consider how dramatically low our inventory of active listings is today. What has changed, however, is our momentum. Based on the under contract and pending numbers above, our sales are going to be down quite a bit if not in December then January.  Let’s look at my comprehensive report below which 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 November’s Lake Norman real estate sales data:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s May 2017 Hot Sheet is Here!

Lake Norman Hot Sheet Home Sales

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where we are at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.

I always get excited to do this Hot Sheet analysis each month because it provides me with a mid-month pulse of our Lake Norman real estate market.  So where are we today?  After a stunning March and strong April, it looks like this trend is continuing in May and beyond. Let’s take a closer look:

Lake Norman Real Estate’s May 2017 Two-Week Hot Sheet

Lake Norman Market Report May 2017

* The above chart is a summary of today’s “Hot Sheet” from the Charlotte Multiple Listing Service for single family homes in all of Lake Norman. These numbers represent a real time snapshot of the past two week’s activity. (May 7th – 21st).  As always, I have included the past 6 months so that you can put these numbers in perspective. Below is the May chart using my data since 2009.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s April 2017 Market Report: Hot and ?

My hot-of-the-press April numbers, both closed sales and new contracts, indicate that our Lake Norman real estate market is in a major streak of very strong housing activity.  No more roller coaster rides after February’s unexpected dive.  While not matching March’s record breaking sales of 180, the 150 closed sales in April are the the best April since 2005 and 9% higher than last April’s. Plus, check out our new Under Contract and Pending numbers! Let’s take a closer look:

Lake Norman real estate Market Report April 2017

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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How do Lake Norman home buyers learn how long a property has been on the market?

Lake Norman real estate icons

Our real estate industry loves using acronyms and lingo as if our clients completely understand us.  One area which is particularly confusing is the number of days a property has been on the market. For decades MLS’s only provided one number for us and that was the “days on market” or DOM as we call it. However, this number was recalculated every time a listing was taken off the market so the real “life of a listing” could be monkeyed with by the listing agents. In order to combat this problem and provide a true representation as to how long a property has been for sale, our Carolina Multiple Listing Services (Charlotte Regional REALTOR Association) now uses three different terms related to the time a property has been in the MLS : Days on Market, Cumulative Days on Market and List to Close.

Here is the definition of each of these terms: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 2nd Quarter 2014 Home Sales by Price Range is a Must Have Tool for Buyers and Sellers!

If you are a home buyer or seller in the Lake Norman 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 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 $400,000 price range, you are going to have an entirely different experience than someone in the $500,000’s. This is the reason why I create a price-range analysis every quarter for my readers:

Lake Norman real estate home sales by price range for second quarter 2014

*Compiled from the Charlotte Regional 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. Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s June 2014 Home Sales Analysis

Wow!  Look what June brought to our Lake Norman real estate market: An 11% increase over June 2013’s closed sales AND the highest number of closed single family homes since June 2007!  Our sales this June even surpassed last year’s record breaking May sales.

Let’s take a look at the June 2014 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area real estate market:

Lake Norman real estate sales for June 2014

* All data is from the Charlotte Regional Multiple Listing Service. **Please note that the MLS started using an entirely new program last month which did away with Area 13 so my numbers may vary slightly from the past but I have made it as close as possible.

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lake norman real estate

Caution! What to be aware of when searching for Lake Norman homes Online

Lake Norman waterfront home on the main channel

Searching for Lake Norman homes for sale on the Internet just keeps getting easier and better. About one third of online real estate searches are done using one of the top three websites, Zillow, Trulia and Realtor.com with Zillow far and away the most popular.  Thanks to their stiff competition for market share, home buyers and sellers now have almost as much data and information available to them as Realtors which is really awesome! (Despite what some real estate agents might say.)

The cautionary note that I want to underscore after observing many of my clients recently is that they tend to give too much credence to the online data, especially on Zillow.  The problem is, while Zillow has come a long way over the years, it’s Zestimates and raw data are still flawed. Yes,  Zestimates are substantially better than when they launched years ago, but they can be far enough off to frustrate a seller and shouldn’t weigh too heavily on a buyer’s idea of market value. Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s March 2014 Hot Sheet Home Sales Insight and Trends

Lake Norman Hot Sheet Home Sales

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market. These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

After an unusally cold winter, it seems life and home sales are springing to life in Lake Norman. We currently have 211 single family homes under contract (sellers have accepted an offer but the sale is not complete) in all of Lake Norman compared to last month’s 186.  While we are well behind last year’s numbers, the trend is definitely positive!

Lake Norman Real Estate’s Two-Week Hot Sheet

3/21/2014

Lake Norman home sales for March 2014

* The above chart is a summary of today’s “Hot Sheet” from the Charlotte Multiple Listing Service for single family homes in all of Lake Norman (area 13). These numbers represent a real time snapshot of the past two week’s activity. (March 7th – 21st). As always, I have included the past 5 months so that you can put these numbers in perspective.

I created this additional chart comparing just the March Lake Norman Hot Sheets for the past 5 years to help put our March 2014 home sales numbers in perspective with past Marches’, not just the past 6 months. Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s January 2014 Hot Sheet Bodes Well!

Lake Norman Hot Sheet Home Sales

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market. These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

Lake Norman’s 4th quarter 2013 real estate sales definitely softened after some rather spectacular months but we still ended the year 18.5% higher than 2012. Today’s Hot Sheet numbers give us our first real glimpse into Lake Norman’s 2014 housing market’s health and it is looking good for the next few months after January. The numbers below actually indicate a significant uptick in the NEW Lake Norman home sales contracts opened in the past two weeks. So, while our closed sales for January may not be stellar, our market is definitely picking up rather quickly.  We currently have 184 single family homes under contract (sellers have accepted an offer but the sale is not complete) in all of Lake Norman which is up significantly from last month’s Hot Sheet number of  164 and identical to last January’s but still well below the 206 in November, October’s  211, September’s 217, August’s 253, July’s 260, June’s 301 and May’s high of 330. Let’s take a look at a snapshot of the past two weeks’ activity:

Lake Norman Real Estate’s Two-Week Hot Sheet

1/21/2014

Lake Norman real estate sales for the past two weeks of january 2014

Lake Norman Real Estate’s January 2014 Hot Sheet Sales Analysis

* The above chart is a summary of today’s “Hot Sheet” from the Charlotte Multiple Listing Service for single family homes in all of Lake Norman (area 13). These numbers represent a real time snapshot of the past two week’s activity. (January 7th – 21st). As always, I have included the past 6 months so that you can put these numbers in perspective.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s October 2013 Home Sales Analysis: More Interesting Trends!

Change continues to be in the air in our Lake Norman real estate market. Lake Norman’s closed home sales have maintained historically strong numbers (post the recession) each month in 2013 but they are continuing their softening trend since our record setting high in May. While we still logged in some solid closed home sales numbers in October, we actually appear to be struggling right now to be able to keep our sales up above last year’s for the rest of this fall/winter. At 97 single-family home sales in October we logged in the best October since 2006  but our gains of +5% compared to last October were the smallest monthly gains posted in 2013.

Let’s take a closer look at the numbers to glean some insight into the short term future and exactly where the Lake Norman housing market stands right now.

Here are the October 2013 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

Lake Norman Real Estate's October 2013 Sales Analysis

* Note that the Charlotte Regional Multiple Listing Service created two new categories, Under Contract Showings (UCS) to continue and Under Contract no showings (UCNS). These replaced the Contingent, Conditional and Pending categories.

Some significant additional statistics for you:

  • “Distressed sales” (Foreclosures (REOS), defaults, Short Sales) comprised 11.3% of Lake Norman’s total home sales which is down from 15% last month. Prior months were: 9.4% in August, 11.3% in July, 6.9% in June, 10.6% in May , the 14% in April, 20.4% in March, 16.9% in February and January’s 29%. We only had 11 distressed home sales in October. The average price for distressed single family home sales was  $337,972 compared to an earlier low of $252,526. Distressed active listings comprise only 3.1% of our total inventory of Lake Norman homes sale! According to a recent article on Realtor.org in the US foreclosures and short sales represented 12% of August sales.
  • 26.8 % of our closed sales were waterfront homes which is well below last month’s 34.6%. The average sales price of Lake Norman waterfront homes in October was $662,850 also well below not only September’s $738,972 but also August’s $709,753, July’s $874,988 June’s $990,693 and May’s $778,045. What is really interesting to note is that the average price per square foot actually increased slightly from $211.11 last month to $215.43 after peaking at $229. Our waterfront home sales have dropped significantly over the past months above $700,000 but the homes that are selling in the lower price ranges are getting relatively strong offers based upon their size.
  • 16 new construction homes sold in October which was twice the number last month. The average listing price vs sales price of new construction single family homes remains 101%! Clearly there isn’t a lot if ANY wiggle room on prices of new homes. We currently have 46 new construction homes under contract. The average sales price in October was down, logging in at $359,018 compared to last month’s $406,596. It is important to note that many of the new construction homes you will see driving around the lake are custom homes so will not be included in our Multiple Listing Service numbers.
  • 62.8% of Lake Norman’s October home sales were under $400,000 up from 55% last month.
  • A whopping 75.25 % of  the entire Lake Norman home sales in October were under $500,000 which is up from 66.3% last month and more in line with February’s 81.7%, 81% in January, 74 % in December, 75% in November. After seeing an upswing in both the trade-up price ranges and our Lake Norman luxury homes earlier in the summer, we have now had several pretty weak months of sales in our trade-up and luxury housing markets.
  • Our “Under Contract Show” AND “Under Contract No show”/Pending sales combined total of 207 was the sixth month in a row of decline after April’s record high of 319 . At 207, we match last month’s so it appears we may have stopped the bleeding but there are still fewer homes under contract than any other month in 2013 except January. It is not only clear that our Lake Norman housing market has definitely slowed down but now we appear to be struggling to keep pace with 2012.

A closer look at the chart: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s October 2013 Hot Sheet is here!

Lake Norman Hot Sheet Home Sales

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market. These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

Lake Norman’s 2013 real estate sales have been breaking records since January 1st. That said, there is no doubt in my mind that our number of monthly home sales peaked in May and have been trending downward every month since. The numbers below further substantiate this  as we see a drop in the number of  homes that have gone under contract and closed so far this month. We currently have 211 single family homes under contract in all of Lake Norman which is down slightly from last month’s Hot Sheet number of 217, August’s 253, July’s 260, June’s 301 and May’s high of 330 but they are slightly above our end of September’s number of 207. Are our sales leveling out rather than trending downward? Let’s take a look at a snapshot of the past two weeks’ activity:

Lake Norman Real Estate’s Two-Week Hot Sheet

10/21/2013

Lake Norman real estate's October 2013 Hot Sheet

* The above chart is a summary of today’s “Hot Sheet” from the Charlotte Multiple Listing Service for single family homes in all of Lake Norman (area 13). These numbers represent a real time snapshot of the past two week’s activity. (October 7th – 21th). As always, I have included the past 6 months so that you can put these numbers in perspective. Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s September 2013 Hot Sheet is Here!

Lake Norman Hot Sheet Home Sales

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market. These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

Lake Norman’s 2013 real estate sales have been breaking records since January 1st. That said, it appears more likely at each passing month that our number of monthly home sales peaked in May and are now trending downward slightly each month. The numbers below further substantiate this although there is a slight uptick in new contracts. We currently have 217 single family homes under contract in all of Lake Norman which is a pretty significant drop from last month’s Hot Sheet number of 253, July’s 260, June’s 301 and May’s high of 330 but they are just about equal to our end of August number of 218.  Are our sales leveling out rather than trending downward? Let’s take a look at a snapshot of the past two weeks’ activity:

Lake Norman Real Estate’s Two-Week Hot Sheet

9/20/2013

Lake Norman Real Estate's September 2013 Hot Sheet Chart

* The above chart is a summary of today’s “Hot Sheet” from the Charlotte Multiple Listing Service for single family homes in all of Lake Norman (area 13). These numbers represent a real time snapshot of the past two week’s activity. (September 6th – 20th). As always, I have included the past 6 months so that you can put these numbers in perspective. Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s August 2013 Home Sales Analysis

Lake Norman homes sales remain historically strong (post the recession) but continue their softening trend after our record setting high in May. That said, we still logged in some solid number in August. At 128 single-family home sales we had the 4th best month in the Lake Norman real estate market since August 2007 . Once the late comers input their sales into the MLS my guess is that we will have closed 132 contracts last month.

Let’s take a closer look at the numbers to glean some insight into the short term future and exactly where the Lake Norman housing market stands right now.

Here are the August 2013 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

Lake Norman real estate's August 2013 Sales Analysis

* Note that the Charlotte Regional Multiple Listing Service created two new categories, Under Contract Showings (UCS) to continue and Under Contract no showings (UCNS). These replaced the Contingent, Conditional and Pending categories. Contingent Sales are now joined with Conditional sales in my reports.

Some significant additional statistics for you:

  • “Distressed sales” (Foreclosures (REOS), defaults, Short Sales) comprised 9.4% of Lake Norman’s total home sales which is down from 11.3% last month, up from 6.9% in June but below May’s 10.6% , the 14% in April, 20.4% in March, 16.9% in February and January’s 29%. We only had 12 distressed home sales in August. The average price for distressed single family home sales was $252,526 so clearly the very lowest of Lake Norman’s price ranges. Distressed active listings comprise only 3.9% of our total inventory of Lake Norman homes for sale! According to a recent article on Trulia the “normal” delinquency and foreclosure rate for the US is 5.25%.
  • 31 % of our closed sales were waterfront homes which is equal to last month’s. The average sales price of Lake Norman waterfront homes in August was $709,753 which is down from last month’s $874,988  June’s $990,693 and May’s $778,045. The average price per square foot was $214.5 which was down significantly from last month’s $229 and all prior months this year after February. This can be directly attributed to having only 6 waterfront home sales over $1 million compared to 13 sales of waterfront homes over $1 million in both June and July.
  • 11 new construction homes sold which was 3 less than last month’s. The average listing price vs sales price of new construction single family homes was 101%! Clearly there isn’t a lot if ANY wiggle room on prices of new homes. The average sales price was $373,183. It is important to note that many of the new construction homes you will see driving around the lake are custom homes so will not be included in our Multiple Listing Service numbers.
  • 50% of Lake Norman’s August home sales were under $400,000.
  • 67.2% of our August home sales were under $500,000 which is up from the past few months but significantly lower than February’s 81.7%, 81% in January, 74 % in December, 75% in November. After seeing an upswing in both the trade-up price ranges and our Lake Norman luxury homes, August seemed to return to our my typical post recession norms.
  • Our “Under Contract Show” AND “Under Contract No show”/Pending sales combined total of 118 was the fourth month in a row of decline after April’s record high of 319 . Looking at this number compared to the past two years (see below), it is clear that our Lake Norman housing market has definitely slowed down. There is no doubt now that our home sales in Lake Norman this year did peak in May but seem to be maintaining a slight edge on the same period in 2012.

A closer look at the chart: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s August 2013 Hot Sheet is here!

Lake Norman Hot Sheet Home Sales

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market. These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

Lake Norman’s 2013 real estate sales have been breaking records since January 1st. That said, it appears more likely at each passing month that our number of monthly home sales may have peaked in May and are now trending down slightly each month. The numbers below further substantiate this. We currently have 253 single family homes under contract in all of Lake Norman which is a drop from last month’s 260, June’s 301 and May’s high of 330 but is still the 6th highest number since I have been keeping these records. Let’s take a look at a snapshot of the past two weeks’ activity:

Lake Norman Real Estate’s Two-Week Hot Sheet

8/21/2013

Lake Norman Real Estate's August 2013 Hot Sheet

* The above chart is a summary of today’s “Hot Sheet” from the Charlotte Multiple Listing Service for single family homes in all of Lake Norman (area 13). These numbers represent a real time snapshot of the past two week’s activity. (August 7th – 21st). As always, I have included the past 6 months so that you can put these numbers in perspective. Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s June 2013 Sales Analysis: Best June since 2007!

While Lake Norman’s June home sales weren’t quite as stellar as May’s, we still logged in some very impressive numbers.  At 150 single-family home sales we had the 2nd best month in the Lake Norman real estate market since July 2007.   Once the late comers input their sales into the MLS my guess is that we will have closed about 151 contracts last month.  (Note, I revised this sales analysis on July 15th to reflect increased sales logged in to the MLS from 144 to 150).

Let’s take a closer look at the numbers to glean some insight into the short term future and exactly where the Lake Norman housing market stands right now.

Here are the June 2013 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

Lake Norman Real Estate's June 2013 Sales Analysis

* Note that the Charlotte Regional Multiple Listing Service created two new categories, Under Contract Showings (UCS) to continue and Under Contract no showings (UCNS). These replaced the Contingent, Conditional and Pending categories. Contingent Sales are now joined with Conditional sales in my reports.

Some significant additional statistics for you: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s May 2013 Sales Analysis: 2nd Best May in Lake Norman; EVER!

What words best describe Lake Norman’s May real estate sales?  Amazing, shocking, jaw-dropping, astounding, unprecedented, awesome; chose any or all of these.  I am almost speechless (which never happens).  While the dynamics of our Lake Norman real estate market have been impressive all year and even with such high numbers of properties under contract I don’t think anyone expected May to be the second best May in the history of Lake Norman home sales and the 10th highest month for home sales ever. Wow.  Once the late comers input their sales into the MLS my guess is that we will have closed about 165 contracts last month. (NOTE, I updated these two charts on June 13th as we are now up to 163 closed sales compared to 159 when I first wrote this post on the 6th.)

Let’s take a closer look at the numbers to glean some insight into the short term future and exactly where the Lake Norman housing market stands right now.

Here are the May 2013 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

Lake Norman  Real Estate's May 2013 sales analysis updated

* Note that the Charlotte Regional Multiple Listing Service created two new categories, Under Contract Showings (UCS) to continue and Under Contract no showings (UCNS). These replaced the Contingent, Conditional and Pending categories. Contingent Sales are now joined with Conditional sales in my reports.

Some significant additional statistics for you: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s May 2013 Hot Sheet: It’s a heat wave!

Lake Norman Hot Sheet Home Sales

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market. These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

Lake Norman’s 2013 real estate sales have been strong since January 1st. But, even more significant, today’s level of activity in Lake Norman for single family home sales continues to grow and break records for our post-recession Lake Norman recovery. We currently have a whopping  330 homes under contract in all of Lake Norman which not only tops last month’s 290 (which was a new high) but far surpasses every month since the recession. Buyers are out looking and making offers. Let’s take a look at a snapshot of the past two weeks’ activity:

Lake Norman Real Estate’s Two-Week Hot Sheet

5/21/2013

Lake Norman Real Estate's May 2013 Hot Sheet Sales Analysis.

* The above chart is a summary of today’s “Hot Sheet” from the Charlotte Multiple Listing Service for single family homes in all of Lake Norman (area 13). These numbers represent a real time snapshot of the past two week’s activity. (May 6th – 20th). As always, I have included the past 6 months so that you can put these numbers in perspective. Continue reading

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lake norman real estate, Relocating? Life in Lake Norman

Fly to your home at our Lake Norman Airpark Community in Mooresville NC!

Lake Norman airpark -aerial-photo

 Almost hidden away on a lovely Lake Norman peninsula off Perth Road in Mooresville is a truly remarkable neighborhood:  Lake Norman Airpark.  Imagine that instead of the usual garage you actually have a hanger for your plane(s) right next to your home and that you can taxi to and from the community runway at your convenience!

airpark-home

The Lake Norman Airpark is a community of about 56 homes surrounding the runway all of which are a member of the Lake Norman Air Park Owners Association which is a non-profit organization that owns and maintains the runway and approximately 40 acres of common area which includes the associated residential taxiways. Many of the homes have views of Lake Norman as well! Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s December 2012 Sales Analysis: A perfect record for 2012!

Lake Norman’s December home sales truly put an exclamation point at the end of 2012. For the third month in a row we have posted sales numbers that not only exceeded 2011 numbers but were higher than every year back to and including 2007!  And, our first 9 months of 2012 exceeded all months back to 2008.

Let’s take a closer look at the numbers to glean some insight into the short term future and exactly where the Lake Norman housing market stands right now.

Here are the December 2012 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

Lake Norman Real Estate's December 2012 Sales analysis

* Note that the Charlotte Regional Multiple Listing Service has created two new categories, Under Contract Showings (UCS) to continue and Under Contract no showings (UCNS). These replace the Contingent, Conditional and Pending categories.   Contingent Sales are now joined with Conditional sales in my reports.

Some significant additional statistics for you: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s December 2012 Hot Sheet

Lake Norman Hot Sheet Home Sales

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.  These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

There is no doubt that 2012 has been a very strong year for Lake Norman real estate and home sales relative to all years since 2007.   Every month this year we exceeded sales of the same month in 2011 and in most cases posted the strongest sales since 2007. With 97 closed sales last month,  in November we actually experienced an INCREASE in sales over September and October defying our usual seasonal slowdown! Based upon the numbers below there is no doubt in my mind that this month will make it 12 months in a row, or our entire 2012, that we beat the prior year’s sales for the month.  Let’s take a look:

Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s November 2012 Sales Analysis; An emphatic 11!

Lake Norman’s November 2012 residential real estate sales number places an explanation mark on the belief that our housing market has hit bottom and is steadily and consistently improving.   November’s total single family home sales in Lake Norman makes it eleven months in a row that we have exceeded all prior months’ sales since 2007.  What is remarkable is that once the few last sales are input by the agents who always run late in recording their sales, I believe we will also exceed November 2006’s home sales! And, while Lake Norman has experienced atypical seasonal slowdown to a degree, it is not nearly as dramatic as most years.

Let’s take a closer look at the numbers to glean some insight into the short term future and exactly where the Lake Norman housing market stands right now.

Here are the November 2012 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

Lake Norman Real Estate's November 2010 Home sales

* Note that the Charlotte Regional Multiple Listing Service has created two new categories, Under Contract Showings (UCS) to continue and Under Contract no showings (UCNS). These replace the Contingent, Conditional and Pending categories.   Contingent Sales are now joined with Conditional sales in my reports.

Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s November 2012 Hot Sheet

 

Lake Norman Hot Sheet Home Sales

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.  These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

There is no doubt that 2012 has been a very strong year for Lake Norman real estate and home sales relative to all years since 2007.   As of today the MLS has a total of 120 closed sales for May, 119 sales for June, 115 for July, 120 for August 92 for September and 92 for October; all 6 recording the highest months’ sales since 2007!  While the best October since 2007, last month was the second month in a row where our sales failed to reach 100. While still relatively strong, we are seeing a typical seasonal slowdown in our Lake Norman housing market. November, while looking to be is a continuation of this slowdown, may be one of the strongest Novembers since 2005.  Will we, for the 11th month in a row, beat the prior year’s sales for the month?  Let’s take a look:

Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s October 2012 Hot Sheet

Lake Norman Hot Sheet Home Sales

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.  These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

The past five months pretty much blew our Lake Norman sales trends right out of the water.  As of today the MLS has a total of 120 closed sales for May, 119 sales for June, 115 for July, 120 for August and 90 for September of which 4 of the 5 are the highest months’ sales since August of 2007!  While the best September since 2007, last month we did begin to see a marked slowdown in our Lake Norman housing market. It appears from our numbers below that October is a continuation of this slowdown which may be a bit more than just the typical Lake Norman seasonal slowdown.  Will we, for the 10th month in a row, beat the prior year’s sales for the month?  Let’s take a look: Continue reading

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lake norman real estate, Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 3rd Quarter Homes Sales by Price

If you are a home buyer or seller in Lake Norman, 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 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 $400,000 price range, you are going to have an entirely different experience than someone in the $700,000?s.  This is exactly the reason why I create a price-range analysis every quarter:

*Compiled from the Charlotte Regional 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. Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s September Sales Analysis Makes it 9!

Lake Norman’s September 2012 residential real estate sales number makes it NINE months in a row that we have exceeded all prior months’ sales since 2007.  While all 9 months of 2012 have been strong, our homes sales in September were not quite as impressive when compared to last September plus they dropped 26.7% from last month’s and were the third lowest month in 2012.  After 4 months of triple digit sales it looks like we will remain in double digits for September even after a few more sales are input into our MLS  late by agents. We are clearly seeing our typical seasonal slowdown but at this point it still looks like our Lake Norman real estate market is over the hump and moving into sustained positive territory. As always a few more agents will be late in recording their sales so when all the numbers are for September we should have recorded at least 90.

Let’s take a closer look at the numbers to glean some insight into the short term future and exactly where the Lake Norman housing market stands right now.

Here are the September 2012 numbers from our Charlotte Multiple Listing Service for our Lake Norman Area 13 real estate market:

* Note that the Charlotte Regional Multiple Listing Service has created two new categories, Under Contract Showings (UCS) to continue and Under Contract no showings (UCNS). These replace the Contingent, Conditional and Pending categories.   Contingent Sales are now joined with Conditional sales in my reports. Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s September 2012 Hot Sheet

Lake Norman Hot Sheet Home Sales

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.  These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

The last four months pretty much blew our Lake Norman sales trends right out of the water.  As of today the MLS has a total of 120 closed sales for May, 117 sales for June, 115 for July and 118 for August which are the 4 highest months’ sales since August of 2007!  It appears from our numbers below that September will also be a very strong month of housing sales for Lake Norman but there are some signs of a typical seasonal slowdown.  Will we match last month’s highs?  Let’s take a look: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s August 2012 Hot Sheet

Lake Norman Hot Sheet Home Sales

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.  These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

The last three months pretty much blew our sales trends right out of the water.  As of today the MLS has a total of 120 closed sales for May, 117 sales for June and 114 for July which are the three highest months’ sales since August of 2007!  It appears from our numbers below that August will also be a very strong month of housing sales for Lake Norman but there are some signs of a slowdown for Sept/Oct.  Will we match last month’s highs?  Let’s take a look: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 2nd Quarter 2012 Home Sales By Price Range

If you are a home buyer or seller in Lake Norman, 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 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 $400,000 price range, you are going to have an entirely different experience than someone in the $700,000’s.  This is exactly the reason why I create a price-range analysis every quarter:

*Compiled from the Charlotte Regional 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. Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s June 2012 Hot Sheet

Lake Norman Hot Sheet Home Sales

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.  These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

Last month pretty much blew our sales trends right out of the water.  As of today the MLS has a total of 118 closed sales for May which is well above any other month’s sales since August of 2007!  It appears from our numbers below that June will also be a very strong month of housing sales for Lake Norman.  Will we match last month’s highs?  Let’s take a look:

Lake Norman Real Estate’s Two-Week Hot Sheet

6/21/2012

* The above chart is a summary of today’s “Hot Sheet” from the Charlotte Multiple Listing Service for single family homes in all of Lake Norman (area 13).  These numbers represent a real time snapshot of the past two week’s activity.  (June 7th – 21st).  As always, I have included the past 6 months so that you can put these numbers in perspective.

I created this additional chart comparing just the June Hot Sheets for the past 3 years to help put our June 2012 numbers in perspective with the past Junes’, not just the past 6 months:

June Hot Sheet Numbers for the Past 4 Years

 

Highlights:

  • New listings: Our number of new listings were the lowest since last December! If you add our new listings to the 21 back-on-market we had a total of  106 Lake Norman properties added to our housing inventory in the past two weeks compared to last June’s 128, 171 in June 2010 and 207 in June 2009.  As of this morning the total number of active listings in Lake Norman had increased from our all time low of 752 in January back up to 977 which is still low historically and trending back down after a high of 985 a few weeks ago.  The reason these low numbers are such good news is because keeping our inventory low will help stabilize our own Lake Norman housing market no matter what is happening in other areas or states.

Continue reading

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lake norman real estate, The Real Estate Process, Home Buying and Selling Tips

The Reality of Lowball Offers in Lake Norman Real Estate

I got a call yesterday from a potential buyer for one of my listings.  He told me he would like me to present an all cash offer of $350,000 for a property I just listed at $429,000.  With a little prodding I was able to find out that he hadn’t seen the home and didn’t know the neighborhood.  I tried to explain a bit about the price and comps and his response was “it is a terrible real estate market and that’s all I need to know”.  REALLY?

Needless to say, my client’s counter to this buyer was not accepted.

This is just one example of how not to be successful in our current Lake Norman housing market. While it is quite common for investors and low-ballers to make these kind of offers when a new listing comes on the market, I have to wonder what these buyers are thinking?  Or, are they thinking at all?  Even banks get disgusted with these types of buyers.  Here is a great example: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s April 2012 Hot Sheet

Lake Norman Hot Sheet Home Sales

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.  These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

Well, last month I was very enthused by our string of “hot” months.  Unfortunately, a bit of doubt is beginning to creep in to my perspective of our current Lake Norman housing market.  Instead of a consistent showing of improving numbers across the board, there are some hiccups that indicate to me that we once again may see some mild ups and downs in the coming months. Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s March 2012 Hot Sheet

 

Lake Norman Hot Sheet Home Sales

 Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.  These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

Well, last month I wrote: “There is nothing better than a HOT Hot Sheet!”  But, you know what, I was wrong. TWO months in a row of HOT Hot Sheets is even better! Here are our numbers: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s February 2012 Sales Analysis: Good news!

I don’t know about you, but I welcome good news of any kind these days.  The fact that our Lake Norman home sales have not only picked up but have had two positive months in a row with indications of more to come is almost GREAT news!

It is important to note that these numbers are only as good as the agents who report them. Expect an adjustment in our 57 sales in February upward perhaps two more sales by the end of the month since it takes some Realtors several weeks to actually input their sales into our MLS.  I create these reports early in the month while the information is still very fresh so always pad the sales upward just a bit.

Here are the February 2012 numbers from our Charlotte Multiple Listing Service for our Lake Norman area real estate market: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s January 2012 Sales Analysis: Things are looking up!

While I anticipated weak sales before an upswing this month, January wasn’t actually too bad.  We squeaked by just equaling our January 2011 sales

It is important to note that these numbers are only as good as the agents who report them. Expect an adjustment in our 46 sales in January upward perhaps two more sales by the end of the month since it takes some Realtors several weeks to actually input their sales into our MLS.  I create these reports early in the month while the information is still very fresh so always pad the sales upward just a bit.

Here are the January 2012 numbers from our Charlotte Multiple Listing Service for our Lake Norman area real estate market:
Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s January 2012 Hot Sheet is Warming Up!

Lake Norman Hot Sheet Home Sales

 Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.  These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

So, our Lake Norman real estate market is showing clear signs of picking up after 5 relatively strong months over the summer and early fall followed by a marked drop in November and December.  Quite a roller coast ride we are on these days!  Activity in the Lake Norman housing market picked up right after Christmas and seems to be gaining steam every day.  Here are our numbers Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 2011 Sales Analysis by Price Range

If you are a home buyer or seller in Lake Norman, 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 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 $300,000 price range, you are going to have an entirely different experience than someone in the $500,000’s.  This is exactly the reason why I create a price-range analysis every quarter:

 *Compiled from the Charlotte Regional 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. Continue reading

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lake norman real estate

Lake Norman Real Estate’s 2012 Housing Market Predictions

Let’s face it, we are being bombarded by economic predictions of all kinds this month; so much so that I even hesitated to add my own to the massive pile.  But, since my mission is to provide you with  insight into our Lake Norman housing market and the role the national, state and local economy plays on our successes and weakness, I will once again do my best to assess and make predictions for 2012. Continue reading

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lake norman real estate

What Role Does Shadow Inventory Play in Lake Norman Real Estate?

 

There was a rather disturbing article in Sunday’s Charlotte Observer:  Housing glut looms behind region’s ‘shadow inventory’.   It is not the whole issue of shadow inventory that is disturbing but rather the tone of the article, starting with the ominous title itself.  Home buyers are already extraordinarily nervous, why add relatively useless fuel to this fire?

Before I go any further, I need to address the definition of shadow inventory which is widely disputed:  The Shadow Inventory Debate.  For the sake of this article, I am defining shadow inventory as any home where there is a delinquent mortgage and has not been foreclosed upon by the lien holder.  While most of these are not listed for sale and may not be for years, some homes currently on the market in Lake Norman have been in the foreclosure process for several years but the sellers have been preemptive and have listed their homes as distressed.

If you are a regular reader you know two things about this blog, I love analyzing and interpreting the very specific numbers and data for Lake Norman’s housing market and I work hard to separate our local market from the broad brush media headlines about real estate.

While you might think that the Charlotte Observer’s article is specific enough to be applicable to our Lake Norman housing market, it simply isn’t and here is why: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s November 2011 Sales Analysis

Unfortunately, my predictions last month regarding our November Lake Norman real estate market were accurate.  After relatively strong sales since June, our Lake Norman housing market did slow down in November.  Our sales were down 18% compared to last month’s 88 and 11% from last November’s 81.  However, while we didn’t match November 2010 numbers we did exceed all prior Novembers since the recession.

It is important to note that I am doing this analysis two days earlier than usual so expect an adjustment in our 72 sales in November upward by the end of the month since it takes some Realtors several weeks to actually input their sales into our MLS.  A great example of this is this past October.  When I did our chart on October 6th we had 81 sales. As of today we actually have 88 sales documented for October in our MLS.  I create these reports early in the month while the information is still very fresh so always pad the sales upward just a bit.

Here are the November numbers from our Charlotte Multiple Listing Service for our Lake Norman area real estate market:  Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 3rd Quarter 2011 Home Sales Analysis

Every quarter I create a price range analysis for the Lake Norman real estate market in an effort to provide insight into our Lake Norman housing market by niche for both buyers and sellers:

 

*Compiled from the Charlotte Regional 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: Continue reading

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lake norman real estate, LKN Realty LLC

Lake Norman Real Estate Just Got Better!

 

My reason for creating this Lake Norman Real Estate blog from the its inception in May of 2007  was and still is all about providing you with as much information and data as possible to help you make an informed decision when buying or selling a home in Lake Norman.

While I don’t talk a lot about our Property Search feature, I chose the company providing this program because they are local, innovative and provide great customer service.

Two of my favorite features are the “Neighborhood Analyzer” and “Research” tools.  I have discussed the “Research” tool in previous articles but as a reminder, once you do a home search and have specific property results, click on any of the properties for the details page.  Once on the details page you will see the word “Research” in bold dark red  just to the right of the listing price. Up will pop three options: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s September 2011 Hot Sheet

Lake Norman Hot Sheet Home Sales

 Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.  These Hot Sheet reports serve as pretty good predictors of our short-term Lake Norman real estate market.

As I wrote last month, while hard to explain, our Lake Norman real estate market seems to be oblivious to the crazy global economy and US downgrade.  After a relatively strong June, July and August, our housing numbers are continuing at about the same pace despite it all.  The report below would seem to be an indication that our September/October Lake Norman real estate sales may  exceed our September and October 2010 home sales.

Lake Norman Real Estate’s Two-Week Hot Sheet

9/21/2011

* The above chart is a summary of today’s “Hot Sheet” from the Charlotte Multiple Listing Service for single family homes in all of Lake Norman (area 13).  These numbers represent a real time snapshot of the past two week’s activity.  (September 7th – 21st).  As always, I have included the past 6 months so that you can put these numbers in perspective.

Highlights:

Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman’s August 2011 Home Sales are Up; Defy National Trends

While I wrote last month that the Lake Norman real estate market was on a bit of a roll, this month I can now say that it is down right strong.  Not only did we exceed last month’s relatively strong numbers but our August 2011 Lake Norman home sales were the second highest month since our peak in 2007!

Based upon our relatively strong numbers of new contracts (Conditional, Active Due Diligence Pending sales) it looks as though this positive trend will continue into September and perhaps into fall.

Here are  the August numbers from our Charlotte Multiple Listing Service for our Lake Norman area real estate market:

Some additional interesting statistics for you:

  • Only 16.8% of our closed sales were “distressed sales” ( Foreclosures (REOS), defaults, Short Sales) compared to 18.5%  last month,  25% in June and 27% in May. This is extremely important because if we don’t have a new wave of foreclosures then our Lake Norman market truly is healing!
  • 21% of our closed sales were waterfront homes down from 33% last month.
  • 57% of our August sales were under $400,000.

A closer look:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s August 2011 Hot Sheet

Lake Norman Hot Sheet Home Sales

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.  These Hot Sheet reports serve as pretty good predictors of our short-term future housing sales.

While hard to explain, our Lake Norman real estate market seems to be oblivious to the crazy global economy and US downgrade.  After a relatively strong June and July, our housing numbers are continuing at about the same pace despite it all.  The report below would seem to be an indication that our  August Lake Norman real estate sales may actually exceed our August  and even September 2010 sales.

Lake Norman Real Estate’s Two-Week Hot Sheet

8/20/2011

 

* The above chart is a summary of today’s “Hot Sheet” from the Charlotte Multiple Listing Service for single family homes in all of Lake Norman (area 13).  These numbers represent a real time snapshot of the past two week’s activity.  (August 6 – 20th).  As always, I have included the past 6 months so that you can put these numbers in perspective. Continue reading

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lake norman real estate, LKN Realty LLC

Is Lake Norman Real Estate Ready for QR Codes?

Lake Norman QR code for waterfront home for saleChances are that if you are reading this you fall in to one of two camps:

There are those of you who look knowing at the symbol above, probably own a smart phone with an app to read QR Codes and wonder why I am bothering to write about them.

Then there are the majority of you who may never have heard the term QR Code but vaguely recognize this type of bar code and wonder what the heck it has to do with Lake Norman real estate!

According to Wikipedia: A QR code (abbreviated from Quick Response code) is a specific matrix barcode (or two-dimensional code) that is readable by dedicated QR readers, smartphones, and, to a less common extent, computers with webcams. The code consists of black modules arranged in a square pattern on a white background. The information encoded may be text, URL, or other data.

I (and some other Lake Norman area real estate agents as well as many throughout the US) have started using QR Codes on my listing flyers in front of the properties so that folks driving by can simply scan the QR Code like the one above, and almost instantly get to the website I created for that property with multiple photos and all of the data about the property that they could possibly want up front.  It is predicted that QR Codes will be used consistently in real estate once everyone catches on. Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s July 2011 Home Sales Improve over 2010

Dare I say that that the Lake Norman real estate market is on a bit of a roll AND overall prices may have bottomed out?  July was only the second month this year that our closed sales have exceeded those of last year and the second month in a row with some relatively strong numbers of new contracts (Conditional, Active Due Diligence Pending sales).  While we dropped from last month’s 100 closed sales by 17% it looks like we will have a decent summer season compared to a very weak start to 2011.

Here are July numbers from our Charlotte Multiple Listing Service for our Lake Norman area real estate market:

 Some interesting statistics for you:

  • Only 18.5% of our closed sales were either Foreclosures (REOS) or Short Sales compared to 25% last month and 27% in May.
  • 33% of our closed sales were waterfront homes.

A closer look: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s July 2011 Hot Sheet

Lake Norman Hot Sheet Home Sales

Want the very latest insight into our Lake Norman real estate market? So do I which is why, every month, I do a snapshot analysis of the middle two weeks of the month to get a sense of where our Lake Norman real estate market is at this very moment…an almost live insight into the heartbeat of the Lake Norman housing market.  These Hot Sheet reports serve as pretty good predictors of our short-term future housing sales.

After a rather dramatic decline in May, it looks like July will continue the relatively positive trend starting with our June sales.  The report below signs that our July and even August Lake Norman real estate sales may come close to meeting our 2010 sales.

Lake Norman Real Estate’s Two-Week Hot Sheet

7/21/2011

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