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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s October 2019 Market Report

Lake Norman Real Estate's October 2019 Market Report

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

As our numbers from last month predicted, Lake Norman home sales in October were very strong: a 23% increase over last year’s and a 14% increase over last month’s. This month’s sales also exceeded all prior October home sales since 2005 by a significant amount! (See green chart below). Yes, we are up against some weak 2018 numbers but the fact that we also beat our 2017 record-breaking October is truly impressive especially when you consider how low our inventory of active listings is today. And, this trend looks to be continuing throughout the rest of this year. Let’s look at my comprehensive report below which will provide deeper insight into where we are headed as well as details regarding this month’s sales.

Here are what I feel to be the biggest takeaways from October’s Lake Norman real estate sales data:

  • Our current month’s of supply (absorption rate) is only 3.15 which is a record low.  We are still very much in a seller’s market.  (A balanced market is 6 months of inventory).
  • Lake Norman’s home sales for the first 10 months of 2019 are now 4.4% higher than 2018’s and 3% above 2017 which was Lake Norman’s highest year of sales ever!
  • The average sales price was up 7% compared to last year’s.  To learn more, scroll down to the sales by price range below.
  • Our inventory of active listings is significantly lower than last year’s. (-22% or a whopping 169 fewer than last year’s!). Normally our inventories  start to decline after their summer peaks but there is no doubt that this year’s numbers are exceptionally low, period!
  • Our newest contracts (UCS) are up 19% while our pending sales (UCNS) are up an impressive 31%. It looks like our Lake Norman home sales will be strong through the end of the year after the 3-month slowdown during the summer.  This is remarkable given our record low inventory!
  • October’s waterfront home sales put this niche in a sellers market with just 4.43 months of supply but it remains weaker than our overall Lake Norman real estate market.
  • New construction sales represented 22% of our overall market in October and today they represent 28.4% of our new contracts.

Let’s take a closer look:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s September 2019 Market Report

Lake Norman real estate market report

* All data is from the Carolina Multiple Listing Service.

At first glance our Lake Norman home sales for September look remarkable: a 20% increase over last year’s. But I encourage you to never take any real estate numbers out of context as they are pretty meaningless by themselves. What you need to know about this past September’s 20% increase is that we were up against an unusually low number of sales in September 2018. So, the whole picture includes the fact that our 170 sales still puts us below September of 2017, 2016 and 2005. We also dropped 19% from last month’s sales. Okay, our sales weren’t exactly stellar after all.  But, there is actually a lot of good in my comprehensive report below which bodes well for our last quarter and will provide deeper insight into where we are headed as well as details regarding this month’s sales.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s August 2019 Market Report

Lake Norman Real Estate Market Report August 2019

* All data is from the Carolina Multiple Listing Service.

We knew we were up against some huge sales numbers for last August so it came as no surprise that our Lake Norman home sales in August ended up 14% below August 2018’s. On the plus side our August sales were 9% higher than last month’s. August was the 3rd consecutive month that our Lake Norman home sales fell below last year’s. After a great start to 2019 we have definitely experienced a softening of our housing market. We are now just 2 sales higher than the first 8 months of 2018.  My numbers below should provide some deeper insight into where we are headed as well as details regarding this month’s sales.

Here are what I feel to be the biggest takeaways from August’s Lake Norman real estate sales data:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s July 2019 Market Report

Lake Norman real estate market report spreadsheet

* All data is from the Carolina Multiple Listing Service.

So, despite pretty strong under contract and pending sales on last month’s market report, our Lake Norman home sales in July were not only 7% below July 2018’s but they were also 16.9% below last month’s. July was the second month in a row that our Lake Norman home sales were below last year’s. After a great start to 2019 we are definitely experiencing a softening of our housing market. Despite these drops, we are still 2.8% higher for the first 7 months of 2019 compared to 2018.  My numbers below should provide some deeper insight into where we are headed as well as details regarding this month’s sales.

Here are what I feel to be the biggest takeaways from July’s Lake Norman real estate sales data:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s June 2019 Market Report

Lake Norman Real Estate's June 2019 Market Report

* All data is from the Carolina Multiple Listing Service.

So, our lower pending sales numbers in Lake Norman last month did, in fact, result in a decline in closed sales in June, posting a 12% drop from June 2018’s and a 6.3% decline compared to last month’s. This was the first month in 2019 that our Lake Norman home sales were below last year’s. Despite this modest drop we are still 4.4% higher for the first 6 months of 2019 compared to 2018.  My numbers below should provide some deeper insight into where we are headed as well as details regarding this month’s sales.

Here are what I feel to be the biggest takeaways from June’s Lake Norman real estate sales data:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s May 2019 Market Report

Lake Norman real estate market report* All data is from the Carolina Multiple Listing Service.

Our Lake Norman’s real estate market posted record sales again in May with an impressive 12% gain over May 2018 and a 27% increase over last month’s. Wow! The first five months of 2019 stand out not only for their 9.3% total increase over 2018 but also for their consistency.  Each month exceeded last year’s and also increased over the prior month as well.  Consistency like this is very rare here in Lake Norman. It is even more interesting considering that this follows on the heels of a very a rough end to 2018.  My numbers below should provide some deeper insight into where we are headed as well as details regarding this month’s sales.

Here are what I feel to be the biggest takeaways from May’s Lake Norman real estate sales data:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s November 2018 Market Report

Lake Norman’s real estate market continued its dramatic downturn in November with a 26% drop in home sales compared to last year and a 31% drop from last month’s.  While this was the 4th best November since 2005 this certainly isn’t enough to restore our confidence. No matter what factors have contributed to our weakening housing market, we have been battered with three months and there is nothing to suggest this will change in the next few months given our low pending sales and new contracts’ numbers compared to last year. 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 third consecutive month and our year-to-date sales are down -3.6% compared to 2017.
  • Our inventory of active listings remains historically low, (13 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 the 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 market report for November 2018

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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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:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s September Market Report

Lake Norman’s real estate numbers for September took a rather dramatic downturn. We logged in a total of 132 home sales (100 less than last month!), a whopping 35% drop when compared to last September and a 43% drop from last month’s. And, this was the worst September since 2013. Yikes!  Was Hurricane Florence a factor? After four very strong months our Lake Norman housing market’s September numbers are honestly a bit frightening.  Our low pending sales numbers from last month did indicate a slowdown but not to this degree. The million dollar question is where we are headed for the rest of 2018?  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:

  • September’s single family home sales were 35% below last September’s and 43% below last month’s which brought our annual year-to-date sales to -1.5% compared to 2017.
  • Our inventory of active listings remains alarmingly low numbers (a whopping 88 fewer than last year!) after never reaching our normal summer highs and yet we are still recording high sales.  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 jumped back up however our newest contracts (UCS) are down which indicates a continuation of this slowdown for the rest of 2018.
  • Waterfront homes moved back into a balanced 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 Report September 2018

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s July 2018 Market Report

Lake Norman’s real estate sales numbers for July exceeded my expectations slightly by logging in a total of 191 home sales which beats last June’s 187 by 2%. However, our July sales were 23% below last month’s.   After some ups and downs at the beginning of the year, the past three months have helped us to record 12 more sales in the first 7 months of this year compared to 2017’s record breaking year which is truly impressive and, quite honestly, unexpected by early national real estate projections. The million dollar question is can we sustain this level for the rest 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:

  • July’s strong numbers were able to lift our total sales for the past 7 month’s of 2018 above our record-breaking 2017 numbers.
  • Our inventory of active listings continues to drop to alarmingly low numbers (a whopping 136 fewer than last year!) at a time when they should be peaking and yet we are still recording 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 slight dip in sales in the next few months.
  • Waterfront homes slipped back in to a buyer’s market and we saw fewer luxury sales as well.
  • 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 July 2018

* All data is from the Carolina Multiple Listing Service.

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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.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s April 2018 Market Report

We are now in our most active months for our Lake Norman area’s housing sales. After a dip in January, a jump up in February and a drop in March, our April Lake Norman real estate market followed this roller coaster pattern by posting a 5% gain over April 2017’s sales. And, we posted a 19.2% increase over last month’s home sales. So will this pattern continue?  Hopefully this month’s market report will provide us some insight as to what lies ahead.

Here are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:

  • April’s closed home sales were the highest April since 2005 even beating out last year’s 154. And, they are 19.2% higher than last month as well.
  • Our inventory of active listings remains alarmingly low and is not increasing as it should at this time of year; currently 11% below last year’s which were also historically low.  It is hard to quantify but there is no doubt that low inventory does have a negative impact on Lake Norman’s home sales.
  • We may continue to experience an up one month and down the next for at least the short term given our lower Pending numbers.
  • With 7 sales over $2 million we just might be experiencing a true return of our luxury housing market!

Let’s take a closer look:

Lake Norman April 2018 Home Sales Analysis

* All data is from the Carolina Multiple Listing Service.

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lake norman real estate

Lake Norman Real Estate’s March 2018 Market Report

We are now entering our most active months for our Lake Norman area’s housing sales. After a dip in January and a jump up in February our Lake Norman real estate market once again took a hit in March when compared to March 2017’s sales. However, to be fair, this was expected due to March 2017’s exceptionally strong month so while 134 closed sales are disappointing they are certainly respectable when compared to previous month’s since the recession.

Here are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:

  • March’s closed sales were 29% lower than March 2017 but 17.5% higher than last month’s.
  • Our inventory of active listings remains alarmingly low; currently 3% below last year’s which were also historically low.  It is hard to quantify but there is no doubt that low inventory does have a negative impact on Lake Norman’s home sales.
  • After a strong February, as I predicted, we didn’t come close to meeting March 2017’s huge, record-breaking 188 closed sales.
  • What the heck is going on with our waterfront market? Yikes!  (See below)
  • Our trade-up ($600,000 – $999,000) and luxury price ranges were once again weak after a slight uptick last month. The only thing consistent about our higher price ranges is their constant roller coaster ride of ups and downs.

Let’s take a closer look:

Lake Norman Real Estate Home Sales Analysis

* All data is from the Carolina Multiple Listing Service.

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s February 2018 Market Report

After a dip in January our Lake Norman real estate market kind of looks like it is back on track posting 60% more closed sales than February 2017. It is important to note, however, that February 2017 was a very weak month so while 112 closed sales is impressive, it is not quite as significant as it appears. There are also some indications in the numbers below that our short term market may struggle to meet last year’s record-breaking sales.

Here are what I feel to be the biggest takeaways from last month’s Lake Norman real estate sales data:

  • February closed sales were 60% higher than February 2017 and 13% higher than last month’s.
  • Our inventory of active listings remains alarmingly low; currently 11% below last year’s which were also historically low.  It is hard to quantify but there is no doubt that low inventory does have of a negative impact on home sales.
  • While we had a strong month, I foresee a rocky next couple of months ahead.
  • Our trade-up price ranges $600,000 – $999,000) this month were weak again as a group.  The only thing consistent about this niche is their constant roller coaster ride of ups and downs.
  • Waterfront home sales volume is down quite a bit as is our inventory which could present challenges for this spring.

Let’s take a closer look:

Lake Norman real estate housing report

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s October 2017 Market Report

October numbers are out! Here are what I feel are the biggest takeaways from last month’s Lake Norman real estate sales numbers:

  • We had another strong albeit not record-breaking month, logging in 167 closed sales of single family homes. (See green and yellow chart below).
  • While our numbers are good compared to the same month last year, there is no doubt that our overall housing market has slowed considerably with lower sales than the past 5 months.
  • At 1695 closed sales, our first 10 months of 2017 exceeded all previous years in Lake Norman’s history, even exceeding 2005’s previous record high by 6.2%.
  • What a freaky month when we look at price ranges.  A whopping 79% of our sales were under $600,000.  Then, seemingly out of nowhere, we had 7 sales OVER $2 million!
  • Our trade-up price ranges from $600,000-$999,999 simply disappeared after last month’s strong showing. So much for stability.
  • Waterfront homes fell back into a buyer’s market after two pretty strong months. Ups and downs and more ups and downs.

In a nutshell, these numbers mean that our overall strong sales in 2017 have been impressively consistent in beating prior year’s numbers month after month.  While there is no guarantee that this will continue long term, 2017 has really been a remarkable year for our Lake Norman real estate market. 2017 will be the single best year for home sales in Lake Norman’s history. That said, we still need to see consistent strength in our waterfront, trade-up and luxury niches for them to regain their pre-recession levels.

Let’s take a closer look:

Lake Norman real estate sales analysis October 2017

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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Lake Norman Real Estate Market Reports

Lake Norman Real Estate’s June 2017 Market Report: Historic Record!

Holy Cow! Lake Norman’s June closed home sales of 225 makes it the highest month in Lake Norman’s history, surpassing the previous high of 216 set back in August 2005! 5 out of the first 6 months of this year our sales exceeded 2016’s.  We were up against a huge May 2016 of 211 and managed to exceed that by a respectable 7%.  Over all, the first half of 2017 was 19.6% higher than the first half of 2016.  AND, at 932 closed sales, our first 6 months were the highest first 6 months in Lake Norman’s history!  Let’s take a closer look:

Lake Norman Market Report June 2017

* All data is from the Carolina Multiple Listing Service.

Some significant additional statistics for you:

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