Lake Norman Home Sales Friday Hot Sheet 10/24/08

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Real Estate Broker/Owner with LKN Realty, LLC 242267

LAKE NORMAN RESIDENTIAL HOT SHEET

October 24, 2008 

Hot Sheet 10/24/08 9/26/08 8/22/08 7/25/08  6/27/08   5/12/08 
New Listings 101 96 120  138 142 189
Back- on Market 50 32 33  54 55 46
Price Changes 210 168 186  238 248 212
Pending Sales 25 36 44  61 55 49
Sold 28 29 33  47 41 45

Conditional /Contingent 

11 12 21  22 18 18

 

My sixth bi-monthly Lake Norman Friday Hot Sheet is here! 

  

Above is a chart with our Friday's "hot sheet" numbers from the Charlotte Multiple Listing Services for all single family homes in Lake Norman (area 13).  For comparison, I have provided numbers from the past 5 months.  Here are some highlights:

 

  • Our pending and number of closed sales were both down to all time lows.  Pending home sales dropped by -30% compared to 4 weeks ago and closed sales dropped -3%. 

 

  • New listings were up slightly from the last report.  I was truly hoping that our overall inventory would be declining at a faster rate. We need to see the number of homes for sale in Lake Norman drop substantially before we can expect to see a turn around in our real estate market!

 

  • The number of Lake Norman  listings coming back-on-the-market were back up to our summer figures. This is troubling as it indicates that sales aren't "sticking".  When we have almost as many sales canceled as we have going under contract it clearly reflects the lack of confidence and possible difficulty with loans on the part of our Lake Norman buyers.

 

  • The number of price changes (reductions) were back up.  It is interesting to see that our Lake Norman sellers are keeping their homes on the market despite the current economic turmoil.  I personally think that this may be an indication that our sellers are serious about selling their homes and not just "testing" the market. Very few seem to be opting out.  Motivated sellers should mean that there will be better opportunities for buyers.

 

  • Pending home sales dropped -30% as I stated above.  This is truly the most alarming number in this two week period as this is an indication of how many Lake Norman homes are successfully through their inspection and loan conditions and are just waiting to close. Many economists use the pending sales as a barometer for overall sales trends.   

 

  • Solds (Lake Norman home sales contracts that closed in the past two weeks) were almost identical to a month ago. We clearly did not get an after school opens bump as we do most years.  

 

  • Contingent and Conditional Sales remain very low. These numbers are Lake Norman home sales just put under contract which would seem to indicated that our overall Lake Norman real estate market is still be trending downward. 

 

I must admit I was feeling a bit more upbeat about the Lake Norman Real Estate market last month.  We need to get our inventory of homes for sale down and I would like to see some stronger sales numbers before we head in to the holidays when real estate sales throughout the country tradtionally slow down. 

Of course, much of this is dependent on consumer confidence and a stabilization of our financial markets.  I personally have quite a few, well qualified buyers planning to move to Lake Norman.  Short term we will continue to struggle but there is no doubt that there are many buyers looking forward to moving to  Lake Norman in the future.   Hang in there!

Have a great weekend!

 

Diane Aurit's Signature 

 

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Rainmaker
719,762
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Diane--This is a great way to show a snapshot of the market in Lake Norman! Lots of good information for the consumer here. Good job!

Oct 24, 2008 01:54 AM #1
Ambassador
2,738,698
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Mmmmm.  I expect to see steep drops in pendings for many areas for October/Nov. 

We'll see. 

Oct 24, 2008 02:32 AM #2
Rainmaker
575,553
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

It is great to go through the process of evaluating to see the picture of the market. Good info.

Oct 24, 2008 03:25 AM #3
Rainer
292,552
Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate

Teri:  Thanks so much...I have found the "hot-sheet" does allow me to share some additional insight into our market.

Lenn:  Yes, I expect so as well, unfortunately I don't think we are near our bottom yet.

Terry:  Thanks so much.

Oct 24, 2008 09:54 AM #4
Rainer
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Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

You hit it right on the head when you said much of the growth is dependant upon consumer confidence.  In the last 2 weeks I have heard more of "After the election.." reasoning for consumers waiting to purchase.

Nicely done report Diane.

Oct 24, 2008 09:18 PM #5
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Rainer
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Diane Aurit

Lake Norman Real Estate
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