lake norman real estate

Lake Norman Region Market Report for November 2020

Winter sunset on Lake Norman.

All data is from the Canopy/Carolina Multiple Listing Service.

If we go back to March of this year, who would have guessed that we would be setting records in the Lake Norman real estate market during a global pandemic AND an election year!?  We never dreamed we would be watching sales soar this time of year.  COVID-19 aside, in election years, we typically see a slight decline in the real estate market.  While November saw 58 less closed single-family homes than October, it was still a record-breaking month! Never have we seen this many closings for the month of November in the Lake Norman region, with 180 homes sold, surpassing last November by 10 sales (6% increase).

There were fewer homes “coming soon” for November as most homes went straight to the market.  There were 250 active listings for the month, less than half of the inventory we had in November 2019.  The lower inventory continues to be the driver of the sales market as values continue to increase. We saw a 4% increase in the average listing price from the previous year, however, that is much higher on the sales side. This increase hasn’t stopped buyers from entering the market, and the low interest rates offered on home financing is allowing buyer dollars to go even further.

With 393 single-family homes going under contract for November, this was 147 more homes than the previous year!  For the homes that are “under contract no show,” there was a 104% increase in units and a 35% increase in the average sales price.  This is much higher than the 4% price increase with active listings.  The median price for those homes was $399,000, which is fabulous for buyers in that price point.

Here is a deep dive into some other fun facts about market statistics this month.  Let us know what you think!  Which one surprises you the most?  Here they are:

Active Listings Market Statistics –

  • 115 of the active homes are new construction, 46% of the active listings
  • 66 of the active homes are waterfront, 26% of the active listings
  • The average year built is 2008
  • 129 of the active listings are in Mooresville at Lake Norman, 52% of the available inventory (great news for anyone searching in Mooresville)
  • The average square footage of heated living space is 3334
  • The average lot size is .83 acres
  • The most expensive home available is $6,995,000
  • The least expensive home available is $150,000

Under Contract Show Market Statistics (note – prices are based on the listing price as the sales price is undisclosed until sold) –

  • 93 of the homes are new construction
  • 57 of the active homes are waterfront
  • The average year built is 2007
  • 136 of the active listings are in Mooresville at Lake Norman, 54% of the available inventory (good thing most of the inventory is there too)
  • The average square footage of heated living space is 3143
  • The average lot size is .76 acres
  • The most expensive home available is $6,800,000
  • The least expensive home available is $160,000
  • 40 of the homes that went under contract show were on the market less than one day
  • 100 of the homes that went under contract show were on the market less than one week

Under Contract No Show Market Statistics –

  • 70 of the active homes are new construction
  • 30 of the active homes are waterfront
  • The average year built is 2010
  • 82 of the active listings are in Mooresville at Lake Norman, 58% of the available inventory
  • The average square footage of heated living space is 3175
  • The average lot size is .70 acres
  • The most expensive home available is $3,499,900
  • The least expensive home available is $130,000

Closed Market Statistics-

  • The average listing price of homes sold was $675,444 (sold average price is in the chart)
  • The median listing price of homes sold was $532,500 (sold median price is in the chart)
  • The average listing price to average sales price ratio was 97.6%
  • The median listing price to median sales price ratio was 96.25%
    • For buyers, this tells you that you have roughly 3% negotiation room
  • 27 of the homes were new construction
  • 49 of the homes sold were waterfront
  • The average year built was 1990
  • The average lots size was .65 acres
  • The average square footage of heated living space was 3194
  • The most expensive home sold was $2,825,000 (It was listed for $2,999,990
  • Of the homes sold, 17 of them went under contract with less than a day on the market
  • 77 of the homes sold went under contract in a week or less
  • 115 of the homes sold went under contract in under 115 days
  • The home that sold with the most days on market was on the market for 839 days

Overall, we see several patterns among the statistics.  Homes built in the last 10 to 15 years are selling more than much older resale homes.  Most of the homes are over 3000 square feet.  The lots are all over a half an acre on average as well.  Does your home match these criteria?  If so, and you are thinking of selling, we would love to speak with you!

For those of you following along, the total number of Lake Norman homes under contract (UCS + UCNS) at the end of the first week of each month are as follows:

  • December 7, 2020: 393
  • November 9, 2020: 413
  • October 8, 2020: 437
  • September 8, 2020: 423
  • August 10, 2020: 463
  • July 7, 2020: 489
  • June 11, 2020: 471
  • May 8, 2020: 319
  • 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: 335
  • 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

 

CLOSED HISTORICAL SALES FOR LAKE NORMAN REAL ESTATE

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lake norman real estate, Lake Norman Real Estate Market Reports, Lake Norman waterfront homes

Lake Norman Region Market Report for August 2020

All data is from the Canopy/Carolina Multiple Listing Service.

August closings decreased in comparison to the record-breaking months of June and July.  This was anticipated as these peak summer months also included the pent-up demand and delayed sales from COVID closures.  We saw a decrease of 25% of units sold, going from 288 homes sold in July to 216 homes sold in August.  There was also a slight decrease year over year as well, as August 2019 finished with 238 closed homes, resulting in a 9% decrease in August 2020.  However, this could be attributed to the 59% decrease in available inventory, which continues to keep the market lively.  As there is limited supply for the strong demand that we have in the Lake Norman area, a decrease year over year is to be expected.

Homes under contract were quite a different story!  We saw a 37% increase in new pending sales representing 423 properties when UCS and UCNS are combined.  Additionally, the combined average prices for the homes under contract saw a positive increase as well, with a strong 17.8%!  The average price for homes sold year over year also increased by an astounding 22%.  We’ll be watching closely in the months to come to see if that appreciation level remains steady.  As with home sales, it is also likely to slow as we head into the third quarter of the year.  However, with a typical appreciation being around 6%, anything higher in our current climate happily exceeds our expectations.

Here are some interesting facts for active homes in August 2020:

  • 121 of the active homes are new construction, 38% of the active listings
  • 97 of the active homes are waterfront, 31% of the active listings
  • The average year built is 2007
  • 157 of the active listings are in Mooresville at Lake Norman, right at half of the available inventory
  • 50 of the 157 for Mooresville were in Atwater Landing (new construction), making it the community with the most available homes for August (was same for July)
  • Denver has the second largest inventory with 67 single-family homes, followed by Cornelius with 40 homes available
  • The average square footage of heated living space is 3628

And some interesting facts for the homes under contract for August 2020 (note – prices are based on the listing price as the sales price is undisclosed until sold):

  • The average price of all pending homes (under contract show and no show) is $661,427
  • The average price of the combined median prices of all pending homes (under contract show and no show) is $487,288
  • 137 of the homes under contract are new construction, 32% of the pending sales (an increase of 3% from the previous month)
  • 108 of the homes under contract are waterfront, 25.5% of the pending sales
  • The average year built for homes that are under contract no show is 1991. In comparison the average year built for homes under contract show is 2004.
  • The average lots size is .67 acres
  • The average square footage of heated living space is 3278 (remarkably only 1 sq. ft. off from July)

Finally, here are some facts for the homes that sold in August 2020:

  • The average listings price of homes sold was $675,188 (sold price $659849)
  • The listing price to sales price ratio was just over 97.7%
  • Only 28 of the homes sold were new construction, 13% of the homes sold
  • 58 of the homes sold were waterfront, 27% of the homes sold
  • The average year built was 1992, which is older than in previous months. This will be interesting to see if this continues.  Has buyer demand increase for the resale market or older homes?  Are sellers investing more in upgrades on older homes?  More to come on this…
  • 101 of the homes sold were in Mooresville, 47% of the market
  • The average lots size was .82 acres. This makes sense with the average year built as older homes typically offer larger lot sizes.
  • The average square footage of heated living space was 3310

Other information:

  • Across all reports, it appears that the average home size for active, under contract and sold is above 3200 Sq. Ft. This push toward larger homes could be a result of more living space needed as people work from home, homeschool, and generally are spending more time at home.

For those of you following along, the total number of Lake Norman homes under contract (UCS + UCNS) at the end of the first week of each month are as follows:

  • September 8, 2020: 423
  • August 10, 2020: 463
  • July 7, 2020: 489
  • June 11, 2020: 471
  • May 8, 2020: 319
  • 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

 CLOSED HISTORICAL SALES FOR LAKE NORMAN REAL ESTATE

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