NOVEMBER SALES REPORT

The November new homes sales report for the Lake Norman area was up compared to the same time last year.  The largest gains were found in Davidson, as sales spiked over 200%!  This is largely due to buyers flocking to Westbranch by Lennar Homes.  Looking at the graph below, we see that the largest market for new homes sales continued to be Mooresville, with 44 closing in November (up 10%) and the fewest at Denver with 16 (up 14.3%).

Median sales prices last month were lower than last month, except for Mooresville- where they were up about 4%.  Interesting to note the lowest median sales prices were found in Davidson.  Again, this is due to the high number of sales at Westbranch.  9 of the sales there were for townhomes that closed with prices from $226,000 to $264,000, driving down the median new home sales price for the town.

Inventory of new homes in November went up in Denver and Huntersville and down in Mooresville and Davidson.  Mooresville is the only market with a shortage of new homes.  Inventory can ebb and flow depending on past weather conditions, availability of building materials, and closeouts of communities.

That’s a short analysis of the November sales report data. November pending sales is a way of predicting future closings.  Pending sales are homes that went under contract.  The graph below shows a 175% increase in new homes that went under contract in Huntersville.  This bodes well for a good sales report for Huntersville for December and possibly January.  The caveat is sales figures typically trend down during these months due to the holidays and colder weather.  But with the economy remaining strong and interest rates remaining low, I would not be surprised to see stronger sales figures ahead!