Posted by: Todd Long | May 2, 2008

Lake Norman Real Estate Market Update

I’ve been digging through the numbers again to keep the agents in my office up to date on current market trends for their clients.  Here’s what I’ve found for the month of April:

In our market area: ’08       ’07          %Differ

(I define our market area as the market that this Mooresville office services most often which is from the South Iredell County Line to just north of I-40 and West to Sherrills Ford to the Eastern Iredell County line with Rowan County.)

 

# homes Listing Inventory 3354      vs.   2630          28

 

#homes Under contract  404         326         24

 

#homes Closed sales     258         297         -14

 

Avg. sales price     $220,650      $209,000      5.22

This is a little bit of a fluke.  April ’07 average price was off for one month that had been averaging $223,000 so realistically the average sales price is off a few percentage points.

 

Days On Market:  6 months (mls market),  53 days (our office)

I attribute our ability to sell our listings quickly to our agents ability to price properties correctly in these changing market conditions and specific efforts by our company & agents to market properties effectivly.

Also, since May of 2007 our local market as described has been trending down just about every month in the number of homes going under contract and number of homes sold.  There is a direct corolation to those two numbers of course.  If it doesn’t go under contract it doesn’t have a chance to sell.  What I am seeing now is for the month of February ’08 we had 163 homes go under contract locally and 182 sold.  March 256 under contract and 175 sold.  April 404 under contract and 258 sold.  Projecting for May would tell you that we should have about 400 sold homes locally. 

If you are looking to buy or sell in the Lake Norman area, don’t settle for less than a Century 21 Hecht Realty agent.  704-664-3165 www.c21hecht.com

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