2018 October Real Estate Market Report

If the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected during the last three months of the year. A trend of market balance is emerging as we approach the end of 2018. Prices are still rising in most areas, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory, and prices.

Stock markets experienced an October setback, but that does not necessarily translate to a decline in the real estate market. The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This is exceptional news for industries related to real estate. Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs.

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 October compared to last year. The data I’ll be using is comprised of single-family homes, condominiums, and townhomes.

Cornelius

  • New Listings – ↓ 1.1% at 1,103 compared to Oct. 2017 which was 1,115.
  • Pending Sales – ↓ 6.0% at 875 compared to Oct. 2017 which was 931.
  • Closed Sales – ↓ 5.9% at 885 compared to Oct. 2017 which was 940.
  • List to Close – ↓ 15.4% at 88 compared to Oct. 2017 which was 104.
  • Average Sales Price – ↑ 10.1% at $439,980 compared to Oct. 2017 which was $399,634.
  • Percentage of List Price Received – ↑ 0.1% at 96.6% compared to Oct. 2017 which was 96.5%.
  • Months Supply of Homes For Sale – ↓ 10.4% at 2.7 compared to Oct. 2017 which was 3.

Davidson

  • New Listings – ↑ 5.8% at 618 compared to Oct. 2017 which was 584.
  • Pending Sales – ↑ 2.9% at 464 compared to Oct. 2017 which was 451.
  • Closed Sales – Remained the same at 458.
  • List to Close – ↓ 5.0% at 113 compared to Oct. 2017 which was 119.
  • Average Sales Price – ↑ 6.8% at $436,345 compared to Oct. 2017 which was $408,528.
  • Percentage of List Price Received – ↓ 0.3% at 96.3% compared to Oct. 2017 which was 96.6%.
  • Months Supply of Homes For Sale – ↓ 10.3% at 3.5 compared to Oct. 2017 which was 3.9

Denver

  • New Listings – ↓ 6.2% at 969 compared to Oct. 2017 which was 1,033.
  • Pending Sales – ↓ 12.9% at 708 compared to Oct. 2017 which was 813.
  • Closed Sales – ↓ 7.6% at 725 compared to Oct. 2017 which was 785.
  • List to Close – ↑ 7.9% at 123 compared to Oct. 2017 which was 114.
  • Average Sales Price – ↓ 0.2% at $373,268 compared to Oct. 2017 which was $373,830.
  • Percentage of List Price Received – Remained the same at 96.5%.
  • Months Supply of Homes For Sale – ↓ 7.3% at 3.8 compared to Oct. 2017 which was 4.1.

Huntersville

  • New Listings – ↓ 1.7% at 2,072 compared to Oct. 2017 which was 2,108.
  • Pending Sales – ↓ 3.1% at 1,673 compared to Oct. 2017 which was 1,726.
  • Closed Sales – ↓ 3.2% at 1,690 compared to Oct. 2017 which was 1,746.
  • List to Close – ↑ 1.1% at 95 compared to Oct. 2017 which was 94.
  • Average Sales Price – ↑ 7.0% at $338,685 compared to Oct. 2017 which was $316,477.
  • Percentage of List Price Received – ↓ 0.4% at 97.4% compared to Oct. 2017 which was 97.8%.
  • Months Supply of Homes For Sale – ↓ 4.2% at 2.3 compared to Oct. 2017 which was 2.4.

Mooresville

  • New Listings – ↓ 3.4% at 2,649 compared to Oct. 2017 which was 2,741.
  • Pending Sales – ↑ 3.7% at 2,067 compared to Oct. 2017 which was 1,993.
  • Closed Sales – ↑ 2.3% at 2,063 compared to Oct. 2017 which was 2,016.
  • List to Close – ↓ 1.7% at 114 compared to Oct. 2017 which was 116.
  • Average Sales Price – ↑ 5.4% at $385,663 compared to Oct. 2017 which was $365,978.
  • Percentage of List Price Received – ↑ 0.1% at 96.0% compared to Oct. 2017 which was 95.9%.
  • Months Supply of Homes For Sale – ↓ 16.3% at 3.6 compared to Oct. 2017 which was 4.3.

Sherrills Ford

  • New Listings – ↑ 8.4% at 283 compared to Oct. 2017 which was 261.
  • Pending Sales – ↑ 7.6% at 185 compared to Oct. 2017 which was 172.
  • Closed Sales – ↓ 2.3% at 169 compared to Oct. 2017 which was 173.
  • List to Close – ↑ 9.2% at 142 compared to Oct. 2017 which was 130.
  • Average Sales Price – ↑ 9.6% at $411,036 compared to Oct. 2017 which was $374,953.
  • Percentage of List Price Received – ↑ 0.6% at 95.3% compared to Oct. 2017 which was 94.7%.
  • Months Supply of Homes For Sale – ↓ 22.5% at 5.5 compared to Oct. 2017 which was 7.1.

Terrell

  • New Listings – ↓ 17.0% at 39 compared to Oct. 2017 which was 47.
  • Pending Sales – ↓ 14.3% at 24 compared to Oct. 2017 which was 28.
  • Closed Sales – ↓ 3.7% at 26 compared to Oct. 2017 which was 27.
  • List to Close – ↑ 17.3% at 149 compared to Oct. 2017 which was 127.
  • Average Sales Price – ↑ 7.5% at $560,212 compared to Oct. 2017 which was $521,339.
  • Percentage of List Price Received – ↓ 4.0% at 91.4% compared to Oct. 2017 which was 95.2%.
  • Months Supply of Homes For Sale – ↓ 13.5% at 4.5 compared to Oct. 2017 which was 5.2.

Troutman

  • New Listings – ↓ 9.3% at 255 compared to Oct. 2017 which was 281.
  • Pending Sales – ↑ 3.7% at 197 compared to Oct. 2017 which was 190.
  • Closed Sales – ↓ 3.5% at 195 compared to Oct. 2017 which was 202.
  • List to Close – ↑ 3.5% at 117 compared to Oct. 2017 which was 113.
  • Average Sales Price – ↑ 3.4% at $277,179 compared to Oct. 2017 which was $263,068.
  • Percentage of List Price Received – ↑ 1.2% at 95.8% compared to Oct. 2017 which was 94.7%.
  • Months Supply of Homes For Sale – ↓ 14.9% at 4 compared to Oct. 2017 which was 4.7.

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