08 Jun Lake Norman Real Estate | Market Report 2017
Lake Norman Real Estate’s March 2017 Market Report
Our Lake Norman real estate market has shown remarkable activity in the few months that have already passed in 2017. This activity should excite both buyers and sellers who plan to be active in this year’s housing market!
January home sales were up 30%, February home sales were down 34%, and March home sales represented an astounding 73% increase compared to those of March 2016. These home sales rank in the top 5 monthly sales we have had within the last 12 years. This is a truly amazing performance!
Finding a waterfront home can be incredibly difficult, but it is currently worth it right now if you can find one that suits you. In March, waterfront home sales comprised 25.5% of sales, and the average listing price of one was $864,850, down from a high of $1,073,960 in the past few years! There has never been a better time to purchase a waterfront house.
Our waterfront markets have improved overall. In fact, we have 8 waterfront homes in the $800,000s range, and 7 in the $900,000s range under contract. The cream of the crop waterfront homes sell relatively quickly, and the supply and demand wave should drive prices up in the future as waterfront property is finite. Good water trumps a good home with bad water; it is important to remember this.
Our “Under Contract Show” and pending sales combined total 351, which is the highest number on our record to date. Even better, we have 18% more properties under contract than we did in March of last year, and a whopping 29% more than we did in March of 2015! We can only foresee even higher numbers in the next upcoming months.
Our conditional sales are also up 32% in comparison to this time last year. The price of our new contracts is up 6%, and the number of days on the market has dropped by 2%. This positive sales increase suggests we will enjoy strong future closed sales in May and June.
We saw very impressive sales activity for homes in the $200,000s, $300,000s, and $400,000s. This range represents the bulk of our current market strength. However, we also saw unanticipated strength with homes in the $700,000s range. Homes above $1,000,000 sold at a positive, steady rate, so we were pleased with this as well. Nonetheless, approximately 77.7% of our sales were for home under $600,000. This is fantastic for anybody looking for a home in this price range. There has never been a better time to search for a home!
We ended 2016 higher than every year except 2005, and we had nearly double the sales that we did in 2009! We won’t lie and say that we didn’t struggle during the first half of 2016, but we clearly triumphed, and we only plan to keep moving up going forward.
The fact that March showed a 181% sales increase from February speaks to how we plan to progress. Plus, the number of distressed homes for sale remain so incredibly low that they have become obsolete to our Lake Norman housing market. The best of all? New construction is now back and consistent. This means more homes, and more specialized homes as well.
New listings in the lower price ranges are selling rapidly, and homes in the higher price ranges are experiencing great activity as well. In general, we are experiencing an upswing from February, and we do not anticipate falling again anytime soon.
Despite this information, finding the perfect home can be challenging. Buyers who want perfection can’t wait too long to make decisions about new listings because the good homes and lots are selling very quickly. This is especially try for waterfront homes. Watching the “hot sheet” is once again a part of the buying process for some price ranges and locations. Don’t procrastinate when considering a new listing because they are selling quickly!
This said, if you want quality homes, with good water and a great buying process, there has ever been a better time to begin your search and make a decision than this time in 2017.
Every year since 2011 has shown only positive, exceptional growth in our Lake Norman real estate market. The numbers have nearly returned to our revolutionary 2005 sales. The recession hit hard, there is no doubt about that, but we were determined to pick ourselves back up, and that is just what we accomplished!
While we are still in a buyers’ market, our growth has been exceptional, and we are comfortable transitioning into the sellers’ market as well. There are important things both buyers and sellers should do to prepare for this year’s market activity.
Buyers in 2017 should be prepared to: be more flexible, be willing to do some work on their newly purchased home and do their own updating if possible, lock in interest rates as soon as you are ready to buy if your lender recommends doing so, and be more flexible about locations. Especially if you are looking to purchase a waterfront home, it is wise to pounce as soon as you find a nice place with a nice price.
Sellers in 2017 should watch a lot of HGTV and be prepared to do painting, flooring and staging to attract buyers! Recently, sellers have tripled the return on their investment by implementing state-of-the-art upgrades to their homes before selling.
Above all, both buyers and sellers should be excited about our Lake Norman’s recent activity and forecasted future activity.