Lake Norman Real Estate Market Reports

How Does Lake Norman’s 2015 Housing Market Compare to 2014 and Our Peak 2006?

I wish I had a nickle for every time someone asks me about the Lake Norman real estate market today and how prices compare to our peak in 2006! The only way to truly answer these questions is to compare an entire year of sales.  This helps us to eliminate those pesky monthly ups and downs that can be impacted by one or two luxury home sales.

First, let’s look at how our 2015 real estate market of single family homes compared to last year:

2015 Versus 2014

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Lake Norman Real Estate's 2015 Year End Market Report

This chart compares the average of the 1594 homes sold in 2015 to the average of the 1484 sold in 2014.  As you can see, our volume of sales increased by 7% but our average sales price dropped by 3%.  The good news is that it took on average 9% fewer days for a Lake Norman home to sell this year versus last year.  A few more fun numbers: The average price per square foot in 2015 was $150.07 compared to 2014’s $149.32.  So, did our home values increase this year? Yes, by .5%.  And, in 2014 the average sales price to listing price was 96% and in 2015 is rose 1% to 97%. While subtle, these numbers indicate that homes are selling faster, for slightly more money and 1% closer to the listing price than in 2014. Continue reading

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s October 2015 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.

Historically, October is not a dynamic month for our Lake Norman housing market.  Since 2005 only 2 October total closed home sales totals exceeded September’s but unfortunately one was last October which happened to be the second highest sales month in all of 2014. My last few market reports revealed a slowing in our sales and overall activity and I even predicted that we were not going to match last October’s strong home sales in our Lake Norman area.  As of today we have 57 total closed sales since the first of October compared to last month’s 72, August’s 83 and 95 closed sales at the same time in July. As you can see below, we had the second highest 2-week hot sheet closed sales totals of all previous Octobers but significantly lower than the past two months 4 months of 2015. We currently have 216 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 247 and August’s 285. There is no doubt Lake Norman’s housing market has slowed down but not unusually so for this time of year. Let’s take a closer look:

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