Lake Norman Real Estate Market Update: March 2020

As COVID-19’s impact spread across the country in March, the stock market declines
started in February accelerated downward before recovering a bit in the last week of the month. With volatility across all the financial markets, lenders began tightening
underwriting standards and some buyers found they no longer were approved for a
loan. Massive layoffs also shook the economy with 3.28 million initial jobless claims filed in a single week—the highest in history more than four times over.

While the effect of COVID-19 is varied throughout the country, we are likely to see
impacts to housing activity now and into the coming months. Its continued spread is
leading many companies and consumers to change their daily activities.

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

Lake Norman

  • New Listings –  ↓ 8.0% at 768 compared to 835.
  • Pending Sales – ↓ 11.2% at 538 compared to 606.
  • Closed Sales – ↑ 13.5% at 569 compared to 501.
  • Days on Market – ↓ 24.6% at 55 compared to 73.
  • Average Sales Price – ↑ 11.4% at $386,882 compared to $347,183

Cornelius

  • New Listings –  ↓ 26.7% at 77 compared to 105.
  • Pending Sales – ↓ 40.0% at 48 compared to 80.
  • Closed Sales – ↑ 2.9% at 72 compared to 70.
  • Days on Market – ↓ 41.4% at 34 compared to 58.
  • Average Sales Price – ↑ 23.1% at $453,409 compared to $368,183

Davidson

  • New Listings – ↓ 5.7% at 82 compared to 87.
  • Pending Sales – ↑ 7.4% at 58 compared to 54.
  • Closed Sales – ↑ 46.5% at 63 compared to 43.
  • Days on Market – ↑ 47.1% at 75 compared to 51.
  • Average Sales Price – ↑ 6.9% at $425,465 compared to $398,078.

Denver

  • New Listings – ↑ 25.6% at 113 compared to 90.
  • Pending Sales – ↑ 24.6% at 71 compared to 57.
  • Closed Sales – ↑ 16.7% at 70 compared to 60.
  • Days on Market – ↓ 1.4% at 69 compared to 70.
  • Average Sales Price – ↑ 26.2% at $425,080 compared to $336,759.

Huntersville

  • New Listings – ↓ 8.3% at 187 compared to 204.
  • Pending Sales – ↓ 7.6% at 145 compared to 157
  • Closed Sales – ↑ 15.1% at 137 compared to 119.
  • Days on Market – ↑ 18.9% at 63 compared to 53.
  • Average Sales Price – ↑ 11.7% at $373,005 compared to $334,071.

Mooresville

  • New Listings – ↓ 4.1% at 255 compared to 266.
  • Pending Sales – ↓ 15.6% at 184 compared to 218.
  • Closed Sales – ↑ 5.8% at 181 compared to 171.
  • Days on Market – ↓ 8.2% at 56 compared to 61.
  • Average Sales Price – ↑ 24.8% at $424,834 compared to $340,467.

Sherrills Ford

  • New Listings – ↓ 37.5% at 20 compared to 32.
  • Pending Sales – ↓ 70.6% at 5 compared to 17.
  • Closed Sales – ↓ 52.2% at 11 compared to 23.
  • Days on Market – ↓ 29.4% at 72 compared to 102.
  • Average Sales Price – ↑ 1.3% at $348,206 compared to $343,713.

Terrell

  • New Listings – ↓ 42.9% at 4 compared to 7.
  • Pending Sales – 1 and didn’t change compared to last year.
  • Closed Sales – ↓ 50.0% at 1 compared to 2
  • Days on Market – ↓ 94.6% at 8 compared to 148.
  • Average Sales Price – ↓ 6.2% at $349,000 compared to $372,000.

Troutman

  • New Listings – ↓ 31.8% at 30 compared to 44.
  • Pending Sales – ↑ 18.2% at 26 compared to 22.
  • Closed Sales – ↑ 161.5% at 34 compared to 13.
  • Days on Market – ↑ 65.0% at 66 compared to 40.
  • Average Sales Price – ↑ 4.1% at $295,900 compared to $284,191.

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