* All data is from the Canopy/Carolina Multiple Listing Service.
As our numbers from last month predicted, Lake Norman home sales in October were very strong: a 23% increase over last year’s and a 14% increase over last month’s. This month’s sales also exceeded all prior October home sales since 2005 by a significant amount! (See green chart below). Yes, we are up against some weak 2018 numbers but the fact that we also beat our 2017 record-breaking October is truly impressive especially when you consider how low our inventory of active listings is today. And, this trend looks to be continuing throughout the rest of this year. Let’s look at my comprehensive report below which will provide deeper insight into where we are headed as well as details regarding this month’s sales.
Here are what I feel to be the biggest takeaways from October’s Lake Norman real estate sales data:
- Our current month’s of supply (absorption rate) is only 3.15 which is a record low. We are still very much in a seller’s market. (A balanced market is 6 months of inventory).
- Lake Norman’s home sales for the first 10 months of 2019 are now 4.4% higher than 2018’s and 3% above 2017 which was Lake Norman’s highest year of sales ever!
- The average sales price was up 7% compared to last year’s. To learn more, scroll down to the sales by price range below.
- Our inventory of active listings is significantly lower than last year’s. (-22% or a whopping 169 fewer than last year’s!). Normally our inventories start to decline after their summer peaks but there is no doubt that this year’s numbers are exceptionally low, period!
- Our newest contracts (UCS) are up 19% while our pending sales (UCNS) are up an impressive 31%. It looks like our Lake Norman home sales will be strong through the end of the year after the 3-month slowdown during the summer. This is remarkable given our record low inventory!
- October’s waterfront home sales put this niche in a sellers market with just 4.43 months of supply but it remains weaker than our overall Lake Norman real estate market.
- New construction sales represented 22% of our overall market in October and today they represent 28.4% of our new contracts.
Let’s take a closer look: