We can certainly confirm that more new custom homes are being built in the Lake Norman area. The number of new homes for sale has jumped in the past 3 years. From 2012 to 2013 new homes for sale increased 8.2% and from 2013 to 2014 increased another 21.1% for homes over 3000 SF. Prices have gone up too as the market has recovered and building supplies and labor costs have also risen due to the higher demand. Prices have gone up 14.8% since 2012 and the number of new homes sold has gone up 39.8% since 2012.
The inventory for resale homes decreased 7.4% from 2012 to 2013 and then went up 12.6% from 2013 to 2014. The number of resales sold went up 31.4% from 2012 to 2013 and then up a more modest amount of 9% from 2013 to 2014. The supply of resale homes is less than the demand from buyers so resale choices have become more limited.
So while the number of overall sales continues to increase, the number of new homes is increasing at a much greater rate than resales. We are seeing that a number of buyers who visit our model home have already looked at the available resale homes in the area and are not pleased with the outdated floor plans and finishes of many resale homes built 10 years ago. Not much custom building went on in the Lake Norman area from 2008 to 2012 so most of the resales are 6-10 years old or more and simply don’t have the design and lifestyle features home buyers are looking for today.
Arthur Rutenberg leads the custom home building market in innovative and up to the minute designs and features in our homes. We feature open floor plans, large kitchens with oversized islands, large walk-in pantries, wine bars and wine storage rooms, flex space that can be used for dens, offices, club rooms, media rooms, and craft/hobby rooms. It’s all about personalizing your home for your lifestyle. All of our 30+ plans are completely customizable. We don’t tell you “No, you can’t do that” with our designs. And if you want to build a home that is completely unique, our Designers can create that too!