* All data is from the Carolina Multiple Listing Service.
With two months in the books, our Lake Norman’s real estate market has posted strong sales in 2019 and there are some very positive indicators for March and April. This follows on the heels of a very a rough end to 2018. Our February sales were up 4% compared to last year. At 118 sales, February was also up 18% compared to last month and was the highest February since 2005. Talk about a radical upswing since December! 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 February’s Lake Norman real estate sales data:
- Our Lake Norman home sales so far in 2019 are 3.3% above the same period in 2018. That said, average prices are lower across the board and 75% of our sales in February were under $600,000
- Our inventory of active listings is even lower than last year’s. (26 fewer than last year). Every single month for several years we have seen a decline in active listings. It is hard to quantify but there is no doubt that our low inventory has had a negative impact on our Lake Norman’s home sales.
- Our newest contracts (UCS) are UP 12% and pending sales (UCNS) are up 19% which further substantiates that our Lake Norman real estate market is strong and stable going into late winter and early spring.
- Waterfront homes remain in a buyer’s market and the under contract numbers indicate sales in this niche will be weak for at least the next few months.
- Is new construction taking on an increasing share of our market? They are now 39% of our new contracts!
- Right now more homes are selling and in must fewer days but our average prices are well below last year’s.