3rd Quarter – Lake Norman Luxury Market Report
The Lake Norman luxury market experienced another solid quarter in the 3rd quarter recently ended. Inventory levels in the mid-market segment between $500,000 and $1 million trended down toward 100 days of inventory, while the range between $1 million and $2 million
saw solid activity across all of the Lake’s communities, with Cornelius leading the way in that price segment and the North Shore area seeing a spike in pending contracts to end the quarter. Davidson also experienced a strong quarter in all segments, with 47 homes selling vs 35 last year during the same period. Below are summaries of each individual community.
The Cornelius luxury market enjoyed solid results compared to the third quarter last year, with both the mid-market luxury segment under 1m and the range between 1m and 2m seeing solid increases. The Ultra luxury range was fairly flat to last year. Showings over the last 30 days declined in the mid-market segment compared to last year, while the 1m range and ultra luxury segments both saw increases over last year’s same period. Inventory sat at 92 homes on the market vs 60 sales in the quarter while the ultra luxury segment had 15 homes active vs 2 sales over 2m. The Peninsula had 25 active homes for sale.
Recent Ivester Jackson | Christie’s Sales in Cornelius
New Ivester Jackson | Christie’s Listings in Cornelius
Davidson’s luxury segment enjoyed a strong 3rd quarter in comparison with 2017’s same quarter. The mid-market luxury segment jumped by over 25% with 43 homes selling vs 31 last year, the segment over 1 million in value continued to emerge with 6 homes closing vs 4 last year. Showings declined over the last 30 days compared to last year in the mid-market segment while the upper end saw a slight increase. Active luxury inventory stood at 69 actives vs a sell thru of 47 during the 3rd quarter, fairly balanced market conditions.
Recent Ivester Jackson | Christie’s Sales in Davidson
New Ivester Jackson | Christie’s Listings in Davidson
Mooresville’s luxury segments saw solid activity similar to last year’s 3rd quarter, with
89 homes selling in the mid-market segment under $1 million vs last year’s 92 sales. The luxury market also saw similar sell thru at 24 homes sold over $1 million vs 27 sold last year in the same quarter. The ultra luxury range over $2 million did see a surge at the end of the quarter with 5 homes now pending in that segment. Showing activity was down slightly in the mid-market segment while up slightly above $1 million. Mooresville’s luxury inventory sat at 204 active homes vs a sell thru of 113 in the quarter, under 6 months of inventory with the exception of the ultra luxury price point, where 17 homes were active vs 3 sold yet trending positively with 5 pending. There were 58 homes active in The Point moving into late October.
Recent Ivester Jackson | Christie’s Sales in Mooresville
New Ivester Jackson | Christie’s Listings Mooresville
Denver | West Shore
The West Shore area saw a solid quarter, particularly in the mid-market luxury segment just under $1 million in price. 44 homes sold vs 45 last year, while the upper end of the market saw a slight decrease from 8 sales last year over $1 million to 6 sales this year. The ultra luxury segment over $2 million experienced light activity for the quarter. Showings in the area saw an overall uptick across all price segments and with 89 active homes on the market vs 50 sales in the quarter, inventory levels are healthy for the most part. The ultra luxury segment currently has 9 homes listed over $2 million in value.
Recent Ivester Jackson | Christie’s Sales in The West Shore
New Ivester Jackson | Christie’s Listings in The West Shore
The North Shore
The emerging activity in the North Shore area above the 150 bridge continues to be a story in the Lake Norman luxury segment. Units sold in the mid-market segment just below $1 million were up slightly, and while luxury sell thru over $1 million was flat (4 vs 4 last year same quarter), pendings over $1 million surged to 8 homes with an additional 2 over $2 million. Also bucking the trend elsewhere on the lake, showings surged in both segments indicating continued interest with improved amenities and highway access on both sides of the lake impacting showing activity.
Recent Ivester Jackson | Christie’s Listings in The North Shore
Lake Norman Market Forecast
Despite multiple geopolitical and economic issues
making the headlines, the Lake Norman market appears
poised for a solid 4th quarter, albeit down cyclically as is
the norm for the winter months. Pending contracts in Cornelius
Mooresville, and the NorthShore area trended up at the end
of the quarter, and while there appears to be some cooling
of showing activity in the lower luxury price segments, the
range just over $1 million continued to attract significant
interest and should post solid gains for the 4th quarter and
moving into 2019.