Lake Norman Real Estate: October 2008 Market Report

By
Real Estate Broker/Owner with LKN Realty, LLC 242267

As I was preparing this summary of Lake Norman's October housing market my curiosity got the better of me.  While it is important to compare our sales to October 2007 we are now well over a year in our Lake Norman real estate downturn and so I realized it is very important to now look at our sales in context of the past 4 years to get a grasp of the entire picture of our Lake Norman housing market.

So, first I did my usual monthly analysis:

 

                       Lake Norma Real Estate Market Statistics for October 2008

Lake Norman 2008 Average $ DOM 2007 %+/- Ave $ %+/- DOM %+/-
Active Listings 1593 $735,515 157            
Contingent 16 $431,331 158            
Conditional 24 $930,083 186            
Pending 72 $544,335 145            
Sold 66 $437,147 128 98 48% $453,047 3.5% 102 +25%
Months of Supply 24.1                

 

Briefly, you can see that sales dropped 48% versus October 2007, our months of supply of active listings were down from our high of about 1789, but realtively speakinng are the highest yet at 24.1 months due to the drop in the number of home sales.  Okay, so our Lake Norman home sales are still trending downward and our inventory is still exceptionally high.

Knowing we are going into our slowest time of year, I decided to take a look at the historical data by month since 2004 so we can get a better idea of where we have come from to help us determine where we are and future trends for the Lake Norman residetial real estate market.  Here is what I found:

Lake Norman Homes Sales by Month; 2004 - 2008

 

  2008 2007 2006 2005 2004
October 66 98 117 184 129
November   84 88 145 132
December   64 132 134 137
January 69 87 102 105 70
February 50 105 98 88 74
March 71 151 153 136 124
April 90 120 143 152 115
May 90 152 182 157 176
June 82 169 227 172 184
July 101 147 166 191 187
August 74 144 180 233 181
September 69 105 135 163 133
Totals: 813 1492 1743 1860 1642

 

As you can see, our normal trend is for a slow down in November - February with a spring "bump" and a summer "bump" in sales.  All indications are that when I pull November numbers tomorrow they will be about the same as last month.  Are we going to drop even more in the months to follow?  History certainly indicates that we would expect so.  But, my business has actually picked up this past month as three of my buyers sold their homes in the Northeast and Midwest so were finally able to buy here.  Is this a positive sign or just a fluke...only time will tell!

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Tags:
lake norman market report

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
920,196
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

HI Diane, seems like even hot communities like yours in following a trend since 2004. On another note, how are you?  Been missing you in the rain. Are you working on your outside blog?

Nov 30, 2008 12:02 AM #1
Rainer
292,552
Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate

Hi Missy, yes, I have been missing in action on AR for about a month as I have been focused on saving my outside blog.  I can't wait to start writing posts again!!!  Thanks for stopping by!

Nov 30, 2008 12:34 AM #2
Ambassador
3,969,145
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Diane - nice to see you posting here again. This was a very thorough analysis and interesting to see the trends over the years. That is quite an absoprtion rate, although similar to what I have heard about in other areas. Best of luck getting things straightened out.

Jeff

Nov 30, 2008 02:28 AM #3
Rainmaker
575,553
Terry & Bonnie Westbrook
Westbrook Realty Broker-Owner - Grand Rapids, MI
Westbrook Realty - Grand Rapids Forest Hills MI Re

Our market has been very similar and I expect it to continue nice to see you back here again.

Nov 30, 2008 06:54 AM #4
Rainer
292,552
Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate

Hi Jeff!  It's great to be back...things are still in the works but we are seeing the light at the end of the tunnel.  I will come back to catch up on all of your posts!

 

Terry, Thanks!  Once I get my outside fixed I will be back to writing on a regular basis.  I need to catch up on so many posts!

Nov 30, 2008 09:08 AM #5
Ambassador
920,196
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

saving??? What happened?

Nov 30, 2008 11:30 PM #6
Rainer
292,552
Diane Aurit
LKN Realty, LLC - Mooresville, NC
Lake Norman Real Estate

Missy,  Saving my blog from total disaster.  Once everyone is out of the woods I, as I know many others, will share what has been going on outside the rain.  My blog will be back live this week thanks to marti...he is awesome!

Dec 07, 2008 02:17 AM #7
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
292,552

Diane Aurit

Lake Norman Real Estate
Ask me a question
*
*
*
*
Spam prevention

Additional Information