Housing Market Talk from Allen Tate Realtors®
Charlotte, NC – The housing market in Iredell County remained strong in 2020 despite the pandemic, with the number of homes sold last year outperforming 2019 by 10 percent. Additionally, the historically low interest rates (today at 2.625% on a conventional 30-year fixed mortgage loan) and pent-up demand paired with critically low inventory continues to drive prices up in our area. As a region, Lake Norman has seen a 10 percent increase in the median sold price over the past 12 months, from $380K in 2019 to $420K in December 2020.
More home buying – paired with six years of shrinking available inventory – has resulted in an extremely low supply of homes for the large pool of buyers who want to purchase.
“It is more the norm than the exception to see multiple offers on properties that are appropriately priced and positioned within market,” said Stephanie Gossett, regional vice president, Allen Tate Realtors®. “We’ve seen a shift over the past 12 months. A year ago, it was buyers in the $300K and below price point who were competing in multiple offers. Now, this happening across all price points – even in the uber-luxury market upwards of $5M, in the Lake Norman region,” Gossett said.
Seller activity was strong, but not strong enough for the demand. December saw more listings come to market, but they were met with a two-fold increase of buyers purchasing available inventory.
“Although we are starting to see some sellers who held off in 2020 now listing their homes, the inventory of homes for sale is nowhere near keeping up with demand,” Gossett said. “We saw a 25 percent increase in new listings in December, compared to December 2019, but a 48 percent increase in pending sales. That leaves us with a 1-month supply of inventory, as compared to a 3-month supply this time last year,” she said.
Properties are routinely selling for more than list price, with a recent Allen Tate listing marketed at $1.4M selling to the highest bidder for more than $100,000 over list price, Gossett said.
Leadership at the Allen Tate Mooresville and Statesville offices agree.
“The extremely competitive seller’s market means, for many buyers, going under contract sight unseen after a multiple-offer battle,” said Christy Chaffee, broker-in-charge, Allen Tate Mooresville/Lake Norman office.
“This is an unprecedented seller’s market,” said Wendy Hodel, branch leader, Allen Tate Statesville office. “This is a market where an agent’s expertise and ability to problem-solve on behalf of their client are invaluable.”
For more details on the residential real estate activity in the Charlotte Region, check out the December 2020 Charlotte Region Market Report. More detailed reports for Iredell County, Statesville and Mooresville can be found here:
For more information contact:
VP, Corporate Services
Allen Tate Corporate Services
Office Phone: 704-367-5664