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:
* All data is from the Carolina Multiple Listing Service.
Some significant additional statistics for you: