October 2018 sales results for the Lake Norman area.
October 2018 sales results for Lake Norman area (compared to last October).
Median sales price: up 1.4% ($369,950)
Month’s supply of homes: down 19.2%
Number of close sales: down 7.7%
Breaking the numbers down between re-sales and new construction:
Resales:
Median sales price: up 4.3% ($396,500)
Month’s supply of homes: up 2.2%
Number of closed sales: down 14.4%
New construction:
Median sales price: up 0.4% ($390,000)
Month’s supply of homes: down 47.2%
Number of closed sales: down 11.4%
What does it all mean? Sales typically start to slow this time of year but the numbers are more indicative of fewer buyers due to the combination of rising interest rates and low inventory keeping them on the sidelines. We need more inventory (sellers) but the sellers are not sure they will find something else to buy. (Data courtesy of Carolina Regional Realtor Association).
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