Cornelius, NC

LAKE NORMAN RESIDENTIAL REAL ESTATE HOT SHEET

September 12, 2008

My fifth bi-monthly Lake Norman Friday Hot Sheet is here!

Above is a chart with Friday's "hot sheet" numbers from the Charlotte Multiple Listing Services for all single family homes in Lake Norman (area 13). For comparison, I have provided numbers from three weeks ago and earlier this year. Here are some highlights:

• Our pending and number of closed sales are identical to three weeks ago. While these are the lowest since April, because this includes Labor Day and back-to-school I see this as a sign that our market has stabilized a bit.

• New listings were down to an all time low. Inventory is continuing to inch downward which is a positive sign.

• The number of Lake Norman listings coming back-on-the-market hit an all time HIGH, increasing by 82% versus the last Hot Sheet. This certainly indicates increased instability in our real estate market perhaps due to the lack of confidence of buyers and the challenging mortgage market. Lenders have tightened up significantly. Buyers are finding out that they are not able to get the loans they expected to get in some cases which may be contributing to this very high rate of cancelled contracts.

• The number of price changes was almost identical to the last Hot Sheet. I continue to see some significant price reductions on homes I have been showing...sometimes as much as 20% or more. (See my Case Study...link below)

• Pending sales, equal to the last Hot Sheet, remain low. No serious indication of change in our sales trends.

• Solds (Lake Norman home sales contracts that closed in the past two weeks) were identical to the last Hot Sheet. Stability perhaps but these are very low numbers!

• Contingent and Conditional Sales dropped to an all time low; down 29% from the last Hot Sheet. These numbers are Lake Norman home sales just put under contract which would seem to indicated that our overall Lake Norman real estate market may still be trending downward.

Unlike earlier Hot Sheets, I am hard-pressed to see a silver lining in these statistics. It is good that we are still seeing significant price changes and that our inventory of Lake Norman homes for sale is beginning to decrease. However, the most troubling number today is the number of contracts that were canceled. Almost twice as many contracts were canceled as were closed which is highly unusual. Hopefully the bailout of Freddie Mac and Fannie Mae and the resulting wonderful drop of mortgage interest rates that we saw this week will help more Lake Norman home buyers not just qualify but enable them to actually get good loans!

Have a great weekend!

RELATED ARTICLES

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

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

Antiquity is a new community 20 miles north of Charlotte and nestled quietly into Cornelius North Carolina, just south of the town of Davidson. The neighborhood is extremely charming with a covered bridge and plans for more than 1000 homes built by the Cunnane Group and Meeting Street Homes. These builders offer apartments, townhouses, and single family homes, so there is something in Antiquity for everyone. For further information about Antiquity, read the Antiquity Article from the Charlotte Observer and then call me at 704-287-6488.

Single Family

Currently, there are 9 single family homes in Antiquity listed FOR SALE in the Carolina Multiple Listing Service. The average square footage of these homes ranges from 2300 up to 2700 square feet, with an average list price of $322,549 and an average days on market (DOM) of 139 days.

There are 3 single family homes in Antiquity that are currently listed as PENDING or under contract. These homes have an average square footage of 2100 up to 2600 square feet, with list prices of $340,228 and a DOM of 240 days.

Single family homes that have been reported as SOLD in Antiquity, had an average sales price of $378,468, which was approximately 99% of their listed prices. These homes were on the market for an average of 170 days and had approximately 2,595 square feet each.

Townhouses

Currently, there are 5 townhouses in Antiquity listed FOR SALE in the Carolina Multiple Listing Service. The average square footage of these homes ranges from 1200 up to 1500 square feet, with an average list price of $188,156 and an average days on market (DOM) of 154 days.

There are 3 townhouses in Antiquity that are currently listed as PENDING or under contract. These homes have an average square footage of 1100 up to 1400 square feet, with list prices of $168,445 and a DOM of 29 days.

Townhouses that have been reported as SOLD in Antiquity, had an average sales price of $168,293, which was approximately 101% of their listed prices! These homes were on the market for an average of 95 days and had approximately 1,325 square feet each.

For further information about Antiquity, or any other Lake Norman area neighborhood, please contact me.

Sara D'Amico

Broker/REALTOR/ABR

Keller Williams Realty

704-287-6488

SaraD@kw.com

www.BuyandSellwithSara.com

MLS#: 780437 $999,900 19633 Bustle Rd Cornelius, NC 28031 Beds: 5 Baths: 4 Square Feet: 3,400 - 4,100 Property Type: Residential Single Family Status: Active Remarks Talk about Location! This Beautiful all brick WaterFront Home. Located just off the Peninsula Has everything you can dream of. Relax in a beautiful custom inground pool,and take a cruise from your own Boat dock and Covered Deck.WOW Large Kitchen/Granite counter tops, Lakeview Master Bedrm with stunning masterbath, Huge walk in closet.Inlaw/Guest Rm/full bath on Lake Level, Bonus Rm Surround Sound closeTalk about Location! This Beautiful all brick WaterFront Home. Located just off the Peninsula Has everything you can dream of. Relax in a beautiful custom inground pool,and take a cruise from your own Boat dock and Covered Deck.WOW Large Kitchen/Granite counter tops, Lakeview Master more... Save In My Portfolio Request More Info Print A Flyer Email Listing Map / Directions Additional Property Information Area: Lake Norman Cooling: Central, Exhaust Fan, Zoned Fireplace: Gas logs, Great Room Exterior: Mother In-Law Quarters, Fenced, Playground Interior: Basement, Wet Bar Heating: Natural Gas, Zoned Levels: 1 1/2 Story Bedroom: 1 Master Suite, 1 Master Suite Street Level Neighborhood: Diane Shores View Neighborhood Data... Parking: Concrete Driveway Patio: Deck Pool: In-ground Rooms: Formal Dining Room, Master Bedroom, Water Closet, Attic, Basement, Breakfast Room, Dining Area, Foyer, Great Room, Kitchen, Living Room, Laundry Room, Recreation Room, Utility Room, Wine Cellar School District: View Nearby School Data... View: Pier View, Water View Year Built: 1993 Request More Information about this Property

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The data relating to real estate for sale on this Web site comes in part from the IDX Program of the Carolina Multiple Listing Services, Inc. Real estate listings held by brokerage firms other than Estate & Homes realty are marked with the IDX logo or the IDX thumbnail logo (a little black house) and detailed information about them includes the name of the Listing Brokerage. Any use of listing data obtained from this web site, other than by a consumer looking to purchase real estate, is prohibited. Any information relating to real estate for sale referenced on this web site comes from the Internet Data Exchange (IDX) program of Carolina Multiple Listing Services, Inc. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

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