Lake Norman’s real estate numbers for September took a rather dramatic downturn. We logged in a total of 132 home sales (100 less than last month!), a whopping 35% drop when compared to last September and a 43% drop from last month’s. And, this was the worst September since 2013. Yikes! Was Hurricane Florence a factor? After four very strong months our Lake Norman housing market’s September numbers are honestly a bit frightening. Our low pending sales numbers from last month did indicate a slowdown but not to this degree. The million dollar question is where we are headed for the rest of 2018? My numbers below should provide some insight.
Here are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:
- September’s single family home sales were 35% below last September’s and 43% below last month’s which brought our annual year-to-date sales to -1.5% compared to 2017.
- Our inventory of active listings remains alarmingly low numbers (a whopping 88 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.
- Our pending sales jumped back up however our newest contracts (UCS) are down which indicates a continuation of this slowdown for the rest of 2018.
- Waterfront homes moved back into a balanced 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: