As the year nears the final month of the third quarter, September, the real estate market in the Lake Norman/Davidson area continues to show surprising strength. Late July and August, historically a period in which vacations and back to school activities occupy many families, have only slowed the buying market slightly, with pending luxury home contracts dropping from the 120’s in June, down to just over 100 this week. To give some perspective, cresting 100 homes under contract was territory reserved for the past two spring markets, by late August the area had typically dropped back down into the low 70’s in terms of housing units under contract in the luxury range. Cornelius accounts for 25% o those contracts, as does Mooresville, with the balance split between Davidson, the west shore of Lake Norman, and the northern end.
Huntersville remains highly active, with almost 100 homes pending in the 250k-400k range, and another 23 in the 400 and up luxury range. As we commented on in our July newsletter, all of this mobility in the price range that traditionally upshifts to larger and more expensive homes, has continued to impact waterfront and luxury home sales.
Interest rates have stepped up in the past week, with 30 year fixed ranges bouncing around in the mid 4.5% range while other types of notes continued to offer highly attractive rates as well.