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2019-11-12 20:50:53
October 2019 Lake Norman Home Sales




October 2019 sales were up in most of the Lake Norman area while inventory remained low and favored a seller's market compared to a year ago.  The graph below shows Cornelius topped last year's October sales by over 48%:




6 month's of inventory is considered a healthy market for both buyers and sellers.  3 months is considered a strong seller's market and 9 months is considered a strong buyer's market.  The data below shows the strongest seller's market to be in Huntersville with only 2.8 months of inventory:




Now let's talk sales prices.  Compared to October of 2018, the median sales price went up in Cornelius and Mooresville and down in Huntersville and Davidson:




On the west and north sides of Lake Norman, we find mixed results.  In the largest market, Denver, sales were down about 7%, while the smallest markets, Terrell and Sherrills Ford, sales were up significantly:




Inventory, while down in October, is neutral or favoring buyer's, especially in Terrell- which saw a surge of inventory:




Looking ahead

Historically, November sales slow down as the colder weather sets in and the holidays approach.  But with very low mortgage rates and an increase in pending sales noted this month (homes that went under contract) I would not be surprised to see areas on the east side of the lake show decent gains over November of 2018.

If you would like specific data on a certain neighborhood, zip code, etc. then let me know!

To see sales results from September 2019, click here.



 
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