After heading up above 80 pending luxury contracts in the Lake Norman and Davidson area back in February, the local market finally appears to be tapering off a bit this fall. Pending contracts dropped below the 70 mark this week for the first time since January of this year in the 500,000 and up range. Most areas remain fairly active and its likely that will continue through the early holiday season this year. Cornelius has 27 luxury homes pending, Davidson has 10, the west shore area around Denver has 11, while The Point and Peninsula communities have dropped down to 7 homes under contract each.
The Huntersville area continues to post solid contract numbers with the 250 to 750 range seeing fairly active showing activity for the fall.
Two segments which showed a lot of activity through August have slowed to more limited activity, those being the waterfront lot market and the ultra-lux price range above 2.5 million.
Inventory remains fairly low relative to the past 4-5 years, with less than 500 total luxury homes for sale in the region and only 16 luxury distressed properties listed in the MLS.