Mooresville, NC

If you are a regular reader of my Lake Norman Real Estate blog, you will know that I provide three different types of sales analysis:

• 2-week snapshots called Hot Sheets for up-to-the minute Lake Norman housing data
• Monthly sales reports which compare it to the previous year and prior month
• Quarterly sales reports which provide two separate reports; an overview of the 2nd quarter and then a break down by price-range.

IMPORTANT FINDINGS

• Our current inventory of active listings has actually dropped by 11%. While they are still too high, this is certainly a move in the right direction.
• The number conditional sales (those that just went under contract) are dramatically higher than last year however the average price has decreased and the average days on market has increased 44%. Please note the average sales price last year was very high due to several high sales that skewed the figure.
• The number of pending sales (those that are ready to close) dropped by 17% but the average price and days on market are almost the same as last year.
• The number of closed sales this past quarter dropped 23% versus the second quarter of 2008. The average price dropped 3% but the average days a home was on the market increased by 43%.
• Our number of months of supply of homes increased from 19.9 to 22.8. Even though our inventory has dropped, our sales dropped even more which results in a higher number of months of supply. As always, keep in mind that a balanced housing market should have between 6-8 months of supply so we current have three times as many homes for sale as we should have. We are definitely still in a buyers market! However, it is nice to see some higher numbers in conditional and pending sales.

2nd Quarter 2009 Lake Norman Home Sales By Price Range

*All statistics are from the Charlotte Regional Multiple Listing Service

This report is probably the most useful for both home buyers and sellers. This is because it enables you to focus on your own price range and size up the competition, the strengths and weaknesses and trends that might help position you best for your future purchase or sale.

For example, let's say you are planning to buy a home in the $600,000 - $1 million price range. While that price range in general is very weak, the homes priced in the $700,000s and the $900,000s have over twice as many months of inventory than the other price ranges. Knowing these are particularly weak, you might look for greater discounts when making your offer. When there are 64 homes on the market in the $900,000s and on average only one sells per month, you can imagine these sellers must be getting pretty anxious.

On the flip side, if you are a seller in this same price range and are on the fence about pricing your home in the low $700,000s or the high $600,000s, clearly you should price your home in the $600,000s where you have a much larger pool of buyers and the least amount of competition (months of supply, not number of homes).

This past quarter, 67.3% of all of the Lake Norman home sales were under $500,000. Only 12.5% of our Lake Norman home sales were $700,000 or higher yet that same price range represents 31.4% of our active listings. As has been the case for several years, our higher end homes sales are extremely slow.

So, pick a price range and take a look at the number of sales, the number of active listings, the average days on the market and the months of supply. This report provides you with the data to focus on your price niche.

RELATED ARTICLES

Lake Norman Real Estate: Why is it so hard to buy a home right now?

Lake Norman Real Estate: The Big Picture

Lake Norman Real Estate's May 2009 Sales Analysis

Lake Norman Real Estate's April 2009 Sales Analysis

Lake Norman Real Estate's 1st Quarter Sales Analysis

Lake Norman Home Buyers, Stop Searching for Homes

99 out of 100 clothes dryers have a problem with air flow and lint build up which can cause a dryer to run inefficiently and eventually, lead to a fire

Charlotte, NC -- Dryer Vent Wizard, Dry Clothes, Safe Homes has noticed the biggest safety hazard in clothes dryers are the dryer vent and duct assembly. Emilie Benvegna, owner of Dryer Vent Wizard in Charlotte, North Carolina, once received a call from a tenant who was concerned about her clothes dryer taking more than one cycle to dry a load of laundry. When Emilie arrived at the apartment complex where roof was recently replaced she discovered that the dryer ducts were completely obstructed. The tenant was appreciative of Emilie's service, "I'm so happy that I called Dryer Vent Wizard. Emilie explained the problem to me and I just can't put into words how relieved I am that a potential fire hazard has been fixed."

Emilie specializes in all dryer exhaust issues as she performs dryer vent inspections and corrects problems before they become dangerous. There are at least 10 factors to look at when checking a clothes dryer for safety, including the dryer ducts and vents, airflow and signs of lint build-up. When a customer complains about their clothes dryer taking too long to get clothes dry, this is a big red flag, indicating a probable venting problem. Many people think it is normal for older dryers to take longer to dry their clothes. Emilie makes sure her customers understand that this is a myth.

Dryer exhaust systems should be checked by a professional annually to be sure the system is in good working order. Some homes have longer vents making it more difficult for homeowners to access all parts of the vent for cleaning. Dryer Vent Wizard has special equipment for accessing and cleaning all parts of the dryer vent system.

To promote consumer awareness on the importance of dryer vent cleaning and proper dryer duct installation, read Emilie's articles at http://dryerventcleaninghuntersville.blogspot.com/

Dryer Vent Wizard professionally inspects and cleans clothing dryers for homeowners and in commercially-owned buildings. Poorly maintained dryer vents cause fire hazards and cost substantially more to operate. Visit http://www.charlottedryerventlady.com to learn more.

"From nostalgic patriotic parades to community festivals with firework displays to myriad planned and spontaneous raft- up (boat) parties on Lake Norman, there truly is something for everyone here in the greater Lake Norman area this 4th of July. Get out of your home, save gas and have a great time!" I wrote this exactly one year ago and it is still just as true this year. So, here is the run down on Lake Norman's 4th of July festivities 2009:

Saturday, June 27th at 11:00am the Annual Iredell County Independence Day Parade will be held once again on a 3-mile route from the Iredell County Fair Grounds ending at the Troutman Elementary School. (Highway 21).

If you want to experience a slice of true small-town Americana, this is a must attend parade. The streets are lined with flags, yellow ribbons and folks of all ages, many with signs honoring our military past and present.

The parade itself has over one hundred entries including floats with United States Veterans from all of our wars, local clubs and civic organizations, beauty queens and just about any thing you can imagine including at least one John Deere Tractor.

Also on Saturday, June 27th, for the younger crowd, Vinnies Raw Oyster Bar is holding their popular annual bikini contest.

Friday, July 3rd from 5:00pm - 10:00m is the Third Annual Summer Celebration at Lowe's YMCA in Mooresville. This free event will feature children's games, inflatables, rock climbing and velcrowalls, a jousting arena, balloon artists, face painting, a veteran's ceremony and a performance by the Lake Norman Orchestra. The evening will end with a spectacular fireworks show. There will also be 100 food vendors, local arts and crafts and businesses in an effort to support the Chamber of Commerce's "Buy Local" campaign. A free shuttle bus will run from Peninsula Baptist Church on Brawley School road to the YMCA. Attendees are encouraged to bring blankets and lawn chairs. For more information: Summer Celebration at the YMCA website.

The Town of Huntersville will be hosting their 7th Annual Fourth of July Celebration on Saturday, July 4th from 10:00am - 1:00pm at Birkdale Village. Activities will include bike decorating, face painting, a down bounce, children's art provided by the Children's Arts Project, a parade, a water fight between fire stations, music, food and "a whole lot of fun!!!"

The Town of Davidson will hold their annual Fourth of July Celebration on Saturday, July 4th from 4:30 - 8p.m. Festivities include their annual small-town parade. All are invited to "patriotically dress their bicycles, wagons, pets and strollers and participate by meeting at Davidson Town Hall at 4:30pm". Music and games for all ages will be set up on the Village Green and a children amusement are will be available for a $5 admission. Live entertainment will be provided by Rough Draft. There will be no fireworks this year.

Looking for something a little bit racy? How about the Independence Day Blastoff at East Lincoln Speedway in Stanley NC. Gates open at 5:00 and races start at 7:30pm. 704.263.5347

Fireworks displays are officially planned for Queens Landing on Lake Norman but trust me, if you are out on the lake, you will see many private fireworks displays! If you want to party, The Sandbar is always a lot of fun. Need directions? Also be sure to check out LKNfun.com where you will find a great list of celebrations at our many restaurants and bars.

Going to Uptown Charlotte? On July 4th at 9:30pm there will be a spectacular fireworks display at the Memorial Stadium. "Red White and Boom!" will offer "wholesome family fun" Admission is free and the fireworks show can also be viewed from a variety of locations around the city.

Finally, if you want to have your own, legal, fireworks display, in past years they have set up a stand where they sell fireworks at the corner of Williamson Rd. and Brawley School Rd.

Have fun and be safe!

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Lake Norman Real Estate: How Walkable is Your Neighborhood?

Lake Norman's Mooresville Town Square is Coming to Life!

Lake Norman's Birkdale Village: Great Shopping, Dining and Housing!

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While living in the Lake Norman area for the past 10 years I have seen the landscape change in many ways. I am very excited to see that a development that has been in the works for years is finally coming to fruition. Here is a recent article I read that will keep you updated on the Langtree at the Lake development.

Despite the spring rains, Interstate 77 Exit 32 in south Iredell remains on track to open this summer, a state transportation official said.

Barring weather delays, the long-anticipated interchange will open July 15, said engineer John Cook of the N.C. Department of Transportation office in Statesville.

"Even with all the weather we had this spring, they're still on schedule," Cook said last week of general contractor Rea Contracting of Charlotte.

The $21 million project includes a third interstate lane both southbound and northbound between the new exit and existing Exit 33 near Mooresville.

Interstate paving is finished southbound but not northbound, Cook said. "The main thing is the paving, and we're doing that at night," he said.

Signals have been installed on Langtree Road at the new exit, Cook added.

The state promised the new exit years ago as an incentive to lure the national headquarters of Lowe's Companies Inc., the home improvement retailer accessible from Exit 33 and N.C. 115. Lowe's is paying to build a road straight to its headquarters from Langtree Road near the new exit .

Work started on Exit 32 in March 2007.

The exit leads to Lowe's in one direction and to the planned $800 million Langtree at the Lake mixed-use development in the other direction.

Langtree Road will eventually be expanded to serve as an east-west connector between I-77 in south Iredell and Interstate 85 in Cabarrus County. The connector would link with N.C. 3 through the counties.

Lake Norman has come to life in the past month; the water is warm, school is out and the boats, jet skis and water sports of all kinds are going on throughout the lake!

I am now having a continual flow of out-of-state buyers, especially from the Midwest and Northeast, coming to see our waterfront homes for sale. Of course, the million dollar question is: Is this a good time to buy a waterfront home?

During the past two years, the overall Lake Norman real estate market has slowed significantly. The only price ranges that have good activity are those that meet the conforming loan limits of $417,000. Our mid to high-end luxury home price ranges have slowed to a crawl which includes almost all of our waterfront homes.

Before our downturn in mid-2007 waterfront homes were increasing in value at a far greater rate than the rest of our homes. So, it would stand to reason that this niche would also have the greatest vulnerability to loose value. At our peak, the average waterfront home sold for about $300 per square foot. Today, the average waterfront homes are selling at about $206 per square feet. Here is a chart breaking the numbers down by our Multiple Listing Services areas:

Overview: We currently have 587 waterfront homes for sale and have sold 28 since January 1, 2009. If we were to keep up this trend, it would take 56 months for us to sell all of our waterfront homes. If we are generous and assume that about 23 homes will close in the next month based upon the number of pending sales as of today, we would currently have 26 months of supply. This compares to 18.5 months of supply for all of our Lake Norman real estate market. But, as you can see above, these numbers vary greatly by the area.

The average sales price when compared to the average final listing price was about 90%. In other words, the average listing price was 10% higher than their sales price.

Area 13/1: This is the area North of Highway 150 on up to Statesville. With only one pending sale, this area has not picked up in sales and still has 58 months of inventory. The average sales price is $694,666 and the average dollars per square foot is $191. This area does not have as many luxury homes and was just experiencing their building boom when the market slowed. Builders have been hit particularly hard in this area because of the number of spec homes they had just built.

Area 13/2: This is South Iredell County/Mooresville from Highway 150 down to Langtree Rd at the new Exit 32. Included in 13/2 would be the luxury community of The Point. With 9 pending sales, right now we can estimate that we have about 22.5 months of supply. The average sales price is $1,004,757 and the average dollars per square foot is $211.

Area 13/3: This is Mecklenburg County including Davidson, Cornelius and Huntersville. Included in this area would be the luxury community The Peninsula. With 11 pending sales we can estimate that we have about a 12-month supply of waterfront homes. The average sales price is $833,363 and the average dollars per square foot is $215.

Area 13/4: This is Lincoln County including the unincorporated town of Denver. Included in 13/4 would be the Crescent community of Sail View and several smaller luxury home communities. With 4 pending sales, we can estimate that we currently have a 24-month supply of waterfront homes for sale. The average sales price is $784,050 and the average dollars per square foot is $184 which is the lowest of the 5 areas.

Area 13/5: This is Catawba County including Sherrills Ford and Terrell. Included in 13/5 would be the Crescent community of Northview Harbour. With 2 pending sales, we can estimate that we currently have a 50-month supply of waterfront homes for sale. The average sales price is $505,448 which is the lowest of the entire Lake Norman area. However, the average dollars per square foot is $204.6.

If there is one trend I can see, it is that the older communities are fairing better than the newer communities that still have new construction and/or are a bit more remote rather than being in the heart of Mooresville or Cornelius. This may be because our builders have been the first to be hit hard with foreclosures. Will there be a next wave of foreclosures before our market stabilizes? It would certainly make sense. Until jumbo loans are more available and affordable I still see our waterfront home market struggling. So, to answer my million dollar question: Is it a good time to buy a Lake Norman waterfront home? It depends. It depends on the location, the motiviation of the sellers and the season. Right now we are in our peak season for home sales, but once fall hits, I expect to see a significant slowdown that will last at least through winter 2010. Of course, this is only my opinion:)

RELATED ARTICLES

Lake Norman Real Estate: Why is it so hard to buy a home right now?

Lake Norman Real Estate: The Big Picture

Lake Norman Real Estate's May 2009 Sales Analysis

Lake Norman Real Estate's April 2009 Sales Analysis

Lake Norman Real Estate's 1st Quarter Sales Analysis

Lake Norman Home Buyers, Stop Searching for Homes