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:
* All data is from the Carolina Multiple Listing Service.
Some significant additional statistics for you: