*All data is compiled from the Canopy/Carolina Multiple Listing Service.
As anticipated, the Lake Norman market reports for March 2020 demonstrate the initial effects of COVID-19 on the real estate market. Across the charts, we saw a decrease in each category except for sold homes, as these were a result of prior contracts before the onset of the COVID-19 shutdown. Active listings continue to be limited, although low inventory has been a market factor for many months. March 2020 saw a significant decrease in homes under contract, with a 22%-24% decline in contracts and due to the COVID-19 Stay at Home Orders, we anticipate seeing additional market decline for April. However, we remain positive on the Lake Norman real estate market and firmly believe this slowdown is only a temporary pause on the traditional Spring market, which should resume to expected levels once the current crisis has passed.
In reviewing the March/April time period since 2018, there has been an increase in contracts during this time with the exception of this current year, as you can see in bold below:
This list is the total number of Lake Norman homes under contract (UCS + UCNS) at the end of the first week of each month:
- April 8, 2020: 288
- March 6, 2020: 341
- February 8, 2020: 287
- January 6, 2020: 213
- December 8, 2019: 246
- November 8, 2019: 310
- October 8, 2019: 335
- September 8, 2019: 378
- August 8, 2019: 362
- July 8, 2019: 355
- June 9, 2019: 383
- May 9, 2019: 386
- April 9, 2019: 363
- March 10, 2019: 318
- February 8, 2019: 268
- January 6, 2019: 225
- December 6, 2018: 251
- November 8, 2018: 255
- October 8, 2018: 281
- September 8, 2018: 310
- August 8, 2018: 347
- July 8, 2018: 345
- June 8, 2018: 406
- May 8, 2018: 389
- April 8, 2018: 334
- March 8, 2018: 280
- February 8, 2018: 244
- January 8, 2018: 206
- December 8, 2017: 264
Next, let’s take a closer look at some property specifics:
- 146 of the active homes are new construction, making up 26% of the total homes available
- 211 of the active homes were waterfront, making up 38% of the total homes available
- 81 homes came off the market (expired, withdrawn, or temporarily removed)
- Of the 288 homes under contract, 144 of them were new contracts in March
- 103 of the homes UCS were in Mooresville, over half of all contracts
- 40 of the 84 homes UCNS were also in Mooresville
- 43 of the 84 homes UCNS were new construction
- Only 71 of the 204 homes UCS were new construction
With the onset of COVID-19 affecting our area in March, we began tracking the market daily to get a better idea of what was happening with our Lake Norman market. As expected, showings in our area declined, and then dropped drastically due primarily to the stricter stay-at-home order that went into effect for Mecklenburg County on March 24th.
This report is updated daily and can be viewed here for the most up-to-date information.
CLOSED HISTORICAL SALES FOR LAKE NORMAN REAL ESTATE
* Please note that all of my numbers are for single family homes in what used to be referred to as “Area 13 – Lake Norman. They come from the Canopy/Carolina Multiple Listing Service and will not include sales that took place outside of our MLS.** I adjust past months when I do the monthly update as a few more sales are usually input late by agents. ***Our MLS just merged with many others over the past several years so all of the total sales numbers have changed slightly. I did update the entire 2017 year so that the past two years’ numbers will be comparing apples to apples. However, I am not going to go back to prior years and adjust.
I love being able to see this overview which puts our current sales in context with prior years and provides monthly trends to help better understand Lake Norman’s seasonal trends, peaks and valleys.
Let us know if you would like specific market information on your neighborhood or your personal house value. Just email firstname.lastname@example.org with your question and we’ll be happy to help!
We’ll be posting our 2020 First Quarter Lake Norman Market Report in May with detailed breakdowns of our Lake Norman real estate market. Until then, stay well, stay safe, and enjoy this beautiful Spring at Lake Norman!