Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s October Market Report

As predicted, Lake Norman’s real estate numbers for October continued their downturn for a second month in a row. We logged in a total of 150 home sales, a 14% drop when compared to last October but a 13.6% increase over last month’s. So, while disappointing, not nearly as severe a decline as we experienced in September. And, this was the 4th best October in since 2005. Was Hurricane Florence a factor? No matter what factors have contributed to our weakening housing market, there is clearly a downward trend that will continue through the end of this year.  Our low pending sales and new contracts’ numbers compared to last year are both down which substantiates this trend. 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:

  • Our Lake Norman home sales were down for the second consecutive month and our year-to-date sales are down -2.6% compared to 2017.
  • Our inventory of active listings remains historically low, (44 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 this 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:

Lake Norman Real Estate Sales Analysis

All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

Continue reading

Standard
Lake Norman Real Estate Market Reports

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

Lake Norman home sales by price range 3rd quarter 2018

 

*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.  

Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s June 2018 Market Report

Lake Norman’s real estate numbers for June exceeded even my expectations by logging in a total of 246 home sales which beats last June’s record breaking 236 by 4%. And, our June sales were 18.8% higher than last month’s.   After some ups and downs at the beginning of the year, the past two months have helped us to record 4 more sales in the first half of this year compared to 2017’s record breaking year which is truly impressive and, quite honestly, unexpected. The million dollar question is can we sustain this level for the second half 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:

  • June’s strong numbers were able to lift our total sales for the past 6 month’s of 2018 above our record-breaking 2017 numbers.
  • Our inventory of active listings remains alarmingly low (a whopping 136 fewer than last year!) and it has not increased as it should at this time of year yet we are still logging strong sales.  It is hard to quantify but there is no doubt that low inventory does have a negative impact on our Lake Norman’s home sales.
  • We are seeing some weaker pending sales which will likely lead to a dip in sales in the next few months.
  • Waterfront homes are now squarely in a seller’s market for the first time since the recession.
  • 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:

Lake Norman real estate market report June 2018

All data is from the Carolina Multiple Listing Service.

Continue reading

Standard
Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s 2017 4th Quarter 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 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 4th Quarter 2017 Home Sales By Price Range

Lake Norman home sales buy price 4th quarter 2017

*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.  

Continue reading

Standard
Lake Norman Real Estate Market Reports

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

Lake Norman home sales 3rd quarter 2017 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:

Continue reading

Standard