As we predicted last month in our newsletter, home sales in the Lake Norman and Davidson areas took a quick breather during the back to school period and picked back up this week. The combination of out of town traffic for the DNC, and news of improving conditions continue to create solid activity, with showings the past 30 days trending higher than last year at this time.
The area’s pending luxury home index stands at 78 luxury homes under contract at Lake Norman and Davidson, compared to 65 during this week in 2011. The distressed index remains low at 30 homes of 474 on the market, comparable to 31 last year. The occasional distressed luxury property has popped on the market, there just being absorbed very rapidly if they are in decent condition or in high demand areas. The ultra lux range over 1 million has cooled a little bit on the contractual side, but heavy showing activity this week will likely pop that number back up from just 11 homes under contract.