August has arrived, and with Summer coming toward a close, it's a good time to review the Lake Norman Real Estate Market statistics as we move into Fall.
CLICK HERE FOR A PDF REPORT OF EACH TOWN AND POPULAR NEIGHBORHOODS!
Let's start with Cornelius!
Cornelius sits at 3.3 months of supply, which is up 10% over the last rolling twelve months. But, keep in mind that this is still a low supply level, which means we are still in a sellers' market.
Here's where supply gets interesting though - supply is actually down for homes over $400K.
In fact, homes between $400-$500K are down 33% in availability. Between $500K-$1M, inventory is down 17%. Over 1M, inventory is down 10.7%.
Not surprisingly, the higher price points have also seen a decrease in average days on market.
Davidson has 4.8 months of supply, but similar to Cornelius, the 500K+ market has seen a decrease in inventory as well. One thing to note about Davidson, is that, on average, homes are selling at 96.7% to list. This is a decrease over the last rolling 12 months. The most elasticity is on the lower end of the market (under $500K). So - if you are a buyer in this price range, you may want to be more aggressive with your offer price. And, if you are a seller, it's becoming more important to have an agent who can negotiate and position your house as effectively as possible.
In Denver, supply has stayed pretty flat compared to last year.On average, it takes 16 showings before a house is under contract. The number of showings needed to get under contract jumps to an average of 20 in the 500K - $1M range.Certain neighborhoods, like Treetops, need an average of 26 showings. It’s no surprise, but sellers have the best chance of selling their house when they have as many eyeballs as possible looking at their property!
Huntersville continues to have the lowest supply of homes in our area, at 2.8 months. Supply under $400K continues to be challenging with only 2.2 months.
On average, homes are on the market for 47 days, which is up slightly over the past 12 months.But, it’s worth noting that homes on the higher end of the market have seen a decrease, while homes are on the market LONGER in the under $400K market.
Mooresville has seen price per square feet increase by 2.5% on average, though for homes over $500K, price per square has actually DECLINED.Thus, sellers should be hiring an agent with experience marketing homes at these higher price levels!
In all, we continue to operate in a healthy market here in Lake Norman!
If you'd like to discuss the specifics of your home - either selling or buying - click below to schedule a consultation!
If you aren’t familiar with Lake Norman, it’s located about 20 miles north of uptown Charlotte, and it encompasses the towns along Lake Norman, which is the largest body of man-made water in North Carolina and reaches for about 34 miles.If you’d like to learn more about the Lake, click here and check out that video where I go over interesting details about Lake Norman.
Well, today I’m going to talk about the reasons I like and don’t like about living here, so let’s get started.
Let's start with the bad ones first. Number one, the heat. There's no way to like pussyfoot around this issue. July and August are really hot. It's just how it is. Luckily, air conditioning was invented back in 1902, so everyone spends their time in their nice Air-conditioned house, then in their car, and then at work.And, you can hop in the pool or take a spin on the boat to cool off on your downtime.It’s tolerable, but summer can definitely be hot.
Number two, traffic.So this has been a controversial topic here in our area.I won’t get into the details, but I-77, which is the main highway that goes down to Charlotte and beyond, was becoming extremely congested.Recently, toll lanes opened here.I have used them a few times and it makes a big difference during high traffic times.Beyond I-77, there are numerous initiatives to improve and expand access in the various towns around the Lake.So far, my impression, especially here in Cornelius where we live, has been that the town is very proactive in their planning.
Number three.Bugs!We run two Dynatraps at our house, which seem to help, and we load up on bug spray when we are outside during the summer.The good news though is I haven’t noticed any ticks on our pets since moving here and living up in Boston that was a big deal.Bugs are pesky, but some good pest control and bug spray make it manageable.
Number four.Bad boaters!Lake Norman is a beautiful lake, but it gets really busy in the Summer on those nice days.It can get crowded out there during peak times, and not enough people take the time to learn the basics of boating safety.The good news, though, is that the police do a good job of promoting boat safety, and they are actively on the lake enforcing the rules.
So let’s move on to the things I love about living in Lake Norman.
I love the people.We have a great sense of community here.People who have lived here for a long time are very welcoming to newcomers.We moved here in 2015 and have been very fortunate to make many friends.There are SO MANY people who have moved here from other places!We have bars where the Buffalo Bills fans go to hang out, a great Boston bar, and the list goes on.
We are close to SO MUCH.You can be in uptown Charlotte in 20 or so minutes.You can hit up a Panther's game, or attend one of the baseball games (theBB&T ballpark is AWESOME).Charlotte has many outstanding restaurants and great places to listen to music.
You can be in Asheville in about 1 ½ hour.Asheville offers so much – the Biltmore, which is a great day trip, is a great walk back through history.Asheville has a really cool music/art scene, and they are THE PLACE for craft beers.If you like to ski, there are great ski resorts about 2 ½ hours away.
If you love the ocean, well, in about 3 ½ hours you can be at the beach.There are many great coastal beach towns in North Carolina and South Carolina!Plus, you can be in Charleston in 3 ½ hours – and Charleston has SO MUCH to offer.
The other thing I loved – when I first moved here, I traveled every week for my job.The flight availability out of the Charlotte airport is excellent.And, I can park and be right in the terminal in just a few minutes.Charlotte is a really busy airport, but with TSA precheck I have never waited in line at security for more than 5 minutes.It’s about a 35-minute drive to the airport from my house here in Lake Norman.
If you love an active lifestyle, Lake Norman offers a lot.All the water activities – wakeboarding, skiing, stand up paddleboarding, sailing.Plus, we have lots of great parks, running and biking trails.
If you like working out, we have it all.Yoga, pilates, the YMCA here is great.We have two OrangeTheories, a cycle bar, kickboxing, CrossFit.
It’s still very affordable here.You can get a condo on the lake in the 250K and up.You can buy a great 3/2 house with a yard for 250K.In Cornelius, the combined rate (Mecklenburg and Cornelius) is 1.1137 per $100 – so a 250K house would see a $2,785 tax bill, approximately.In Mooresville, the combined rate is 1.065, so a 250K house would see a lower tax bill.
So now you know all the reasons that I love Lake Norman. Hey, I had a few things that are not perfect about Lake Norman.Every place has its pros and cons. Are you thinking of moving to Lake Norman? Do you just let me know if there's anything that I can assist you with!
If you plan to buy or sell a home, you will want to be aware of recent changes here in North Carolina, specifically as it relates to those who need to sell a home as part of their ability to purchase, as well as sellers whose buyers need to sell.
Prior to July 1, if a buyer needed to sell their existing home to complete the transaction, they would attach a Contingent Sale Addendum.This addendum essentially stated that if their home did not sell, they could get their Earnest Money Deposit returned, even if after the Due Diligence Period.This was good protection for buyers, but wasn’t ideal for sellers.
Effective July 1, this addendum has been eliminated.This means that once the Due Diligence Period has expired, you will forfeit your Earnest Money Deposit even if your existing home does not sell.Buyers will want to work closely with their Broker to set adequate Due Diligence Periods and make sure to understand the likelihood of their existing home selling within a certain time period.
As part of the Offer to Purchase Agreement, the Buyer must now disclose whether or not they need to sell or lease an existing property.They must also disclose if the property is currently under contract, or if the property is listed.Sellers should take this information into consideration when considering whether or not to accept an offer.
As always, make sure you are working with a Broker who understands and can explain all the relevant standard provisions that comprise your offer!
You can also watch my video where I discuss these changes by clicking here!
We continue to see favorable levels of inventory for buyer clients throughout Lake Norman. If you haven't already seen my latest market report, you can click here to watch it or here to read more.
Ok, let's get to this week's featured Property Picks!
The first property is located in the Macaulay subdivision in Huntersville. This is a 5/4 house that sits right at 3500 square feet. This has an open floor plan and the owner has made many updates, including newly refinished floors. Additionally, this home has been pre-inspected, with issues being addressed. Nice corner lot. Check out the information here
The second property is located in the Wynfield subdivision in Huntersville. This 4/2.5 house is just over 2500 square feet, and it features a master on the main floor. 2 story ceilings in the living area and an open floor plan give the home a spacious feeling. Large deck space and a fenced in yard! Check out the pictures here
The third property is in the Surfside Estates subdivision in Mooresville. This 2/2 house waterview lake home features exposed beams and a custom kitchen. Great price for the location and waterview. Check it out here
You can schedule a showing on any of these properties, and you can also set up your own custom search. Please follow us on Facebook and Youtube, as we regularly post content about Lake Norman!
The real estate market here in Lake Norman continues to remain strong, as does the greater Charlotte area.Sales prices continue to appreciate, and inventory levels remain low overall.
Often times, people will speak of the real estate market very generally.They may be speaking about the real estate market across the United States, or even perhaps a major city.While this greater context may be helpful, it’s very important to realize the degree of variation that can occur as you drill down to very specific areas.My market updates focus on major towns within Lake Norman, and I also regularly look at specific neighborhoods.
Let’s start with Cornelius.
Cornelius continues to see a low inventory – 3.4 months worth of supply.This is up slightly from same time last year, but it’s also worth noting that current inventory is also down – 232 units in June compared to 268 same time last year.Additionally, average sales price rose to $300K, compared to $277K same time last year.Sellers can expect see their home on the market for 54 days on average, which is up from 48 days last year.
Davidson continues to be very popular as well.Inventory rose slightly – 4.8 months of supply compared to 4.5 last year.Prices have appreciated nicely on average - $366K is the average sales price compared to $337K last year.Sellers can expect 68 days on market, which is up from 61 days.Davidson had 214 units for sale, compared to 183 in the prior year.
Denver continues to grow in popularity.Inventory is the highest in Denver – 5.3 months of supply.This is flat compared to the same time last year.Raw number of units was lower, however, at 337 compared to 386 prior year.Days on market in Denver has decreased to 70 days, compared to 81 days last year.Sales prices in Denver were $319K compared to $300K last year.
Huntersville has the lowest supply of homes at 2.8 months, which is up slightly from last year.Sellers should expect 47 days on market, which is up from 46 last year.While months supply is flat, units of inventory is down to 390 versus 429 last year.Huntersville also continues to see appreciation.Average sales price of $314K compared to $305K last year.
Mooresville is the only town where months supply fell – 4.7 months.Days on market also declined – 67 days compared to 76 last year.Sales price remained nearly flat at 290K.
To see a complete breakdown by town, as well as certain popular neighborhoods, click here.
I hope everyone had a great fourth of July! We continue to operate in a competitive market here in Lake Norman.Also, be sure to follow us on Youtube!You will want to check out our latest post about changes to the contingent sale addendum if you are considering listing your home or, if you are a buyer who has a home to sell.
I have three houses to suggest this week!If you’d like to see these homes, or any other homes, please let me know.
A convenient location in Mooresville – near plenty of shopping.This home is vacant and ready if you need a quick close. Owners have recently remodeled the bathrooms, and the roof was replaced in 2017.Check out all the details here.
This home sits on a nearly half acre fenced lot on a cul-de-sac.Great deck, home theater system, new AC systems.New hardwood floors.This home is one worth checking out.Check out all the information here.
June is here!Looks like we will be in for hot summer here in Lake Norman!If you are buying a home, you are certainly getting an inspection.Remember though, that you can always have a specialist come out to look at HVAC for you.If the general inspection come up with any concerns, or you are purchasing a home with older units, this may be money well spent.It’s also a good idea to consider the different home warranty companies out there, as they can vary GREATLY in terms of HVAC replacement!
But – let’s get to this week’s property picks. (If you'd like to see the video, click here!)
1)21321 Crown Lake Drive, Cornelius
5 bedroom/3.5 bath home in Crown Harbor, featuring over 4200 square feet of living area.This home is on a nice large lot and includes a finished basement.The HVAC are new (2017 and 2018) and it comes with a deeded boat slip. If you aren’t familiar with Crown Harbor, it’s a great subdivision located off Torrence Chapel, which means quick access to I-77.Crown Harbor has a great clubhouse on the lake, including a pool.Check out the pictures here
2)11130 Harbert Road, Huntersville
3 bedroom/3 bath home just under 1700 square feet.Charleston-style home priced at $265K in Vermillion.This home is priced below tax assessment.Check out the full listing here
3)15826 Shoreway Drive, Huntersville
Waterfront property priced under $750K.Just over 2000 square feet, this house is on a cul de sac. Walkout basement and a 2 car garage.This home is worth a look if you’ve been wanting lakefront.Check it out here
If you are interested in any of these properties, click here to schedule 15 minutes to discuss, and we can arrange a showing.
May has been a busy month!Lake Norman real estate has been in full swing and I expect this pace to maintain throughout the summer.Keep an eye out for my market update the first week of June!
This week, I have three interesting home picks!
#1:Victoria Bay in Cornelius
Victoria Bay homes don’t last long on the market.It’s a desirable community, and there is only ONE active listing, and this is it!This home is actually a foreclosure.But buyers – don’t let this put you off!Foreclosures or distressed sales can be excellent deals.Remember – you control the offer!There are strategies around due diligence terms that protect buyers, so don’t be deterred!
4/2.5 bath house on a cul-de-sac!All the bedrooms and laundry are upstairs.Home has an unfinished basement plumbed for a bathroom.Seller can close quickly.Priced under $300K – check this home out by clicking here!
#3: Bailey Springs in Davidson
Lots of house in Davidson for under $600K.And, no shortage of upgrades.This home has a screened 3 season porch, a downstairs guest suite with a full bath, and an outstanding back yard.Check out the photos here!
If you are interested in these homes, or any other homes, you can schedule time to discuss by clicking here, or you text or call me at 704-659-6701!