Spring Trends in Lake Norman
Spring is in the air! The cherry trees around Lake Norman are blooming. Is the spring real estate market warming up as well? Looking at the charts below (which will automatically update monthly) it’s obvious the downward trend is continuing for the number of days on market. This means for Huntersville, Cornelius and Davidson new listings are not keeping up with demand. When there are not enough new listings the months supply of homes available for sale decreases. As of March 2, 2016 we are down to under a 3 months supply of housing inventory for both Huntersville and Cornelius. As we head into March it will be interesting to see if we start seeing new inventory or if we are still lagging behind. We already are seeing buyers having to put in offers quickly as homes go under contract in days. Many times these homes are receiving multiple offers driving up the sales prices. Unfortunately, appraisals can be slow to catch up in a seller’s market and this can pose a problem. Remember to keep checking back for updates as we watch the market trends this spring.
Diane and William Kradel