2nd Qtr Update

With the close of the 2nd quarter ended June 30th, there are some interesting trends that have emerged in our area. First, some price points are in fact stabilizing and beginning to show appreciation. For example, prices in the 400-750k range in both Davidson and Cornelius showed upward single digit appreciation over last year’s 2nd quarter. How the media reports numbers can be very misleading. For example, they may take a rolling 12 month number, something that could still show an area in price decline, when in fact those 4 quarters may show a narrowing in the price gap and in fact have the most recent quarter in positive territory. Such is the case with our area. The second quarter will be the first in the last 10 or so to post some solid gains in certain price points and areas.   
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The two price ranges at the extreme ends, under 199 and over 2 million, are the two ranges in which inventory numbers have yet to decline, and thus continue to show some erosion.
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Inventory has remained low, as has the amount of new distressed property coming on the market. Iventory numbers in Cornelius, Davidson, and Southern Iredell County are 10-20% below where they were last year at this time, an indication that some people have rethought their strategy and decided to remain in their current home for a couple more years. We actually have a slightly lower number of buyers and showings this year in total, but due to the lower inventory numbers, actual showings per house are running very similar to last year’s totals.
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Just as there are areas of the U.S. that have rebounded due to their core appeal and lack of new development (Silicon Valley, Manhattan, etc.), there are areas around the lake that perform at different levels. An area that is more rural but has seen a lot of recent development, is more likely to be struggling due to excess inventory colliding with more limited demand. Move to areas and price points where there has been less new development or a scarcity of land exists, and you are going to see improving conditions, particularly in a price point where the current inventory/month’s supply of homes is more in line with the frequency of buying activity. For example, you might have one price segment in a high demand area that has under a year’s supply of homes, while a higher price point may have still a small supply of homes but very few buyers, which puts that price point under more pricing pressure. Such is the case with the over 2 million range. Inventory has dropped, but there’s still a fair amount of selection in that segment.air jordan 16