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2018 November Real Estate Market Report

13 Dec 2018

The booming U.S. economy continues to prop up home sales and new listings in much of the nation, although housing affordability remains a concern. Historically, housing is still relatively affordable. Although Freddie Mac recently reported that the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent, average rates were 5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago. Nevertheless, affordability concerns are causing a slowdown in home price growth in some markets, while price reductions are becoming more common.

The Bureau of Labor Statistics recently reported that the national unemployment rate was at 3.7 percent. Low unemployment has helped the housing industry during this extensive period of U.S. economic prosperity. Home buying and selling activity relies on gainful employment. It also relies on demand, and builders are showing caution by breaking ground on fewer single-family home construction projects in the face of rising mortgage rates and fewer showings.

Below we’ll look into how the markets did in the towns surrounding Lake Norman. I’ll dive into the numbers for the month of November compared to last year. The data I’ll be using is comprised of single-family homes, condominiums, and townhomes.

Cornelius

  • New Listings – ↑ 19.3% at 68 compared to Nov. 2017 which was 57.
  • Pending Sales – ↑ 3.6% at 57 compared to Nov. 2017 which was 55.
  • Closed Sales – ↓ 13.0% at 60 compared to Nov. 2017 which was 69.
  • List to Close – ↑ 29.5% at 114 compared to Nov. 2017 which was 88.
  • Average Sales Price – ↑ 14.6% at $485,487 compared to Nov. 2017 which was $423,759.
  • Percentage of List Price Received – ↓ 2.6% at 93.0% compared to Nov. 2017 which was 95.5%.
  • Months Supply of Homes For Sale – ↑ 11.1% at 3.0 compared to Nov. 2017 which was 2.7.

Davidson

  • New Listings – ↑ 20.8% at 58 compared to Nov. 2017 which was 48.
  • Pending Sales – ↑ 2.6% at 39 compared to Nov. 2017 which was 38.
  • Closed Sales – ↑ 24.2% at 41 compared to Nov. 2017 which was 33.
  • List to Close – ↑ 20.9% at 110 compared to Nov. 2017 which was 91.
  • Average Sales Price – ↑ 19.7% at $396,000 compared to Nov. 2017 which was $330,788.
  • Percentage of List Price Received – ↓ 3.1% at 94.3% compared to Nov. 2017 which was 97.3%.
  • Months Supply of Homes For Sale – ↑ 9.8% at 4.5 compared to Nov. 2017 which was 4.1.

Denver

  • New Listings – ↓ 24.7% at 67 compared to Nov. 2017 which was 89.
  • Pending Sales – ↑ 12.5% at 54 compared to Nov. 2017 which was 48.
  • Closed Sales – ↓ 36.6% at 45 compared to Nov. 2017 which was 71.
  • List to Close – ↓ 40.3% at 89 compared to Nov. 2017 which was 149.
  • Average Sales Price – ↓ 12.1% at $356,439 compared to Nov. 2017 which was $405,696.
  • Percentage of List Price Received – ↑ 0.5% at 97.2% compared to Nov. 2017 which was 96.7%.
  • Months Supply of Homes For Sale – ↓ 11.1% at 4.8 compared to Nov. 2017 which was 5.4.

Huntersville

  • New Listings – ↓ 16.9% at 108 compared to Nov. 2017 which was 130.
  • Pending Sales – ↓ 14.3% at 84 compared to Nov. 2017 which was 98.
  • Closed Sales – ↓ 10.8% at 107 compared to Nov. 2017 which was 120.
  • List to Close – ↓ 17.6% at 89 compared to Nov. 2017 which was 108.
  • Average Sales Price – ↑ 13.4% at $327,045 compared to Nov. 2017 which was $288,385.
  • Percentage of List Price Received – ↓ 0.4% at 97.5% compared to Nov. 2017 which was 97.9%.
  • Months Supply of Homes For Sale – ↓ 3.7% at 2.6 compared to Nov. 2017 which was 2.7.

Mooresville

  • New Listings – ↑ 46.5% at 249 compared to Nov. 2017 which was 170.
  • Pending Sales – ↓ 2.6% at 149 compared to Nov. 2017 which was 153.
  • Closed Sales – ↓ 11.5% at 162 compared to Nov. 2017 which was 183.
  • List to Close – ↑ 6.8% at 126 compared to Nov. 2017 which was 118.
  • Average Sales Price – ↑ 15.1% at $383,141 compared to Nov. 2017 which was $332,795.
  • Percentage of List Price Received – ↓ 0.5% at 94.6% compared to Nov. 2017 which was 95.1%.
  • Months Supply of Homes For Sale – ↓ 11.5% at 4.6 compared to Nov. 2017 which was 5.2.

Sherrills Ford

  • New Listings – ↑ 4.2% at 25 compared to Nov. 2017 which was 24.
  • Pending Sales – ↓ 10.5% at 17 compared to Nov. 2017 which was 19.
  • Closed Sales – ↓ 40.0% at 9 compared to Nov. 2017 which was 15.
  • List to Close – ↓ 10.9% at 180 compared to Nov. 2017 which was 202.
  • Average Sales Price – ↑ 92.6% at $502,400 compared to Nov. 2017 which was $260,826.
  • Percentage of List Price Received – ↓ 0.4% at 94.1% compared to Nov. 2017 which was 94.5%.
  • Months Supply of Homes For Sale – ↓ 3.5% at 8.2 compared to Nov. 2017 which was 8.5.

Terrell

  • New Listings – ↑ 33.3% at 4 compared to Nov. 2017 which was 3.
  • Pending Sales – ↓ 50.0% at 2 compared to Nov. 2017 which was 4.
  • Closed Sales – ↓ 75.0% at 1 compared to Nov. 2017 which was 4.
  • List to Close – ↑ 15.9% at 263 compared to Nov. 2017 which was 227.
  • Average Sales Price – ↓ 19.3% at $300,000 compared to Nov. 2017 which was $371,750.
  • Percentage of List Price Received – ↓ 12.9% at 80.0% compared to Nov. 2017 which was 91.8%.
  • Months Supply of Homes For Sale – ↑ 12.5% at 8.1 compared to Nov. 2017 which was 7.2.

Troutman

  • New Listings – ↑ 66.7% at 30 compared to Nov. 2017 which was 18.
  • Pending Sales – ↑ 64.3% at 23 compared to Nov. 2017 which was 14.
  • Closed Sales – Remained the same at 16.
  • List to Close – ↓ 26.7% at 110 compared to Nov. 2017 which was 150.
  • Average Sales Price – ↑ 19.7% at $288,850 compared to Nov. 2017 which was $241,412.
  • Percentage of List Price Received – ↑ 0.2% at 93.4% compared to Nov. 2017 which was 93.2%.
  • Months Supply of Homes For Sale – ↓ 20.6% at 8.5 compared to Nov. 2017 which was 10.7.