3rd Quarter Luxury Market Report. Lake Norman Surges To End Quarter 3 After Mid-Summer Dip. The Lake Norman luxury home market surged to end the quarter as home buying activity strengthened to near high-spring market levels.201 homes priced over $500,000 showing pending under new contracts to end the quarter, a leading indicator level that rivals pending levels of May and June. This included 51 homes over $1 million in list price, a strong rally after the area experienced a slower than expected mid-summer period. Most of the communities around Lake Norman experienced summers that were flat to last summer in terms of showing activity and actual declines in some cases relative to actual home closings. September brought a market confidence boosting Federal Reserve rate decrease, as well as an end to a record setting summer travel season in the U.S. which seemed to impact housing sell-thru, at least temporarily. Cornelius continued to display strength and leads the lake area’s ultra-luxury market with 17 deals
