Lake Norman Real Estate Market Analysis Fall 2008

Lake Norman Real Estate Analysis - Activity Report 3 Years Back

I compiled data from home and home sales activity from the Carolina Multiple Listing Service for the Month of October 2008, and singled-out area 13 (Lake Norman). Then I organized the data into a crisp graph.

 October 2008
 
Total Listings                                                          1516
New Listings                                                            250
Back on Market                                                      109
Price Changes                                                          444
Contingent/Conditional                                             23
Under Contract                                                          59
Sold                                                                             71
Percentage of Sold Homes vs. Newly Listed           28%
Months supply                                                           21

From the data through October 31, we can interpret that There are a total of 1,516 homes on the market. As of December 1, 2008, the total number of homes had increased to 1,676 homes. 444 PRICE CHANGES! It appears that sellers are trying to stay competitively priced since the inventory is so high. Since only 28% of the newly listed homes are selling, then the other 72% of the homes listed each month are staying in inventory. This high inventory gives us a 21 month supply of homes on the market.The trend is inventory is increasing, demand is decreasing, average home prices are going down.

It's really eye-opening to see that only 71 homes sold in the Month of October as compared to years past. The next graph shows the activity for each year and the market is down at least 41% in home sales since 2005.

Sandy Aichner, GRI, ABR, Broker, REALTOR ~ RE/MAX Executive Realty (704) 746-7513


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Lake Norman Real Estate Call me at: 704.746.7513 for information on purchasing or selling a home in Mooresville, Cornelius, Huntersville, Troutman, Denver, or Statesville, North Carolina or surrounding towns. OR email me: sandy@sandyisyouragent.com. Feel free to visit one of my websites: MooresvilleHomeSearch.com, SandyIsYourAgent.com . Or stop by my blogs at: Active Rain; or Twitter.