* All data is from the Carolina Multiple Listing Service.
Tag Archives: luxury
Lake Norman Real Estate’s November 2018 Market Report
Lake Norman’s real estate market continued its dramatic downturn in November with a 26% drop in home sales compared to last year and a 31% drop from last month’s. While this was the 4th best November since 2005 this certainly isn’t enough to restore our confidence. No matter what factors have contributed to our weakening housing market, we have been battered with three months and there is nothing to suggest this will change in the next few months given our low pending sales and new contracts’ numbers compared to last year. My numbers below should provide some deeper insight.
Here are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:
- Our Lake Norman home sales were down for the third consecutive month and our year-to-date sales are down -3.6% compared to 2017.
- Our inventory of active listings remains historically low, (13 fewer than last year), as they have been all year, never reaching our normal summer highs. It is hard to quantify but there is no doubt that the low inventory does have a negative impact on our Lake Norman’s home sales.
- Our pending sales and our newest contracts (UCS) are down which indicates a continuation of the slowdown for the rest of 2018.
- Waterfront homes moved back into a buyers’ market.
- I want to share with you again this great interactive calculator for determining rent vs. own costs from the New York Times!
Let’s take a closer look:
* All data is from the Carolina Multiple Listing Service.
Some significant additional statistics for you:
Lake Norman Real Estate’s 3rd Quarter 2018 Sales by Price Range
Our 3rd Quarter 2018 price range analysis is fascinating because it reveals strengths and weakness not by groupings like luxury homes, trade-up or first-time buyer as is normally the case but rather by price ranges within these groupings. If you compare this chart to the second chart below for the same quarter in 2017 you will see further evidence of these rather quirky numbers.
Why do I create a price-range analysis every quarter for my readers and clients? Because if you are a home buyer or seller in the Lake Norman area it really only matters what is happening in YOUR price-range. Yes, it is important to know about the global, national, and Charlotte area economy and real estate market but real estate is hyper-local so it is most meaningful for you 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 $700,000 price range, you are going to have an entirely different experience than someone in the $800,000’s. And, if you considering a broader range of prices, this chart can help you develop of more effective strategy by narrowing your search based upon actual strengths and weaknesses within our Lake Norman price ranges.
Lake Norman’s 3rd Quarter 2018 Home Sales By Price Range
*Compiled from the Carolina 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.
Lake Norman Real Estate’s August 2018 Market Report
Lake Norman’s real estate sales numbers for August were exceptional. We logged in a total of 232 home sales which beats last August’s 211 by 10% and they were 18.4% above last month’s. After some ups and downs at the beginning of the year, the past four months have helped us to record 39 more sales in the first 8 months of this year compared to 2017’s record breaking year which is truly impressive and, quite honestly, unexpected by early national real estate projections. The million dollar question is can we sustain this level for the rest of 2018? My numbers below will provide some insight into where we are headed for the next few months.
Here are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:
- August’s closed sales were strong: 10% higher than last August’s, 18.4% greater than last month’s, the second highest month this entire year and the best August in Lake Norman’s history!
- Our inventory of active listings continues to drop to alarmingly low numbers (a whopping 146 fewer than last year!) after never reaching our normal summer highs and yet we are still recording high sales. It is hard to quantify but there is no doubt that the low inventory does have a negative impact on our Lake Norman’s home sales.
- We are seeing some weaker pending sales which may be an indication of a slowdown at least for the next few months.
- Waterfront homes moved back into a seller’s market.
- I want to share with you again this great interactive calculator for determining rent vs. own costs from the New York Times!
Let’s take a closer look:
* All data is from the Carolina Multiple Listing Service.
Lake Norman Real Estate’s 2nd Quarter 2018 Sales by Price Range
Wow, what an amazing report this quarter! I was really shocked to see the extent of the improvement in all of our middle to luxury price ranges and the strength of our sales despite such low inventory. If you compare this chart to the second chart below for the same quarter in 2017 you will see the impressive evolution of our luxury and waterfront housing markets in the past year.
If you are a home buyer or seller in the Lake Norman area 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 here so it is most meaningful for you 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 $700,000 price range, you are going to have an entirely different experience than someone in the $800,000’s. This is the reason why I create a price-range analysis every quarter for my readers and clients:
Lake Norman’s 2nd Quarter 2018 Home Sales By Price Range
*Compiled from the Carolina 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.
Lake Norman Real Estate’s 1st Quarter 2018 Sales by Price Range
If you are a home buyer or seller in the Lake Norman area 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 here so it is most meaningful for you 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 $700,000 price range, you are going to have an entirely different experience than someone in the $800,000’s. This is the reason why I create a price-range analysis every quarter for my readers and clients:
Lake Norman’s 1st Quarter 2018 Home Sales By Price Range
*Compiled from the Carolina 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.
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 2018
- This is followed by the percentage this price range represents of the total number of listings sold in all of Lake Norman
- Next is the number of active listings in this price range today
- 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 months so you can use this to gauge your price range).
Lake Norman Real Estate’s October 2017 Market Report
October numbers are out! Here are what I feel are the biggest takeaways from last month’s Lake Norman real estate sales numbers:
- We had another strong albeit not record-breaking month, logging in 167 closed sales of single family homes. (See green and yellow chart below).
- While our numbers are good compared to the same month last year, there is no doubt that our overall housing market has slowed considerably with lower sales than the past 5 months.
- At 1695 closed sales, our first 10 months of 2017 exceeded all previous years in Lake Norman’s history, even exceeding 2005’s previous record high by 6.2%.
- What a freaky month when we look at price ranges. A whopping 79% of our sales were under $600,000. Then, seemingly out of nowhere, we had 7 sales OVER $2 million!
- Our trade-up price ranges from $600,000-$999,999 simply disappeared after last month’s strong showing. So much for stability.
- Waterfront homes fell back into a buyer’s market after two pretty strong months. Ups and downs and more ups and downs.
In a nutshell, these numbers mean that our overall strong sales in 2017 have been impressively consistent in beating prior year’s numbers month after month. While there is no guarantee that this will continue long term, 2017 has really been a remarkable year for our Lake Norman real estate market. 2017 will be the single best year for home sales in Lake Norman’s history. That said, we still need to see consistent strength in our waterfront, trade-up and luxury niches for them to regain their pre-recession levels.
Let’s take a closer look:
* All data is from the Carolina Multiple Listing Service.
Some significant additional statistics for you:
Lake Norman Real Estate’s 3rd Quarter 2017 Price Range Overview
If you are a home buyer or seller in the Lake Norman area 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 for you 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 $700,000 price range, you are going to have an entirely different experience than someone in the $800,000’s. This is the reason why I create a price-range analysis every quarter for my readers and clients:
Lake Norman’s 3rd Quarter 2017 Home Sales By Price Range
*Compiled from the Carolina 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.
How to read this report:
Lake Norman Real Estate’s September 2017 Market Report
September numbers are out! Here are what I feel are the biggest takeaways from last month’s Lake Norman real estate sales numbers:
- We had another awesome month, logging in an all time September record of 194 closed sales of single family homes! (See green and yellow chart below).
- At 1525 closed sales, our first 9 months of 2017 exceeded all previous years in Lake Norman’s history, even exceeding 2005’s previous record high by 7%.
- My excitement about our luxury market last month has been tempered slightly as we currently has 29 properties over $1 million under contract down from 42 last month.
- For the second straight month waterfront homes are in a sellers’ market but there are some worrisome signs that this momentum might not be sustained so it will be important to watch this trend going forward.
- Our trade-up price ranges from $600,000-$999,999 represented almost 1/4 of our sales and our current properties under contract again showing signs of stability after many years of struggling to recover.
In a nutshell, these numbers mean that our overall strong sales are no longer erratic but instead impressively consistent in beating prior year’s numbers month after month. While there is no guarantee that this will continue long term, they are still tremendous accomplishments for our Lake Norman real estate market. It looks like 2017 will be the single best year for home sales in Lake Norman’s history. But I am not going to celebrate just yet as I want to watch the waterfront and luxury niches carefully to see if they can finally regain their pre-recession levels.
Let’s take a closer look:
* All data is from the Carolina Multiple Listing Service.
Lake Norman Real Estate’s August 2017 Market Report
I usually introduce these market reports with basic numbers about the month. But today, instead, I want to share with you what I feel are the biggest takeaways:
- Lake Norman currently has 42 properties over $1 million under contract.
- Waterfront homes are, for the first time since the recession, in a sellers’ market.
- Our trade-up price ranges from $600,000-$999,999 represented almost 1/4 of our sales.
- Finally, at 1329 closed sales, our first 8 months were the highest first 8 months in Lake Norman’s history, exceeding 2005’s by 6.6%.
In a nutshell, these mean that our waterfront, trade-up and luxury markets may finally be recovering after lagging for years, AND our overall strong sales are no longer erratic but instead impressively consistent in beating prior year’s numbers month after month. While there is no guarantee that these will continue long term, they are still tremendous accomplishments for our Lake Norman real estate market.
Let’s take a closer look:
* All data is from the Carolina Multiple Listing Service.
Lake Norman Real Estate’s August Hot Sheet is Here!
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.
I always get excited to do this Hot Sheet analysis each month because it provides me with a mid-month pulse of our Lake Norman real estate market. So where are we today? After a stunning March, strong April and May, record-breaking June and strong July, it looks like this hot trend is continuing in August and beyond. Let’s take a closer look:
Lake Norman Real Estate’s August 2017 Two-Week Hot Sheet
* 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. (August 8th – 22nd). As always, I have included the past 6 months so that you can put these numbers in perspective. Below is the August chart using my data since 2010.
Lake Norman Real Estate’s July 2017 Market Report
After June’s highest monthly home sales in Lake Norman’s history, we closed a respectable 180 single family homes in July but it was only the second best July since 2005. No new records set. :-). That said, our July sales were 15% higher than last July’s! 6 out of the first 7 months of this year our sales exceeded 2016’s. We were up against a huge May 2016 of 211 and managed to exceed that by a respectable 7%. Over all, home sales in the first 7 months of 2017 were 19.7% higher than 2016’s. AND, at 1119 closed sales, our first 7 months were the highest first 7 months in Lake Norman’s history! Let’s take a closer look:
* All data is from the Carolina Multiple Listing Service.
Some significant additional statistics for you:
Lake Norman’s 2nd Quarter 2017 Price Range Market Report
If you are a home buyer or seller in the Lake Norman area 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 for you 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 $700,000 price range, you are going to have an entirely different experience than someone in the $800,000’s. This is the reason why I create a price-range analysis every quarter for my readers:
Lake Norman’s 2nd Quarter 2017 Home Sales By Price Range
*Compiled from the Carolina 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.
Lake Norman Real Estate’s 1st Quarter 2017 Market Report by Price Range: Great Tool for Buyers and Sellers!
If you are a home buyer or seller in the Lake Norman area 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 for you 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 $900,000 price range, you are going to have an entirely different experience than someone in the $800,000’s. This is the reason why I create a price-range analysis every quarter for my readers:
Lake Norman’s 1st Quarter 2017 Home Sales By Price Range
*Compiled from the Carolina 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.
Lake Norman Real Estate’s October 2015 Market Report: An Anomaly?
So a month ago I wrote: “October is really going to be ugly“. Unfortunately, it was. Sales were down 36% compared to October 2014 and 28.7% from last month. Because we had exceptionally strong home sales in October 2014, October 2015 looks REALLY bad however we actually logged in some respectable numbers when you look at Lake Norman’s October sales historically. (See annual sales chart below) . Our inventory of active listings is insanely low (10% below last year’s) which will also serve as another challenge to the rest of 2015 sales. If there is a silver lining it is that after October, our sales in 2014 dropped significantly so there is a chance we can pull out ahead of last year again in November and December. And, our year-to-date 2015 closed single family home sales are still 9% higher than 2014’s. After 9 straight months of increases over 2014, October broke our winning streak. However, things just may pick up based upon the numbers below. Let’s take a closer look:
* All data is from the Carolina Multiple Listing Service.
Some significant additional statistics for you: Continue reading
