Looking for a home to buy in the Lake Norman area? It’s about as difficult as finding tickets to the Masters! And it shows little sign of slowing. At least not here…for now. Last Friday a client asked me about a home in Highland Creek that was scheduled to hit the Market that day. I called the listing agent to ask about the home and she told me that there were already 85 showings scheduled for the weekend. Eighty five showings over three days!!!
Here’s a few local comparisons between home sales in March 2020 Vs. March 2021:
- New listings are down 8% while pending sales are up 30%.
- Average days on market has dropped by 50%. Many homes sell the day they hit the market.
- The average list price is up 13%. The Average sales price is up 17%
- Home inventory is down 70% compared to March 2021
Why? DEMAND.
Demand coupled with supply shortages. The US housing market is nearly 4 Million homes short of consumer demand! Lumber mills cannot keep up. Hundreds of ships carrying raw materials are anchored outside of many US ports unable to unload because of lack of dock workers willing to work. The two largest US chemical plants responsible for supplying 80% of the chemicals used to produce materials such as foam, insulation, PVC, etc. are currently shut down. Try buying a single vinyl fence panel. They do not exist.
Did you know that there are 30,000 people expected to move to Mooresville over the next 24 months. Make sense why so many new apartment complexes are under construction? You don’t want to know how many are in planning right now!
Long story short. If you’re thinking about selling you’re home, your holding a Royal Flush at a high stakes Texas Holdem tournament. Congratulations!
Share this on social media:
Looking for a home to buy in the Lake Norman area? It’s about as difficult as finding tickets to the Masters! And it shows little sign of slowing. At least not here…for now. Last Friday a client asked me about a home in Highland Creek that was scheduled to hit the Market that day. I called the listing agent to ask about the home and she told me that there were already 85 showings scheduled for the weekend. Eighty five showings over three days!!!
Here’s a few local comparisons between home sales in March 2020 Vs. March 2021:
- New listings are down 8% while pending sales are up 30%.
- Average days on market has dropped by 50%. Many homes sell the day they hit the market.
- The average list price is up 13%. The Average sales price is up 17%
- Home inventory is down 70% compared to March 2021
Why? DEMAND.
Demand coupled with supply shortages. The US housing market is nearly 4 Million homes short of consumer demand! Lumber mills cannot keep up. Hundreds of ships carrying raw materials are anchored outside of many US ports unable to unload because of lack of dock workers willing to work. The two largest US chemical plants responsible for supplying 80% of the chemicals used to produce materials such as foam, insulation, PVC, etc. are currently shut down. Try buying a single vinyl fence panel. They do not exist.
Did you know that there are 30,000 people expected to move to Mooresville over the next 24 months. Make sense why so many new apartment complexes are under construction? You don’t want to know how many are in planning right now!
Long story short. If you’re thinking about selling you’re home, your holding a Royal Flush at a high stakes Texas Holdem tournament. Congratulations!
