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