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Lake Norman Real Estate's Friday Hot Sheet

FRIDAY, JUNE 27, 2008

LAKE NORMAN RESIDENTIAL REAL ESTATE HOT SHEET
Hot Sheet 6/27/08 6/10/08 5/12/08 4/12/08 3/10/08
New Listings 142 149 189 169 174
Back- on Market 55 55 46 42 40
Price Changes 248 243 212 204 154
Pending Sales 55 47 49 37 52
Sold 41 47 45 44 35

Conditional + Contingent

 18 19 18 17 22

Announcing a new feature for this Lake Norman Real Estate Blog: The Friday Hot Sheet!

Despite all of our technology, one part of our real estate practice has consistently been an important part of our routine...pulling the daily, or in this case, bi-monthly Hot Sheet which gives us a snapshot update for all residential real estate activity in Lake Norman for the past two weeks.

Above is a chart with today's numbers and then, for comparison, numbers I pulled throughout the spring. Here are some highlights:

  • The past two weeks almost mirror the first two weeks in June.

  • New listings are trending down which we would expect at this time of year. Considering our large inventory, this is a good thing!

  • There are more listings coming back-on-the-market than earlier this year which usually indicates they have fallen out of contract. This could be due to a number of factors like problems with loans, appraisals, inspections or buyers remorse...this is an indication of the uncertainty of our market!

  • The number of price changes has risen substantially since early spring indicating that price-reductions are increasing as sellers realize they are over-priced.

  • Pending sales are at their highest which shows a recent upswing in sales about to close.

  • Solds (contracts that closed in the past two weeks) were down slightly but have remained about the same since April.

  • Contingent and Conditional Sales are almost identical showing no obvious trends or changes.

Next week I will do my second quarter sales analysis by price-range which will go in to a lot more detail about our sales trends.

Have a great weekend!

Diane Aurit's Signature

Posted Friday Jun 27
( 06/27/08 05:24PM ) — Ken Land

Hi Diane -


Thanks for the info!  This kind of data is great to get.  I look forward to your next update!  Hope you are doing well.


Take care,


Ken Land


 

( 06/28/08 12:13AM ) — Gary Woltal - REALTOR® Dallas Ft. Worth

Diane, it looks like your market numbers on the Solds are picking up moving from earlier in the year to now. I wish you continued success.

( 06/28/08 12:51AM ) — Jeff Dowler ~ Carlsbad Real Estate ~ 760-840-1360

Nice summary, Diane. Not only do you provide some date but you add your interpretation. Buyers, and sellers, shoulkd find this useful. What are prices doing?


Jeff

( 06/28/08 05:21AM ) — Susie Blackmon-Maggie Valley Waynesville NC Realtor/RE Blogger/Photographer

Hi Diane, you may know I love market reports (!) so I enjoyed your update.  I've been doing numbers (yesterday and this morning) too and will throw in some photo posts soon to add a bit of beauty! 


( 06/28/08 04:02PM ) — Lake Norman Real Estate ~ Diane Aurit

Ken:  The Hot Sheet is always interesting, isn't it?


Gary:   Thanks.  I don't think we are picking up over all but it hasn't been a bad month overall


Jeff:  Prices in our area have just dropped slightly...but you can see by the number of price reductions that they have farther to go.  We don't have the big ups and downs like CA.


Susie:  Me too!  I can't wait to do my quarterly analysis next week!

( 06/28/08 08:30PM ) — Ken Land

You are right Diane - luckily this is a market (knock on wood) that has never had huge swings up or down.  There are some small pockets that appreciate a bit more than others but steady as she goes has been our motto.

( 07/01/08 09:25AM ) — Tom Plant - Murrieta Real Estate Expert - Coldwell Banker Residential Brokerage

Diane - Here in Southern California, sales are going through the roof. They are primarily foreclosures, but inventory is dwindling and that's what we need.

( 07/01/08 11:30PM ) — Dawn Maloney, ABR

Hi Diane, This is a great idea! I've just started adding Market Reports, ala Neal Bloom, but I am only doing those quarterly. It would be a good idea to do something like this for our county on a weekly basis - otherwise there won't be enough data to watch. I like this concept and I hope it goes well for you.

( 07/02/08 07:33AM ) — Cynthia Tilghman, Realtor® Onslow County NC Home Specialist

Hi Diane,
You are so resourceful, I never thought of posting the Hot Sheets!  Good to see the pendings are up---need to reduce that inventory with closed sales.

( 07/04/08 01:57PM ) — Lake Norman Real Estate ~ Diane Aurit

Ken: Thanks for your comment...stable is good but we do need to sell more listings!


Tom: Yes, dwindling inventory would be a good thing for us as well.  We don't have the "bargains" here but we may see some further declines in the prices.


Dawn: Thanks!  I do other types of sales analysis as well but thought a hot sheet on a regular basis would be meaningful too.


Cynthia: Thanks...yes, we desperately need to reduce our inventory...hopefully all of those price reductions will help!

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