* 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.
Here are what I feel to be the biggest takeaways from September’s Lake Norman real estate sales data:
- Our current month’s of supply (absorption rate) is only 3.89. 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 9 months of 2019 are now 2.4% higher than 2018’s.
- The average sales price was down 15% compared to last year’s. Yep, our luxury market once again took a rest. To learn more, scroll down to the sales by price range below.
- Our inventory of active listings is significantly lower than last year’s. (-15% or a whopping 115 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 an impressive 25% while our pending sales (UCNS) are up 7%. It looks like our Lake Norman home sales will be strong through the end of the year after the 3-month slowdown. This is remarkable given our record low inventory!
- Waterfront home sales is now just on the cusp of a balanced market with 5.74 months of supply. This important niche remains weaker than our overall Lake Norman real estate market.
- New construction sales represented 18.8% of our overall market in September however today they represent 33.1% of our new contracts.
Let’s take a closer look: