* All data is from the Carolina Multiple Listing Service.
Lake Norman’s real estate market ended the year with a thud after setting record high sales for much of the year. Our December sales were down 30% compared to last year but were 9% above last months extremely low sales. This was only the 6th best December since 2005. No matter what factors have contributed to our weakening housing market, we have been battered since September. How will Lake Norman’s housing market fare in 2019? My numbers below should provide some deeper 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 fourth consecutive month and we ended 2018 down 5.6% compared to 2017.
- Our inventory of active listings remains historically low, (44 fewer than last year), as they have been all year. 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 our newest contracts (UCS) are UP for the first time in 4 months! While January may not post strong numbers due to the low pending numbers we may actually see a slight improvement in February.
- Waterfront homes moved back to a balanced market slightly favoring sellers.
- Overall our average price in 2018 was 6.8% higher than 2017, our median price was up 4.1% and our price per-square-foot rose 3.5% in 2018
- 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: Continue reading