Mooresville, NC

Our Lake Norman real estate market is constantly in motion. I hear so many opinions from fellow Realtors here that I find myself turning to the MLS data regularly to see if there are any significant signs of change I can share with you.

August felt like a market that, while struggling, was beginning to show signs that home sellers and builders "get it". Price reductions have been more significant and more frequent. Sellers that are not serious are pulling their homes off of the market choosing to wait it out. Those less fortunate, both sellers and builders, are now more frequently going into foreclosure, short sales or, at the very least, making substantial reductions before selling. Of course, sellers that priced a property correctly are still selling quickly.

Here is a snapshot look at our just completed month of August:

LAKE NORMAN AUGUST HOUSING REPORT

Numbers to note:

• The number of active listings are creeping down from their peak of over 1800

• The number of homes sold continues to drop...This month a harsh -64% which is especially tough because by August 2007 we were already in a declining market

• The average sales price actually went up 10%...There are signs that some of middle and higher-end homes are selling

• Because our sales dropped, we are still seeing over 22 months of supply of inventory...again, as a reminder, 6-8 months of supply represents a traditionally balanced market.

Historically September and October Lake Norman sales pick up a bit before the holiday slowdown. Because of the price-reductions I have been seeing I think we might just see some increase in sales versus this month. Interest rates are in the low 6% range so if a buyer can get a good loan, I'm beginning to think this is not a bad time to start thinking seriously about buying.

While the market will probably remain weak until mid 2009, there are some bargains to be had right now and probably will be from now on. If you have read my blog for very long you will know that I have not said: "This is a great time to buy". However, I do think that there are some good bargains out there that I would encourage buyers to consider. Motivated sellers and builders may be what turns our local market around. Once we get our inventory down and regain buyers confidence we will once again enjoy our historically thriving Lake Norman housing market.

RELATED ARTICLES

Lake Norman Real Estate: We are NOT Charlotte!

Lake Norman Real Estate: What are the Experts Saying?

Lake Norman's 2nd Quarter 2008 Real Estate Sales Analysis

Lake Norman Real Estate: Is New Construction Slammed by Housing Slump?

Finding the Truth about Lake Norman's Real Estate Market: A Case Study

It used to be that going green was a bit lonely in the Lake Norman area. But, a huge green wave is heading our way and you can already feel the swells!

One of the most exciting upcoming events is the 2008 Saving Our Kids, Healing Our Planet National Expo being held at the Charlotte Convention Center on September 26-28, 2008. The over 150 Exhibits will offer:

• Learn how to raise healthy children in a toxic world
• Safe, effective and natural products and services that positively impact various physical, behavioral and developmental conditions
• Green builders, landscapers, healthy household products,, organic foods and clothing, vitamins and more
• Kid-Friendly demonstrations on recycling, composting, and juicing
• Practical ways to green an existing home

What a wonderful event not just for our Lake Norman parents but for anyone interested in learning more about ways to improve your children, your family and your home. Their website: Saving Our Kids, Healing our Planet has a comprehensive list of events, activities and information about registration.

While not a public event, the North Carolina Home Builders Association is holding their annual Expo at the Charlotte Convention Center in a couple of weeks. Since their focus is also on green I plan to bring back some great resources and ideas for my Lake Norman buyers, sellers and readers. As a member of the Lake Norman Home Builders Association's new Green Council it is clear to me that the green wave is heading our way fast!

Want to get involved or learn more NOW? Why not join Lake Norman CoveKEEPERS or the Lake Norman Island Keepers, two groups of volunteers dedicated to "the protection of Lake Norman...". How would you and your organization or a group of friends like to adopt one of the 48 islands in Lake Norman? Or, would you like to participate in the efforts to protect our beautiful lake? Call 704.679.9494 for more information.

Shall we start our own Green "Meetup" in the Mooresville Lake Norman area? If you go to the Meetup.com website you will see that there are three of us interested in starting a Mooresville "Green" group of like-minded people who want to "meet up" on a casual basis to share ideas about our "green" efforts.

This is just the beginning! Look for future articles about what you can do at home to save energy, excellent resources for learning more about everything from how to read eco-labels, where and how to recycle, products and green ratings for appliances, cars, home and garden, and even a guide to landscaping for energy efficiency.

If you are interested it writing your own article about going green in Lake Norman or would like to share resources or tips please contact me or leave a comment and I will post the information for you.

RELATED ARTICLES

Lake Norman Home Builders Association's "The Lake" Magazine

How to Get Rid of Unwanted Catalogues and Help the Environment!

Blog Action Day: How Going Green Can Save Lake Norman

When I think of today's skateboarders and how this sport has evolved I think of images from this past summer's 13th  "X Games" and a new language including grinding, half-pikes, ramps and huge air. 

Once associated with the surfing and west coast world, I was truly excited to hear that true, hardcore skateboarding has arrived in Mooreville NC!  Not only do we have a brand new skate park located behind the Mooresville Police Department at 1013 SkatePark, but on July 26th a hot new store LKN Skate Shop opened in downtown Mooresville on 162 Broad Street.

Owner and dedicated parents Steve and Elizabeth Davis opened the shop "to provide an outlet for their son to perfect his skating skills and to open the door to skating for others in the Lake Norman area" according to a recent cover article in Lake Norman Magazine. 

Here is a place where serious skateboarders of all ages can get everything from the top names in skateboards, hardware, helmets to the cool shoes and unique clothing that define the look of a competitive skateboarder.

When I visited LKN Skate Shop for this article, I was fortunate to meet 13 year-old Jackson Davis, whose passion, talent and love for skateboarding has already landed him sponsors and a reputation as a rising star in the skateboarding world.  When I asked him how many serious injuries he has had he just shrugged his shoulders and said he had only broken his knee cap. 

While I admit I am not an expert, I was truly impressed with the huge wall of skateboards, cases of hardware and accessories and nice selection of protective gear and clothing.  Jackson was quick to point out the while I thought they had a good selection of shoes, they are going to be getting a lot more!

Jackson's ultimate goal right now is to make it to the "X Games" and perhaps go pro.  In the meantime he will be teaching and encouraging more Lake Norman skaters to push their limits and to be "willing to fall".  While he competes nationally, you can see him at the LKN SK8 Shop sponsored Queen City AM Jam that is being held in Charlotte in September.

Or, check this out:

 RELATED ARTICLES and LINKS

SkateboardPark.com

LKN SK8 Shop

SK8ers of Statesville

Lake Norman has Gone to the Dogs...and Cats!

Historic Downtown Mooresville:  Mangan Martial Arts Academy

Learn About Lake Norman from THE Expert:  Gus Gustafson

I almost warned you yesterday. I knew it was coming because I had already read the press releases. But I didn't.

This morning I got a glowing email from a Realtor referring to the article today in the Charlotte Observer. Yippee! "Area home prices are showing signs of life....Overall, the Charlotte market is holding up better than many others around the U.S."

Darn thatS&P/Case Shiller Home Price Index. And you, Office of Federal Housing Enterprise Oversight, with your numbers showing that Charlotte area prices rose 5.2%. Can we talk? First of all, both of you are talking about a 12-month period ending June 30th. A lot has changed in the past two months, so exactly how valuable is a 12-month report dated June 30th? Second of all, one of you doesn't include "subprime lending, many government-backed loans and the largest mortgages." Aren't these kind of important in this market?

So, our area is "showing signs of life"? In Lake Norman we currently have 1763 active listings and a total of 82 homes sold in the past 30 days. This means we have a 21.5 month supply of active listings. A balanced market has 6-8 months of inventory. In the same period last year we had 143 sales. Is 3-times the number of listings and a 42.6% decrease in the number of sales your idea of showing signs of life?

If you go on to read the Charlotte Observer article you will find that they do note a 37% regional sales drop, a decline of 52% in Mecklenburg County building permits...the lowest since "at least 1998" and a few other insights that might challenge their optimistic headline.

All of you that read my blog regularly know the statistics about the Lake Norman real estate market. Frankly, they are not showing signs of improvement but there is some indication that we are leveling off. The reality is that until our inventory of homes is back down to a 6-8 month of supply on hand we are going to see downward pressure on prices.

I have been through the recession in the early 1990's. I know our Lake Norman market will come back to life. We will again be THE destination for so many looking for the perfect place to live and when it does I will be the first to let you know! Until then, please read the small print!

RELATED ARTICLES

Finding the Truth about Lake Norman's Real Estate Market: A Case Study

Lake Norman Real Estate: What are the Experts Saying?

Lake Norman's 2nd Quarter 2008 Real Estate Sales Analysis

Lake Norman Real Estate: Is New Construction Slammed by Housing Slump?

Lake Norman Relocation Resources

It's Official: The Number Of Newcomers has Slowed

Lake Norman Waterfront Home Sales Update

As of August 25, 2008, there are 1,207 properites on the market in Mooresville, North Carolina, with the minimum price at $32,000 and the maximum list price at $4,500,000. On average, the available homes in Mooresville are listed at $572,523, have been on the market for 136 days, have between 2,800 and 3,300 square feet, 3 bedrooms, and 2 bathrooms.

As a Residential Real Estate Broker specializing in Mooresville, I would love to share more information with you about currently available Mooresville homes. Please contact me for further information about specific Mooresville neighborhoods. I can send you listings of currently available homes that fit your specified criteria.

Sara D'Amico

Broker/REALTOR/ABR

Keller Williams Realty

704-287-6488

SaraD@kw.com

www.BuyandSellwithSara.com