Recovering faster than it did following the 2011 debate over government funding, the Lake Norman real estate market jumped the past two weeks to 92 luxury homes over 500k under contract, a level that the area usually only sees during the spring cycle. With many homeowners deciding to avoid the activity during the holidays, inventory simultaneously dropped from 511 luxury homes listed, to levels in the 480’s. For owners willing to put up with showing activity during the next 60 days, competition from other listed homes should drop slightly, allowing the still solid contractual activity to aide savvy homeowners who ride out what is perceived to be the “slower” season. There will be quiet periods for sure, but lower rates continue to drive activity.
The range below 1m down to 500k has had Davidson and Cornelius jumping all year, with last 60 days in Cornelius showing almost double the luxury transactions of the same period last year. River Run is also well ahead, while The Point is doing solidly above 1m. The west shore area of Denver and Terrell has had a solid second half in that range as well, with 13 homes closing in the last 60 days in the 500-999k range there.
Another surprise is the recent increase in waterfront lot activity in the under 500k range. Pending lots had dropped to single digits in September, but have now rallied to 16 under contract lake wide, all below 500k in asking price.