Lake Norman’s real estate sales numbers for August were exceptional. We logged in a total of 232 home sales which beats last August’s 211 by 10% and they were 18.4% above last month’s. After some ups and downs at the beginning of the year, the past four months have helped us to record 39 more sales in the first 8 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:
- August’s closed sales were strong: 10% higher than last August’s, 18.4% greater than last month’s, the second highest month this entire year and the best August in Lake Norman’s history!
- Our inventory of active listings continues to drop to alarmingly low numbers (a whopping 146 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.
- We are seeing some weaker pending sales which may be an indication of a slowdown at least for the next few months.
- Waterfront homes moved back into a seller’s 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.