Ok Cornelius. We all love the town, but this housing market is crazy. Average home prices were up 43.1% over the past year (March to March). Months supply of inventory is 0.7 months. 6 months is balanced. This is a SELLERS market. Data Source: Canopy MLS
Want to test the market? Try an Allen Tate Firm Exclusive. No sign in your yard. No listing in MLS. Neighbors won’t have a clue. We just market your home quietly within Allen Tate. Given we are the #1 Real Estate Brokerage in the Carolinas we probably have a buyer who is desperate for a home and is willing to pay your price.
Call/email me to discuss – Clark Goff website Let me give you an idea of your home’s value.
As we enter 2021 with our hopes for the vaccine to bring us back to normalcy we look back on a remarkable year in real estate. The combination of record low interest rates, a migration from cold climate, high tax states, and a growing national reputation as a great place to live, Cornelius has become a hot real estate market. Today there are 32 single family homes for sale in Cornelius. In 2019 we normally had in excess of 100 or more single family homes for sale at a given time.
The popular Peninsula neighborhood has only 8 homes for sale currently. The starting price in The Peninsula is $825,000 right now.
The lack of inventory in town has created a feeding frenzy when an updated, well- priced property comes to market. In 2020 we had multiple offer situations in all price points. I had clients put homes under contract sight unseen so they wouldn’t miss out. Showings via Zoom and FaceTime were common. Buyers in this market do everything they can to make their offer stand out.
At a minimum buyers today are pre-qualified and often offer asking price or above for the right home. Larger due diligence fees and terms that meet a sellers wishes are common in today’s contracts. We have also seen a large influx of cash buyers in Cornelius.
As the Title Sponsor of the Davidson Farmers Market I am at the market on Saturdays and meet folks from all over the country checking out the Lake Norman area. Commonly I’ll meet families from New York, New Jersey, California, Florida and Chicago checking us out. Often they remark on our low property taxes.
The real estate market is considered balanced when there is a 6 month supply of homes. Cornelius currently has a 0.8 months supply of homes. Anything below 6 months is considered a sellers market. We are in an extreme sellers market right now. Sellers have the upper hand and buyers have no leverage.
Lack of inventory, record low mortgage rates and a migration to the suburbs is causing prices to rise. We had 98 single family homes close in 2020 at over $1 million in Cornelius.
The pandemic has caused housing priorities to shift. People want more space to spread out, a home office, pool or other outdoor living, and community.
Cornelius is also considered a great place to retire. The Lake, future Cain Center for the Arts and community create an active environment for retirees. We meet people relocating to be near kids and grandkids who have moved to the booming Charlotte region for work. The demand from these buyers for master bedrooms on the main floor and lake access makes certain homes with these features additionally in demand.
Last March, when the pandemic hit, I had no idea what would happen in the local real estate market. Once the heavy stay-at-home orders were relaxed in May and real estate was deemed an essential service the market exploded.
You can see in the chart above that showings collapsed in North Carolina in March and April and rebounded in May.
Living in Cornelius provides a wonderful lifestyle. Area schools are considered very good. There is ample recreation with the parks, greenways and lake.
As we emerge from the weight of the pandemic and life gets back to normal I anticipate continued strength in our local housing market. The only headwind in 2021 may come from mortgage rates starting to tick upward. Right now is the perfect time to refinance or move. If you have not yet, please take advantage of these low rates. I don’t imagine we’ll see rates this low again in our lifetime.
If you have any questions about the local market or just want to chat please stop by and say hi at the Farmers Market or give me a call.
Cornelius, NC We are in crazy times as we adjust to Covid-19. We are in crazier times when we realize how hot the Cornelius real estate market is. We are seeing multiple offers, new pricing highs, record low inventory and homes selling sight unseen. Check out the charts below to see this illustrated graphically.
Anything less that 6 months supply indicates a seller’s market. We are seeing multiple offers. Sight unseen offers. All indicate an excellent time to be a seller.
This upper chart indicates a short-term rise in New Listings, the truth is that there are only 60 homes for sale and 25 townhomes and condos for sale in Cornelius today. This is an historically low inventory. Another indicator of a seller’s market. See below.
Homes are selling fast in Cornelius despite the pandemic. We are seeing buyers from all over the country.
Cornelius is seeing steady appreciation.
Days on Market indicates how quickly homes are selling.
We can see in North Carolina showings are back to levels we saw last year following a significant drop in March and April due to Covid-19.
Conclusion: Now is a great time to sell if you are thinking about listing your home. We are following strict protocols when showing homes; online viewings, requiring masks, requiring disinfectants, shoes removed. Call me to discuss listing your home.
Complied by Clark Goff – Allen Tate 704 996-0948 clark.goff@allentate.com my website
Cornelius, NC Beer Dinner, Craft Beer FallFest, LIVE Music, Drum circle, Touch a Truck. Tons of fun things for all ages this weekend in Cornelius, NC – see you around town.
Cornelius, NC Stay safe this weekend and enjoy everything Cornelius has to offer. All events subject to cancelation/rescheduling. Live music. One Act Plays. Food trucks. Trash or Treasure? See you around town!
Cornelius, NC Watermark Lake Norman is taking shape and selling quickly. Currently they have 15 of the 28 units available in buildings 3, 4, and 5 under contract. Don’t miss out on this new luxury option in Cornelius. Close to dining, shopping and boating. Convenient to I77 and the airport. Watermark is the new level of resort living in the Lake region.
There will be 5 6-story buildings with a gated entrance. Each unit will have a private elevator entrance. The units are 3 beds and 3-3 1/2 baths with approximately 3000 square feet.
The finishes will be top-of-the line with kitchens boasting Wolf and Sub-zero appliances and designer cabinetry.
The club house and pool will have private cabanas, exercise area and kitchen and grilling area.
Currently there are 4 units listed ranging from $965,000 to $1,352,000 for a penthouse unit.
Get ready for a new luxury resort living experience in Cornelius. For questions or more information contact Clark Goff @ Allen Tate Realtors 704 996-0948.
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