After taking a breather in early June, the Ivester Jackson Luxury Home Index of 500k or more homes under contract rose to 98 homes this week at Lake Norman and Davidson. Particularly hot is the range from about 500k to 1.2m, as historically low interest rates in the mid 3 % range continue to pull buyers into the market this summer. Given the area was already 20% ahead of 2011’s spring/summer, the current level of pending contracts points to a much better 3rd quarter than the area saw in 2011, when the big debt ceiling fiasco unfolded and left people standing on the sidelines. This year’s election cycle has both parties trying to avoid the voters’ ire, and the resulting quiet has allowed consumer confidence in the housing segment to rise.
The 2 million dollar plus range curiously continues to lag last year, although showing activity has improved recently.