“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
Home

Lake Norman August Housing Report

Analyzing graphs and charts

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

Lake Norman 2008 Average $ DOM 2007 %+/- Ave $ %+/- DOM %+/-
Active Listings 1716 $735,024 145
Contingent 16 $373,024 158
Conditional 30 $962,500 177
Pending 94 $529,915 130
Sold 75 $536,489 137 144 64% $486,381 10% 105 30%
Months of Supply 22.9

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

Posted Wednesday Sep 03
( 09/03/08 04:43PM ) — Lenn Harley

Very interesting. 


I see the same disconnect there that I see in so many areas of my market. 


Average Listing - $735,024


Average SOLD - $536,489


That says so much. 

( 09/03/08 10:47PM ) — Terry Westbrook ~ Realtor(R) Grand Rapids Mi Ada/Cascade Real Estate

I also thought the average sales price to current list price sure would indicate the well priced properties are selling.

( 09/03/08 11:44PM ) — San Diego Real Estate Voice authored by William Johnson GRI CRS e-PRO

Hi Diane, Are the changes you are seeing tied to anything or perhaps just the end of summer and the normal slowdown between the summer and fall markets? Or do see lending issues starting to come into play and or is the general economy creating concerns. In the price range you are in, these are not 1st timers, and as I recall for a few at least they are second home around the lake. What do your instincts tell you? I mention this nearly every time  but I love the format and love to find a way to do something like this. Excel is NOT my strength.

( 09/04/08 06:06AM ) — Susie Blackmon-Maggie Valley Waynesville NC Realtor/RE Blogger/Photographer

We must be 'sister cities!'  Our numbers are 'not good.'  The interpretation of some realtors that I overhear is mindboggling and embarrassing.


( 09/04/08 06:10AM ) — Michael Sahlman e-PRO - Miami Beach Florida Real Estate

Nice summary of the MLS data. Makes for easy reading...or not so easy depending on one's situation there.

( 09/04/08 03:25PM ) — The Woodlands Texas Real Estate >>Spring Homes Pippa MAC

Diane,  as always ... a well done market report! 


 

( 09/06/08 09:26AM ) — Lake Norman Real Estate ~ Diane Aurit

Lenn:  Yes it does!!!


Terry: Yes, they are.  But, they also have to be in great condition as well as priced right!


William:  First of all, thank you for the comment.  The chart is actually part of my blog program set up by Mary McKnight.  No, I don't think this is the season as much as it is indicative of our slow market.  We started slowing down later than most of the country and so I think we are just now truly getting the price reductions we need.  We still have way too much inventory.  We also rely on relocation clients and they are having trouble selling their homes in other states. 


Susie:   I'm glad to hear you agree!


Michael:  Thanks for your nice comment


Pippa:  Thanks!

Post a comment

Temporarily disabled — coming soon!