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

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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Download this month’s calendar here.

Spring has sprung at Lake Norman!  Although the COVID-19 virus has stopped the community from our regular spring festivities, Mother Nature continues to bring out her finest display of beautiful blooms everywhere you turn!  For our April featured calendar photo, we hope you enjoy this spectacular display of wisteria, whose fragrant sweet perfume smells as amazing as it looks! This type of wisteria is Wisteria sinensis, commonly known as the Chinese wisteria. It is a non-native variety, but has naturalized in many areas of our region.  North Carolina also has a native variety and a Japanese variety too.  When purchasing wisteria for your garden, look for the native variety: Wisteria frutescens (American wisteria) which is less invasive and easier to maintain. Fun fact: Did you know both the Chinese and American wisterias twine in a counterclockwise direction but Wisteria floribunda (Japanese wisteria) twines clockwise?

 

Lake Norman News, Events and Celebrations, Lake Norman photos

Lake Norman Real Estate’s April Calendar Photo: Wisteria Hysteria!

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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 2019 Market Report

Lake Norman Real Estate's June 2019 Market Report

All data is from the Carolina Multiple Listing Service.

So, our lower pending sales numbers in Lake Norman last month did, in fact, result in a decline in closed sales in June, posting a 12% drop from June 2018’s and a 6.3% decline compared to last month’s. This was the first month in 2019 that our Lake Norman home sales were below last year’s. Despite this modest drop we are still 4.4% higher for the first 6 months of 2019 compared to 2018.  My numbers below should provide some deeper insight into where we are headed as well as details regarding this month’s sales.

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

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Just the facts about Lake Norman, Property Tax Rates

Lake Norman property tax rates by county and city

 Lake Norman Propery Real EstateTax

 Lake Norman’s low property taxes are one of the attractions for home buyers considering a relocation to our beautiful area.  However, because Lake Norman falls in 4 different counties and ten towns for prospective home buyers it can be a bit of a challenge trying to get a sense of what their property taxes will be in any given location.

A special note!  I just updated the numbers below to our 2018 tax rates.  All properties were just reassessed for 2019 as they are every 8 years in North Carolina.  The last reassessment was 2011 and the next will be 2027. The new assessed values are just coming out and some properties have risen more than others so make sure to find out the new assessed value of a property of interest to you! These new assessed values will be used in our upcoming 2018-2019 tax bills.

Below are links to all of the county website pages that provide all of the information you will need.  In addition, here are a few helpful hints: Continue reading

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Just the facts about Lake Norman

Lake Norman, Our Inland Sea

Lake Norman aerial view

Almost every time we go out on the lake I take a moment to look down as far as I can into the water; wondering if below me lies an old farm, perhaps the village of Long Island or one of the 70 roads now silent below the 32,475 acres of water.

It is truly staggering to realize that in 1904 two sets of brothers, the Dukes and the Wylies and William Lee first met to discuss the beginning of what would result in the creation of Lake Norman in 1964. The culmination of a 60-year dream, this magnificent man-made “inland sea” required the purchase of 33,000 acres of land including homes, family farms, and entire towns. As a REALTOR, I find it particularly interesting that the landowners who traded their farms for pine forest that would front on the future lake referred to it as “worthless land”. Today, “good” waterfront lots start at about $500,000. The 520 miles of shoreline of Lake Norman have become some of the most valuable property in the state.

JUST THE FACTS

  • To put it in perspective for you, Lake Norman has 520 miles of shoreline, the Great Salt Lake has 335, Lake Lanier has 520, Lake Tahoe has 71 and Lake Erie has 871.
  • “Full pond” elevation of Lake Norman is 760 feet above sea level.
  • The deepest point is about 130′ and the average depth is about 25′
  • The water of Lake Norman is used to provide electricity to the Piedmont Carolinas and supply water to most of it’s adjacent cities/counties.
  • Lake Norman is the largest fresh water lake in North Carolina
  • 4 Counties border the lake: Iredell, Mecklenburg, Lincoln and Catawba
  • Lake Norman is 18 miles north of Charlotte
  • Types of fish include: White bass, bluegill, striped bass, rainbow trout, perch, walleye, largemouth bass and white crappie

 

Lake Norman State Park in Troutman

PARKS

  • Lake Norman State Park (camping, boating and boat rentals, fishing, nature, hiking and mountain biking trails, nature programs and picnicking and swimming)
  • Blythe Landing on Lake Norman (6 boat ramps, volleyball, playground, picnic sites with grills, wave-runner rentals)
  • Ramsey Creek Park on Lake Norman (Public Beach, 4 boat ramps, fishing pier, picnic shelters and tables, athletic fields, playground and nature trail)
  • Jetton Park (hiking, biking and rollerblading trails, 8 lighted tennis courts, playground, picnic area and sunning beach)

LAKE NORMAN RESOURCES

While it is tempting to get caught up in the fun of lake living, there is also a serious side to address: Water Recreation Safety, Shoreline Management, Soil and Water Conservation and the general preservation of the quality of life around the lake, both man-made and natural.

The regulation of the Lake Norman is the shared responsibility of Duke Energy, and state, recreation and law enforcement agencies in the Carolina’s. Duke Power has a license to run Lake Norman. These address everything from pier permitting (all piers must be permitted!), zoning maps (call 704.382.3676 to get a disc with 10 maps of the lake showing environmental areas and zoning to check any lot you may be interested in developing.), the minimum of 100′ of shoreline that is necessary to build a dock unless grandfathered in prior to new regulations, dredging, seawalls, stabilization and rip wrap and code enforcement of unsafe docks.

If you are planning to purchase an existing home/property or develop a lot on the waterfront I highly recommend that you read Duke Energy’s “Shoreline Management Guidelines” . There is a PDF version online as well.

Informational websites:

While all of our growth and development is exciting, it also is presenting new challenges to those like the Catawba Riverkeeper Foundation who are working hard to oversee problems with erosion, sedimentation, buffer and dredging violations, pollution and sewage spills. Some of the most recent issues in the news are the coal ash ponds and the control of erosion due to stormwater runoff which is an increasing problem due to new construction along the shoreline and the enforcement of the state law requiring 50-ft undisturbed buffer from the shoreline. Tree buffers help by filtering pollutants from rainwater runoff and preventing erosion of the banks.

As a REALTOR I know that I have a responsibility to provide as much information as possible to all of my clients who live or plan to live on the Lake Norman shoreline. What was truly an outrageous vision in 1904 has because a spectacular reality that I am lucky enough to enjoy every day. If you have any questions regarding anything mentioned here I will either find the answer or direct you to the appropriate resource to assist you.

Thank you to Bill and Diana Gleasner for their gorgeous book “Lake Norman Our Inland Sea“. I will leave you with one of their poems:

 

Lake Norman Charlotte Observer article photo

 

Our Inland Sea

This valley carved by time and coursing streams

This pool of mountain snows with depths new-found

This vein of strength, born of giant dreams,

This ancient river channel, ocean bound.

Now diamond-riffed coves and bays,

Spacious skies and crystal days,

Arms and fingers reaching wide

Glinting gold at eventide

Cooling cure for August moons.

This gentle flow, this tranquil sea,

This island-studded pleasure dome

This moving thread of majesty,

This watery realm, our blessed home

Diana C. Gleasner

LEARN MORE ABOUT LAKE NORMAN

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s May 2016 Market Report: What the?

I have been searching for just the right word to describe our May sales numbers.  Confounding? Bewildering? Perplexing? I am truly dumbfounded. What the heck is going on? How can Lake Norman have record breaking numbers of new contracts for months yet log in such disappointing closed sales numbers?  I have some theories but nothing concrete to back them up. Let’s take a closer look:

Lake Norman real estate May 2016 home sales

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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