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Lake Norman Real Estate Market Snapshot – December 2008   Leave a comment

Lake Norman Real Estate Market Activity

Monthly Activity Snapshot for December 2008

lake norman happenings

 

Single Family Homes in Area 13 (Lake Norman)

“Average prices of home sales are down from last December 2007”

Total Listings: 1,5o1

New Listings in December: 175

Average List Price of New Listings: $697,686

Under Contract: 47 

Average List Price of Under Contract Listings: $385,834

Sold Homes:  56

Average List Price of Sold Listings: $424,339

Average Sale Price to List Price Percentage: 92.78%

Average Days On Market:  163

Price Changes:  259

Analysis:  4 months average time on market for homes selling in the upper 300s. 92% is roughly 3 percent off from our 95-96% sale price to list price in December 2007. Shows that we are definitely in a “Buyer’s Market” since lower offers are being accepted. 

We only had 1/4th of the homes sell that were listed just in December alone. 

Here is a snapshot of last December 2007 to compare:

New Listings: 169

Average List Price: $563,543

Under Contract: 71

Avg List Price Under Contract: $464,176

Sold: 71

Avg List Price Sold: $471,063

SP/LP%: 95.31

Average Days on Market: 143

** Note: my information and numbers come from the Charlotte Regional Multiple Listing Service and do not include sales outside of the MLS.

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Lake Norman Real Estate 4th Qtr 2008 Market Analysis   Leave a comment

As you know, there are several agents out there that do their own market analysis. A lot of them write paragraphs of fluff. This is not what you will get here!

I have some neat graphs and mostly numbers. You can decipher easily.

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

Sandy Aichner

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