2013 is going to be a great year in Iredell County and the Lake Norman Region.

harborwatch islands (2)2013 is going to be a great year!  We keep hearing this over and over but is it really true?  Let’s take a look at why we are hearing this in the Lake Norman area in North Carolina. The market area that I want to talk about are the towns of Mooresville, Statesville, Troutman, Cornelius and Davidson areas.  Iredell county is changing and the smell of recovery is in the air. 

For the last couple of years, I have been saying that we were going to come to a time that the housing inventory is depleted and with no new construction, buyers would struggle to find homes.  Well….that time has arrived in full force.  the Lake Norman area was booming in 2007 with new homes and communities popping up everywhere, huge homes priced over $500,000 were the norm, builders were fat with inventory and there weren’t signs of it slowing down, but oh  how it did slow down. 

Today, new home communities sit deserted, there’s limited new construction inventory and banks001 (141) are still holding a tight rein on funds but this area is not to be held down!  As of December 2012, Mooresville has less than4 months of housing inventory and buyers are sitting around wondering what happened.  In just a very short period of time, we have flipped from a buyers market to a hot sellers market.  Now, don’t get me wrong, sellers still need to price their homes for the current market to be competitive but of they are even in the ball park, the homes are getting offers quickly.  Buyers are getting outbid in many cases causing a sense of urgency in their buying patterns.  Foreclosures and short sales are diminishing and new construction cannot keep up with current demand, creating a building frenzy.  

This is such great news for our area and I foresee a quick rebound to better days.  New homes mean new jobs, both of which we have been missing in the last 4 years.  On the downside, the appraisals are still being based off the sales of the last 6 months and in the cases of bidding wars on homes where the buyers are willing to pay a little more to get the home, the appraisal may still come in short.  We are going to see a period of lag with the sale prices format least another 3 to 4 months until the current sale prices catch up.  Buyers are coming to the table with money to get their homes and that eventually will help drive the prices up. 

Here is a recent trend chart showing the change in inventory and sales over the last two years.  This chart shows homes in Mooresville from. $100,000 to $300,000 but the chart is almost identical for the $300,000 to $1,000,000 range.  Take a look:

 

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STATESVILLE is still showing about 9 months of inventory but the trend is the same.  A sellers market is on the way there too.  Buyers, you may have missed the opportunity to "steal" a house but there are still some great prices out there for you.  Don’t overlook new construction either.  With a three to four month build time and builders offering over 3000 s.f for around $225,000, it is hard to pass up. Every day, I see a  new flyer for new construction from Statesville to Charlotte.  If you would like a list of new home communities, sign up on my website for homes that fit your budget.  I am happy to recommend a builder or community to fit your lifestyle. 

If you would like to see all the homes for sale in the Lake Norman area, visit my website at www.SonyaLeonardHomes.com or www.TheHomeStyleTeam.com to sign up for listing alerts.

Statesville NC September 2011 Market Update

The Statesville real estate market has been a roller coaster this year to say the least.  For a market that is normally busy in the spring and a little quieter in the summer, this year has been to opposite for me.  My spring was a little slow going and the summer was HOT!  Not only have sales increased this summer, the foreclosure market seems to be slowing, giving “regular” sellers a better chance of selling their homes.  Statesville has always been known to have plenty of affordable homes and our current market stats show this fact.  You will see in the charts below that the average sales price for homes sold since January 1, 2011 is $108,708 and I can attest to the fact that most of our sales have been for homes under $140,000.   We have a large investor market in Statesville for homes under $90,000 and the numbers show that increase.

 

On the brighter side, I have also experienced a larger demand for homes over $150,000 than we have seen in previous years.  Prices on those homes have dropped slightly and buyers are finally taking notice and taking advantage of some great deals on these homes.  The biggest hole in our market now is the availability of new construction.  New homes that had been foreclosed on in the past several years have been sold and builders are still not constructing many new homes in our area.  We have a few “track” builders that are building some spec homes but custom homes are non existent.
Currently in Statesville, we have 496 active listings with an average list price of $195,928 and an average Days on the market of 184 days.

*All information obtained from Carolina Multiple Listing Service

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Since January 1, 2011 – Statesville has had 348 single family residential homes sell with an average days on the market of 136 days.  This compares to 376 listings sold for the same period of 2010 with average days on the market of 135.  Of the 348 sales, 100 were categorized as a Foreclosure with an average sales price of $72,109.

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This chart shows the fact that our foreclosures in Statesville have fallen to only 3.6 months of inventory verses 21.5 months for regular resales and 19.4 months for short sales.  The question is:  Will we see more foreclosures in the future or will the cooperation of the banks with the short sales and loan modifications finally slow the foreclosure market? image

 

 

 

 

 

 

 

 

 

In the end, the Statesville market is continuing to improve in certain areas and stay stale in others.  Homes over $200,000 still struggle to find buyers while we see multiple offers on homes under $200,000.  There are bright spots in every market and the Statesville market is no exception.  With interest rates at close to 4%, the USDA 100% program going strong for rural areas and prices holding steady – our market looks pretty good right now.

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It has been an amazing year in Real Estate in Statesville NC

imstillselling

I know you have heard the news and read the papers that the Real Estate market stinks!  Home sales are down, inventory is high, Realtors are starving, foreclosures are taking over…….Blah, Blah, Blah………..

Well, let me correct a few things for you about the Statesville area that may put a smile on your face.  Don’t forget, all real estate is local and listening to the national news will not give you a true picture of Iredell County and the Statesville area.  I am actually having my best year ever in Real Estate and 2010 was my second best year.  Now, granted, I have only been in the business since 2005 and have not really experienced “a good market” but the fact is that I am still here and thriving!

We had a recent training by a representative from the Iredell County Tax office and Steve Irving shared some facts and figures with us that may come as a surprise to you.  You can view the slide show on their website but here are the highlights.

Iredell County is reassessed every 4 years to equalize property values and with the amount of foreclosures on the market, you would think our values would have come back much lower in January than 4 years previous – but you may be pleasantly surprised to learn that there has been very little change.

The 2011 Valuation showed an AVERAGE decrease of approximately 1.5% (all types of property) and only 1.92% for Single Family Homes. The big loser here was manufactured homes at a decrease of 15.67%.  Here is the the big surprise…..Only 1% of all sales were foreclosures!

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Although lot sales were down and new home construction was almost non existent, there were some bright spots.  Rural land sales greater than 1 acre were up due to Farmer to Farmer Sales (let’s keep those farms going!) AND our overall average assessed value in relation to 2010 sales value was at 98.7%.  Pretty good job Iredell County.  Now I know property values can tend to be a sore spot for many people but it is not an easy job to do and you do have the right for an appeal of your value but overall, the values are pretty darn close to reflect the current market.

Revaluation Brochure

 

This was the most recent report from the Charlotte Regional Realtor’s Association for the week ended August 6th that shows New listings decreased, inventory decreased and pending sales increased for the Charlotte Region.

So……. Cheer up!  Things are not as bad as they may seem.  I will keep you posted on more good news in our fabulous County – so stay tuned.