Fabio Lopez

Welcome to my very first Lake Norman Report: It is my intention to update you folks every friday on the past week in real estate. I'll use MLS data on sold properties to benchmark the market and draw my conclusions.

Well, since I'm starting this adventure a few weeks into the month, I ought to get everyone filled in:

Lake Front Homes

3 lake front homes were sold between Sept. 1st, 2008 for a total consumption of $3.6M, an avg sales price of $1.2M, selling on avg for 93% of their List Price(LP), and an average days on market (DOM) of 38.

54 homes were listed or relisted since Sept. 1, with an avg List Price of $1,064,087, and avg of 4 Bedrooms and avg squarefootage of 3550.

At this time there are 585 lake front homes on the market with an avg LP of $1,204,814 and avg DOM of 147 days

Lake View Homes

4 lake view homes were sold between Sept 1st, 2008 for a total consumption of $3.557M, and avg SP of $889,250, sellin on avg for 96% of their LP with a DOM 71 days.

46 homes were listed or relisted since Sept. 1, with an avg LP of $888,285, 4 Beds and 3300 sqft.

At this time there are 512 lake view homes on the market with an avg LP of $962,756 and 139 DOM.

August

In August, there were 13 lake front homes sold, a total consumption of $17.4M at an avg price of $1,339,269 selling for 95% of LP.

There were 21 lake view homes sold, a total consumption of $14.97M at an avg price of $714,624 selling for 95% of LP.

Conclusions

So, Fabio, what does this mean to me!?

Well, lets compare this month to last month and make some projections. I'll make an assumption here that folks would prefer to know how many homes will sell rather than know how many dollars worth of homes will sell.

The lake front market in the first 11 days of September has slowed as compared to the month of August to a rate of .27 Homes/day. At this rate, only 8 homes would sell this month.

The lake view market in the first 11 days of September has slowed as compared to the month of August at a rate of .36 homes/day. At this rate, only 10 homes would sell this month.

I'll have more info for you folks next Friday!

This information is not indicative of the entire month of September. There are several factors that can skew the data and you should not base your decision to buy or sell Lake Norman Real Estate solely on the information presented. I do not guarantee the accuracy of this data or the conclusions presented above, because I do not control the MLS or the real estate market, although at times I wish I did!