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 September 2020

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

September surpassed our expectations with 236 closed single-family homes, almost matching August’s 238 closed units. It was a record-breaking September, with only one other year (2017) where closed units exceeded 200.  Year over year, September closings were up 38%, in comparison to 2019’s 171 closings during this period. We also had a significant increase in the average sales price, which jumped from $495,425 to $719,374, a 45% increase!  This was largely due to 44 homes selling over one million, and one topping out at $6,300,000 in Norman Estate of Denver.

The total homes that went under contract were 437, which increased slightly from the previous month at 423, an overall increase of 30% from the previous year.  The average price is also more realistic here as well, with an increase of 13%, which is still a substantial increase year over year. In addition, the average time on the market has decreased by 43.5%.

The predictor of future real estate sales is determined by the active inventory, which continues to be drastically low as compared to previous years.  With a 57% decrease in active single-family homes, there were only 285 homes available for September, and 14 listed as coming soon.  The median price is also much higher, going from $786,420 to $916,735.  Only 17 homes are available for under $300,000 in the area, which is a direct reflection on the average prices. Of the 285 active listings, 69 of them are over one million, making up 24% of the active inventory.

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

  • 112 of the active homes are new construction, 39% of the active listings (very similar to months past)
  • 83 of the active homes are waterfront, 29% of the active listings (similar to August)
  • The average year built is 2008
  • 140 of the active listings are in Mooresville at Lake Norman, right at half of the available inventory
  • 37 of the 140 for Mooresville were in Atwater Landing (new construction), making it the community with the most available homes for September (was same for August and July)
  • Denver has the second largest inventory with 7 single-family homes, followed by Cornelius with 36 homes available
  • The average square footage of heated living space is 3727
  • The average lot size is .83 acres
  • The average price per square foot is $224

And some interesting facts for the homes under contract for September 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 $637,478
  • The average price of the combined median prices of all pending homes (under contract show and no show) is $482,000
  • 140 of the homes under contract are new construction, 32% of the pending sales (same for August)
  • 114 of the homes under contract are waterfront, 26% of the pending sales
  • The average year built for homes that are under contract no show is 2008. In comparison the average year built for homes under contract show is 1998.
  • The average lots size is .67 acres (same as August)
  • The average square footage of heated living space is 3228
  • 218 of the homes under contract are in Mooresville, making up 50% of the market

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

  • The average listing price of homes sold was $736,166 (sold price $719,374)
  • The median listing price of homes sold was $514,000, which aligns with the average prices from 2019. The median price will likely be a better reflection of our market as we move forward.
  • The listing price to sales price ratio was just over 97.7%
  • Only 35 of the homes sold were new construction, 15% of the homes sold
  • 65 of the homes sold were waterfront, 27.5% of the homes sold
  • The average year built was 2005
  • 111 of the homes sold were in Mooresville, 47% of the market (was same for August)
  • The average lots size was .69 acres
  • The average square footage of heated living space was 3304
  • The average price per square foot is $207/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:

  • 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 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 Region Market Report for June 2020

Record-breaking home sales for June 2020!

June 2020 Lake Norman Real Estate

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

We knew June was going to be a fabulous month for real estate sales in the Lake Norman region, but we had no idea we would set a record!  With 253 closed sales for June of 2020, this is our largest number of single-family homes sold since we started tracking the monthly sales in 2005.  This is not just a record for June but a record for all months for the last 15 years! You can see this data in the chart a little later.

With a 45% decrease in active listings, we can only imagine how well our region would have done with more listings.  There is a significant difference between the median price and average price of active inventory.  This is due to a large number of homes on the market over $1,000,000.  To be exact, 100 of the 417 active listings were over $1,000,000; nearly 25% of the market.

The numbers continue to be outstanding as we look at homes under contract for June.  There were 367 homes ‘under contract show’ and 122 homes ‘under contract no show’, totaling 489 homes pending in total.  That exceeds the amount of current inventory, which would suggest that our housing shortage is going to continue to worsen.  Sellers on the fence about selling this summer may want to reconsider.  This is absolutely a STRONG sellers-market on all fronts.  If that doesn’t make sellers want to consider putting their home on the market then they may also want to make note of the tremendous increase in the average prices for the homes under contract.  The average of both ‘under contract show’ and ‘under contract now show’ is 22%!  WOW!  Now the question is, how long with this continue?

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

  • 133 of the active homes are new construction, 32% of the active listings
  • 150 of the active homes are waterfront, 36% of the active listings
  • 20 active homes are both new construction AND waterfront
  • The average year built is 2000
  • 202 of the active listings are in Mooresville at Lake Norman, close to half

And some interesting facts for the homes under contract for June 2020:

  • 139 of the homes under contract are new construction, 28% of the pending sales
  • 129 of the homes under contract are waterfront, 26% of the pending sales
  • The average year built is 2001
  • 252 of the homes under contract are in Mooresville at Lake Norman, 52% of the market

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

  • 55 of the homes were new construction, 22% of homes sold
  • 56 of the homes were waterfront, 22% of homes sold
  • The average year built was 2004
  • The average seller concessions were $2,344
  • 127 of the homes sold had NO seller concessions, right at half
  • The average list price to sales price ratio was 97.6%
  • While the average sold price was $561,450, the average listing price for those that sold was $578,955

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:

  • 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 Report April 2020

 

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

The final April numbers are in, and as expected due to the COVID-19 restrictions, listings, contracts, and sales are down year over year for April.  However, we have already seen market improvements and we’re optimistic we’ll see continued growth in May.  Overall, as predicted (and hoped) it appears our strong traditional Spring market at Lake Norman will eventually fully blossom, and this is a temporary delay due to the pandemic. To help us stay in sync with these unusual times, we have been tracking stats daily on our parent website at https://www.lakenormanrealty.com/covid-19-market-updates/ which offers additional insights and details into the Lake Norman market.

In the first weeks into April, we saw a dramatic decline of nearly 50% in all categories when compared to the same time last year.  However, the downward trend turned around and shifted upwards mid-April, and by the end of the month, the numbers fared much better leaving April 2020 with a 22% drop in new contracts, and a 9% drop in closed sales.  We anticipate this rebound will continue into May and beyond as COVID-19 restrictions are lifted here and elsewhere in the country.

Showings in April were down considerably as expected due to the Stay at Home Orders.  “Virtual Showings” became the norm in April, but as this was a new method, these virtual showings were rarely logged into the system-wide showing service.  This resulted in only 5439 showings logged into the system vs 12,593 in last April.

Home values are remaining firm, primarily due to the lack of inventory.  Multiple offers continue, particularly in the lower price points, but have been seen in all price ranges.  April 2020’s ratio for list price vs sales price was 98%.  Of the 162 closings for April, 81 of those had some sort of seller contribution averaging $4,164 given back toward closing costs or some other expense on behalf of the buyer.  The average year built of homes sold was 2007.

Our active listings were reduced by 25% in an already tight market with slim inventory and high demand.  With the decrease in listings, this supply and demand will remain an issue for buyers that desire to move into the Lake Norman area.  Of the 567 homes available, 284 of them were in Mooresville, making up half of all available inventory.  In addition, the average year built was 2001.

Let’s take a closer look at some property specifics for the closed homes in April:

  • Waterfront
    • There were 29 Waterfront homes that closed this month, 18% of the market
    • The average price of waterfront closed homes was $972,241
    • The prices ranged from $280,000 to $1,875,000
    • The cumulative days on market for waterfront homes was 98
  • New Construction
    • 43 of the homes closed were new construction, 26.5% of the market
    • The average price of new construction closings was $365,060
    • The average list price to sales price was 100%
    • The price range for closed new construction homes was $209,900 to $777,000
    • 25 of the homes were in Mooresville, 15% of the homes sold
    • The cumulative days on the market was 121

The total number of Lake Norman homes under contract (UCS + UCNS) at the end of the first week of each month are as follows:

  • 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

If you are interested in specific market information for your neighborhood or would like to know your personal house value, just email info@lakenormanrealty.com with your question and we’ll be happy to help!

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Lake Norman News, Events and Celebrations, lake norman real estate, Lake Norman Real Estate Market Reports, Lake Norman waterfront homes, Relocating? Life in Lake Norman

Lake Norman Region Market Report for March 2020

Lake Norman Real Estate's March 2020 Market Report

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

As anticipated, the Lake Norman market reports for March 2020 demonstrate the initial effects of COVID-19 on the real estate market.  Across the charts, we saw a decrease in each category except for sold homes, as these were a result of prior contracts before the onset of the COVID-19 shutdown.  Active listings continue to be limited, although low inventory has been a market factor for many months. March 2020 saw a significant decrease in homes under contract, with a 22%-24% decline in contracts and due to the COVID-19 Stay at Home Orders, we anticipate seeing additional market decline for April. However, we remain positive on the Lake Norman real estate market and firmly believe this slowdown is only a temporary pause on the traditional Spring market, which should resume to expected levels once the current crisis has passed.

In reviewing the March/April time period since 2018, there has been an increase in contracts during this time with the exception of this current year, as you can see in bold below:

This list is the total number of Lake Norman homes under contract (UCS + UCNS) at the end of the first week of each month:

  • 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

Next, let’s take a closer look at some property specifics:

  • 146 of the active homes are new construction, making up 26% of the total homes available
  • 211 of the active homes were waterfront, making up 38% of the total homes available
  • 81 homes came off the market (expired, withdrawn, or temporarily removed)
  • Of the 288 homes under contract, 144 of them were new contracts in March
  • 103 of the homes UCS were in Mooresville, over half of all contracts
  • 40 of the 84 homes UCNS were also in Mooresville
  • 43 of the 84 homes UCNS were new construction
  • Only 71 of the 204 homes UCS were new construction

With the onset of COVID-19 affecting our area in March, we began tracking the market daily to get a better idea of what was happening with our Lake Norman market.  As expected, showings in our area declined, and then dropped drastically due primarily to the stricter stay-at-home order that went into effect for Mecklenburg County on March 24th.

This report is updated daily and can be viewed here for the most up-to-date information.

CLOSED HISTORICAL SALES FOR LAKE NORMAN REAL ESTATE

Lake Norman home sales by month and years 2005 - 2020

* Please note that all of my numbers are for single family homes in what used to be referred to as “Area 13 – Lake Norman. They come from the Canopy/Carolina Multiple Listing Service and will not include sales that took place outside of our MLS.** I adjust past months when I do the monthly update as a few more sales are usually input late by agents. ***Our MLS just merged with many others over the past several years so all of the total sales numbers have changed slightly.  I did update the entire 2017 year so that the past two years’ numbers will be comparing apples to apples. However, I am not going to go back to prior years and adjust.

I love being able to see this overview which puts our current sales in context with prior years and provides monthly trends to help better understand Lake Norman’s seasonal trends, peaks and valleys.

Let us know if you would like specific market information on your neighborhood or your personal house value. Just email info@lakenormanrealty.com with your question and we’ll be happy to help!

We’ll be posting our 2020 First Quarter Lake Norman Market Report in May with detailed breakdowns of our Lake Norman real estate market. Until then, stay well, stay safe, and enjoy this beautiful Spring at Lake Norman!

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Lake Norman News, Events and Celebrations, Lake Norman photos, lake norman real estate, Lake Norman Real Estate Market Reports, Lake Norman waterfront homes, Relocating? Life in Lake Norman

COVID-19 and the Lake Norman Real Estate Market

 

 

Many are asking the question, how is COVID-19 affecting the Lake Norman real estate market? To get a clear picture, we’ll need to wait for the final sales numbers for March 2020, but in the meantime, one indicator to take note of is buyer activity.  Through analyzing data from showing reports, we can see the numbers of active buyers per price point in the Lake Norman real estate market.

It is no surprise in the wake of the coronavirus, total showings went down this past week compared to the previous week, but we are still seeing a large amount of showing activity week over week with 2408 showings in the past 7 days.  The price points from $250,000 to $400,000 have the largest percentage of the showings.  This is partially due to higher inventory in those price points, with significantly fewer options under $250,000.   We’re keeping a close eye on all Lake Norman real estate trends, and we will keep you posted as we learn more. Stay well and stay tuned!

Week of 3/10/20 to 3/17/20 Showing Report = 2408 Total Showings

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s August 2019 Market Report

Lake Norman Real Estate Market Report August 2019

All data is from the Carolina Multiple Listing Service.

We knew we were up against some huge sales numbers for last August so it came as no surprise that our Lake Norman home sales in August ended up 14% below August 2018’s. On the plus side our August sales were 9% higher than last month’s. August was the 3rd consecutive month that our Lake Norman home sales fell below last year’s. After a great start to 2019 we have definitely experienced a softening of our housing market. We are now just 2 sales higher than the first 8 months of 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 August’s Lake Norman real estate sales data:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s June 2014 Hot Sheet Home Sales Analysis

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.

Our Lake Norman housing market is now smack dab in the middle of it’s traditionally strongest selling season of the year. The past two months we have seen a dramatic uptick in activity and thankfully that trend is continuing. We currently have 262 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 285.  Once again I don’t think this month we will match June of 2013’s 151 closed sales but take a look and see what you think:

Lake Norman Real Estate’s Two-Week Hot Sheet

5/21/2014

Lake Norman real estate home sales activity June 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. These numbers represent a real time snapshot of the past two week’s activity. (June 7th – 22nd). As always, I have included the past 5 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 1st 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 home sales by price range for the first quarter of 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.

** Compare this to the 4th quarter 2013 price range analysis and the 1st quarter 2013 price range home sales.

How to read this report:

  • First choose a price range.
  • The next column provides the actual number of listings sold in this price range in the 1st quarter of 2014
  • This is followed by the percentage this price range represents of the total number of listings sold in all of Lake Norman area 13
  • Next is the number of active listings in this price range at this time
  • This is followed by the percentage this price range represents of the total number of active listings
  • Finally, the last column represent the absorption rate or the number of months of supply for each price range based upon the number of listings divided by the number of sales. (A balanced housing market is 6 – 8 months so you can use this to gauge your price range).

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Lake Norman Real Estate Market Reports

How Lake Norman Real Estate’s 4th Quarter 2013 home sales by price range helps both 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 sales chart by price range for 4th quarter 2013

Lake Norman home sales by price range

*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.

** Compare this to the 4th Quarter 2012 Lake Norman home sales by price range

How to read this report:

  • First choose a price range.
  • The next column provides the actual number of listings sold in this price range in the 4th quarter of 2013
  • This is followed by the percentage this price range represents of the total number of listings sold in all of Lake Norman area 13
  • Next is the number of active listings in this price range at this time
  • This is followed by the percentage this price range represents of the total number of active listings
  • Finally, the last column represent the absorption rate or the number of months of supply for each price range based upon the number of listings divided by the number of sales. (A balanced housing market is 6 – 8 months so you can use this to gauge your price range).

Some Findings: Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s December 2013 “Hot Sheet” is giving us mixed messages!

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.  After peaking in May, Lake Norman home sales have trended downward every month since landing with a thud in November. However, the numbers below actually indicate a significant uptick in closed Lake Norman home sales contracts in the past few weeks. The bad news is that we currently have only 164 single family homes under contract (sellers have accepted an offer but the sale is not complete) in all of Lake Norman which is down significantly from last month’s Hot Sheet number of 206, 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

12/21/2013

Lake Norman home sales activity for the past two weeks

Lake Norman home sales activity for the past two weeks

Lake Norman Real Estate’s December 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. (December 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 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:

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lake norman real estate, Lake Norman Real Estate Market Reports

Lake Norman’s 2011 real estate market was, well, okay.

So, when all is said and done, our Lake Norman single family housing market was just okay in 2011.  We didn’t quite match 2010 sales but at least we didn’t have a double dip back to our abysmal 2009 numbers!  5 months in 2011 were either equal to or better than 2010 while 7 months were lower compared to 2010. With the exception of March, the first half of 2011 was pretty tough but then we had a string of strong months (look at August!) before dipping back down in November/December.  As you can see, there is really no consistent pattern by month:

Lake Norman Monthly Sales Chart for 7 Years

*Please note that all of my numbers are for single family homes. They come from the Charlotte Region Multiple Listing Service and will not include sales that took place outside of our MLS.  **I have made an adjustment of  the totals reflecting the ACTUAL  sales  every month in 2009, 2010 and 2011 and the totals in the prior calendar years.  The columns may not add up but I do my best with what I have to work!

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lake norman real estate

Lake Norman Real Estate: Foreclosures and Unemployment Rates

Lake Norman Real Estate Analyzing the Data

 

In today’s real estate market, both here in the Lake Norman area as well as the entire country, economic data changes daily.  This is especially true of  the number of home foreclosures.  And it is particularly difficult to stay on top of our local numbers as they are not as readily available.

That is why I got pretty excited when I learned about  this interactive map on the  National Public Radio’s website: Interactive Map:  The Economy Where You Live.  If you click on the link a map of the United States will appear with the option to search three different numbers BY COUNTY:

  1. Foreclosure Rates
  2. Unemployment Rates
  3. Median Household Income

These numbers are updated regularly so you can keep track of trends by county not only where you might be buying but where you are currently living as well.

Today’s numbers for our four Lake Norman counties:

Iredell (including Mooresville, Troutman,Statesville):

  • Foreclosures:  1 in 1662 (one out of every 1662 homes are currently in foreclosure)
  • Unemployment rate: 13%

Mecklenburg (including Charlotte, Huntersville, Cornelius, Davidson):

  • Foreclosures:  1 in 213
  • Unemployment rate: 11.7%

Catawba (including Sherrills Ford, Terrell, Hickory):

  • Foreclosures:  1 in 2479
  • Unemployment rate: 14.9%

Lincoln (Including Denver, Lincolnton):

  • Foreclosures:  1 in 1401
  • Unemployment rate: 14.5%

While I have included which Lake Norman cities fall in each county, it is important to know that there are many other cities in these counties, especially Mecklenburg which includes the greater Charlotte metropolitan area.  It is clear that the more densely populated areas in Mecklenburg County are experiencing a much greater number of foreclosures than the other counties surrounding Lake Norman.

In a report released by RealtyTrac today, the foreclosure related filings in August were ranked by state, the worst being:

  1. Nevada:  1 in 62
  2. Florida: 1 in 140
  3. California: 1 in 144
  4. Arizona: 1 in 150
  5. Michigan: 1 in 234

According to this report, one in every 357 U.S. homes was subjected to a foreclosure-related filing in August.

Overall, the Lake Norman area is doing considerably better than the country but the numbers are not currently trending in a positive direction.

I plan on checking these maps on a regular basis to watch for changes!

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s Hot Sheet: July 13, 2009

 Lake Norman Hot Sheet:  July 13, 2009 

Lake Norman Real Estate's July 2009 Hot Sheet 2

 There has been so much speculation in the economic news about the U.S. housing market that I decided we needed a reality check.  There is nothing better to shed some light on our Lake Norman Real Estate market than a visit to our Multiple Listing Service.  The above chart is 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.  As always, I have included the past 6 months so that you can put these numbers in perspective.

Here are some highlights:

New listings decreased by 22%…the lowest number this year!  After a peak last month there are consistent signs that our inventory levels are heading downward.  This is one key component of a bottom.  Once our inventory is drop to a 6-8 month of supply we will be back in a balanced housing  market here in Lake Norman.

The number of listings coming “Back on the Market” due to a canceled contract is still extremely high.  Considering our pending and contingent/conditional numbers are dropping, then more homes fell out of contract than went under contract in the past two week.  This is again a sign of the tremendous challenges involved in loans, appraisals and perhaps a lack of buyer’s confidence in the economy and/or housing market.

The number of price changes are back down to our April levels.  This could be simply because the decreasing number of active listings is in line with the decreasing number of price changes when compared to their peak last month.

Pending home sales dropped 18.5% compared to last months high.  If you follow the national housing market you will know that there is always much focus on pending sales since these are sales that are past conditions and contingencies and are waiting to close.  Pending sales are looked at as the best indication of future closed sales.  These have been strong nationally which is one reason why some of the media has been optimistic about the national housing market hitting bottom.  However, here in Lake Norman, all numbers are pointing to the fact that June was perhaps the strongest month we will have this year and that sales will continue to decline through the end of 2009.

The number of closed sales remained equal to last month’s hot sheet.  What I find interesting is that despite last month’s high pending sales of 54, we in fact only closed 44 in the past two weeks.  Last month’s strong pending sales numbers did not result in higher closed sales this month, probably due to the number of contracts that failed to close.

Unfortunately, the number of new contracts, conditional and contingent sales, dropped for the second straight month.  This further supports my feelings that our July and August numbers are going to be lower than June’s.

As always, I will close with a note about our months of supply of active listings.  If we presume that we  will close about 80 sales in July and we currently have 1582 active listings, we still have about a 20-month supply of homes for sale.  It is still a buyers market here in Lake Norman!

RELATED ARTICLES
 
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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s May 2009 Home Sales Analysis

Whether you are a potential home buyer considering the greater Lake Norman area or a Lake Norman homeowner trying to determine the best time to sell, it has never been more important to be informed in every possible way about our local Lake Norman real estate market.  The housing market was in the news throughout the country with so many different perspectives and interpretations.

Our Lake Norman housing market continues to change rapidly.  What was true even a month ago may not be true today.  That said, here is the summary of Lake Norman single family home sales and statistics for this past May.  (The period ending yesterday):

Lake Norman may-2009-sales-analysis

  Active Listings:  Our total number of active listings decreased slightly.  While they are high, considering this is Lake Norman’s peak selling/listing season at a time when we might expect increased inventory, this is a VERY good sign.  I can’t emphasize enough how important it is for Lake Norman’s inventory to drop.

Contingent Sales:  This represents the number of homes that are under contract but are contingent upon the buyers selling their own homes.  In a buyers market, this is not a strong position for a seller as it may take months for the buyer’s property to sell.  This number is double that of last month which in my opinion indicates the more sellers are willing to take a risk in order to sell their homes

Conditional Sales:  At 56, the number of  homes under contract that are in the early stages of negotiations with conditions for loans and inspections is 51% higher than last month.  This is an indicator of future closed sales.  There most certainly has been an increase in showings so we may see some higher closed sales over the next few months.

Pending Sales:  94 pending sales is 12% higher than last month.  These are sales that are just waiting to close which would indicate that our June closings should be higher than this month.

Closed Sales:  I must admit I was a bit disappointed to see our closed sales at only 67.  Closed sales actually dropped 3% versus last month.

Summary versus 2008:   Lake Norman home sales volume dropped 26% compared to May 2008.  The average price of the homes sold dropped 21% compared to 2008 and the average days a home was on the market increased 36%.  The most important of these three numbers is the drop in the average price of the homes sold.  Throughout the country it has been the drop in prices that has resulted in an increase in sales.  Bargains are selling and are what will continue to drive our Lake Norman market until consumer confidence returns.

5-Year Comparison of Lake Norman Home Sales By Month

20092008200720062005
January246987102105
February 45501059888
March 4271151153136
April6990120143152
May 6790152182157
June82169227172
July101147166191
August74144180233
September69105135163
October6698117184
November468488145
December6264132134
Totals:247916149217431860

* Please note that all of my numbers come from the Charlotte Region Multiple Listing Service and will not include sales that took place outside of our MLS.

**While my totals on this chart for 2008 sales is 870, when I search on our MLS for the entire year they give me a slightly higher number of 916 so I will use that as our official number for the sake of this analysis.

Summary:  With 67 closed sales and 1598 active listings in the Lake Norman area, we still have a 23.8-month supply of homes for sale.  While this is substantially better than the last quarter, a balanced housing market should have about 6-8 months of inventory so we still have a long way to go to achieve a solid housing market.  If you look at the chart above it is a bit sobering to realize we sold three times as many homes in May of 2006 as we did this past month!

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Lake Norman Real Estate Market Reports, Lake Norman waterfront homes

Lake Norman Real Estate: Luxury Home Market Update

Lake Norman waterfront estate in The Point

 I couldn’t resist having a little fun while providing an update of our Lake Norman luxury home sales.  Above is a home we locals refer to as the “Taco Bell” house.  It is located in The Point on the Brawley Peninsula and serves as a great landmark when out boating on the lake!

So, what is happening with luxury homes in Lake Norman?  In general, sales above $750,000 have been quite slow:

Active Listings: As you can see, we have 456 homes priced over $750,000 in Lake Norman and 12 have sold since the beginning of the year (1/1/09 – 3/9/09).  This means we have a 76 month supply of homes.

Solds:  12 homes sold since January 1, 2009 versus 29 in the same period of 2008.  This is a 59% drop in the number of sales.

Other Interesting Statistics regarding the 12 sales:

  • Average Size = 5,421 square feet
  • Average listing to selling price differential = 93%
  • Average $ per square foot = $195

What happens when we separate out waterfront homes?

  • 8 of the 12 sales were waterfront
  • Average Size = 5445
  • Average Sales Price = $1,130,812
  • Average $ per square foot = $208 vs $169 for non-waterfront homes

At the peak of our Lake Norman real estate market waterfront homes were selling, on average, for at least $300 per square foot, waterview homes sold for about $150 per square foot.

While this is just a snapshot of our most recent luxury home sales, it is fascinating to see that waterfront home prices seem to have dropped by almost $100 per square foot.  My own observations as I show waterfront properties would substantiate this.

Bottom line?  This spring/summer should be a GREAT time to buy waterfront homes on Lake Norman.  They have been hit the hardest during this downturn because they went up the most during the strong years and I can only assume that once our market turns around once again the limited supply of waterfront homes will drive the prices back up!

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Is ‘The Point’ Lake Normans Ultimate Luxury Home Community?

The Waterfront Community of Bay Crossing

Lake Norman Luxury Real Estate Market: The intimate private community of West View

The Harbour at The Pointe; A Popular Lake Norman Subdivision

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s February 2009 Sales Analysis

Whether you are a potential home buyer considering the greater Lake Norman area or a Lake Norman homeowner trying to determine the best time to sell, it has never been more important to be informed in every possible way about our local Lake Norman real estate market.

Our Lake Norman housing market continues to change rapidly.  What was true even a month ago may not be true today.  That said, here is the summary of Lake Norman single family home sales and statistics for this past February.  (The period ending yesterday):

Active Listings:  Unfortunately, our number of active listings has increased by 62 properties since January 1, 2009.  Normally we would look forward to new listings coming on for our peak Spring and Summer months but today we face such a seriously overstocked supply of active listings that any increase in our inventory is not good for home sellers….more supply + low demand = lower sales prices. Continue reading

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The Real Estate Process, Home Buying and Selling Tips

Lake Norman Real Estate: What Home Buyers Should Know Right Now!

Lake Norman future home buyers

Every time I go out with my buyers in our Lake Norman area I gain some knowledge about the dynamics of our market that can’t be acquired merely by looking at our Lake Norman housing statistics and reading the myriad real estate articles in the news.  Now more than ever real estate is very very local.  My insights about the Lake Norman real estate market may not even apply to Charlotte!

If you are serious about buying a home in Lake Norman this spring here are my recommendations:

Get pre-approved for a loan AND then keep in touch with your lender on a weekly basis.  Right now the lending market is so erratic that you can not count on last month’s pre-approval.  I had buyers completely pre-approved but when they finally were ready to write up their offer the lender told them they could no longer get a loan, period.  The rules changed, not their excellent credit or down payment.

Know your priorities and goals and stick to them.  There are so many homes for sale in the Lake Norman area that buyers have almost too many to choose from.  It is easy to get side tracked which leads to more confusion and frustration.  Stay focused!

Look at homes that are priced 10% or more above your intended purchase price.  I can’t tell you how many sellers, including my own, are afraid to lower their prices but keep asking why they haven’t gotten any offers and insisting that if they had an offer they would work with the buyers.  They might ultimately reduce their price lower than you might expect.  You may miss your perfect home that is simply overpriced if you don’t stretch your price-range.

Don’t be afraid to make a low offer!  This goes along with the idea of looking at higher-priced homes.  As a buyer you probably know the market better than the sellers since you are out there looking at active listings.  While there are times the seller will simply not respond, if they have a good agent they will counter with something just to keep the dialog going.

Before making your final decision/offer, ask your agent to provide you with:

  • An MLS archive search of your favorite homes:  This will tell you exactly how long the property has actually been on the market as well as how many times it has been reduced and/or expired and re-listed.  The most recent MLS data might say 100 days on the market when in fact it has listed for well over a year.
  • Tax records:  When did the sellers purchase their home and for how much.  Right now in many Lake Norman neighborhoods prices are back down to 2004/2005 prices so if the home was purchased more recently chances are the sellers are going to have to take a loss.
  • A comparative market analysis:  Learn everything you can about the recent sales and current active listings that an appraiser will use to help you decide your purchase price.  If there are one or two low sales or active listings these will greatly impact the value of the other homes in the neighborhood.  Lenders are so conservative right now that they are even doing second appraisals just before closing.  Our prices are trending downward.  Lenders are very difficult to work with under the best of circumstances but if your purchase price is a bit high it is most likely that you won’t be able to get the loan.

Finally, keep up with the financial news.  The newly passed Stimulis Bill includes an $8,000 tax credit (that does NOT have to be repaid) for first-time home buyers.  There are discussions about further efforts to bring mortgage interest rates down and other tools to revive our lagging national housing market.

Be smart and you will be successful!

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s January 2009 Sales Analysis

No matter whether you are a potential home buyer considering a purchase in our Lake Norman NC area or a homeowner deliberating about the timing of the sale of your home in the Lake Norman area, it has never been more important to be as informed as possible about our local real estate market.

Our Lake Norman real estate market has been changing rather rapidly.  What was true as little as a month ago may not be true today.  That said, here are the Lake Norman single family home sales statistics for this past January 2009:

Lake Norman Market Report for January 2009      
 %Average%%
Lake Norman2008  Average $  DOM2008+/-$+/-DOM+/-
Active lisitngs1471$737,491      170 
Contingent16 484,281   209 
Conditional 24 581,407   244 
Pending 66 480,092   142 
 Sold24 454,779   1926965%542,22916%14433%
           

Active Listings:  Unfortunately, our number of active listings has increased by 65 properties since December 31, 2009.  While we would normally expect new listings after the holidays, an increase in our tremendously overstocked supply of active listings at this time is not good.  While our number of properties sold was an all time low of 24, if these trend were to continue it would mean that we have a 61 months of supply of homes for sale in Lake Norman! (Balanced market is 6-8 months).

Contingent Sales: This number has increased to 16 from 11 in December…a mildly good sign.

Conditional Sales: The number of homes that went under contract increased from 17 homes in December to 24 homes in January….again, any increase is a good sign.

Pending Sales:  The number of homes poised to closed increased from 55 in December to 66 in January.  This is the best indication of what we can expect in the number of closings in February.

Closed Sales:  I honestly have gone back to our Charlotte Regional Mulitple Listing Service three time today to verify this number because it was so low.  24 homes sold in our entire Lake Norman area (13/1-13/5) in January.  This is a 65% decrease compared to January 2008 and a 58% decline in home sales compared to last month. 

To put this in  number in context let’s look at our Lake Norman Homes Sales Summary Chart:

2008 Lake Norman Home Sales Summary

20092008200720062005
January246987102105
February501059888
March71151153136
April90120143152
May90152182157
June82169227172
July101147166191
August74144180233
September69105135163
October6698117184
November468488145
December6264132134
Totals:24916149217431860

* Please note that all of my numbers come from the Charlotte Region Multiple Listing Service and will not include sales that took place outside of our MLS.

**While my totals on this chart for 2008 sales is 870, when I search on our MLS for the entire year they give me a slightly higher number of 916 so I will use that as our official number for the sake of this analysis.

The number of Lake Norman home sales for January 2009 dropped by 65% from January of 2008 and 61% versus last month.

Summary:  I am hoping that the historically low sales last month were a result of the perfect storm of our national economic crisis, the holidays and lack of consumer confidence.  I am optimistic that our sales will improve this month but even if we go back up to 2008 numbers we still have too many homes on the market in the Lake Norman area.  Home prices will continue to go down until we see an increase in sales and a return to a balanced market.

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