Lake Norman Real Estate Market Update August 2016
Lake Norman Homes
In August 200 homes sold in the Lake Norman area, a 21.2% increase from the 165 homes sold in July. The August 2016 sales figures increased 14.9% from August 2015 when 174 homes sold in the Lake Norman area.
The average sales price increased 2.7% from $568,320 in July to record high of $583,529 in August. The August 2016 average sales price increased 30.2% from the August 2015 average sales price which was $448,069.
Average days on the market increased 2.5% from 79 days on the market in July to 81 days on the market in August. The August 2015 average days on the market were 79, a 2.5% decrease in market time.
Currently there are 989 active homes for sale in the Lake Norman MLS area, down 2.6% from August. The average list price is $764,045 down 1.1% from the August average list price of $772,921. The average days on the market are 200. 340 Lake Norman homes are currently under contract, down 4.8% from August.
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Lake Norman Condos & Townhomes
In August 27 condos/townhomes sold in the Lake Norman area, an 15.6% decrease from the 32 condos or townhomes sold in July. August 2016 sales figures decreased 18.2% from August 2015 when 33 Lake Norman condos sold.
The average sales price decreased 6.2% from $226,502 in July to $212,418 in August. The August 2016 average sales price increased .3% from the August 2015 average sales price which was $211,819.
Average days on the market increased 58.5% from 41 in July to 65 in August. The August 2015 average days on the market were 60, an 8.3% increase in market time.
Currently there are 57 active condo/townhome listings for sale in the Lake Norman MLS area, a 16.2% decrease from the 68 condos for sale in August. The average list price is $261,034, up 1.2% from August’s average list price of $257,965. The average days on the market are 97. 51 Lake Norman condos/townhomes are currently under contract, a 10.9% increase from August.
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Lake Norman Lots
In August 23 lots sold in the Lake Norman area, a 4.5% increase from the 22 lots sold in July. August 2016 sales figures increased 43.8% from August 2015 when 16 Lake Norman lots sold.
The average sales price decreased 36.1% from $251,211 in July to $160,432 in August. The August 2016 average sales price decreased 20.3% from the August 2015 average sales price which was $201,400.
Average days on the market increased 15.8% from 146 in July to 169 in August. The August 2015 average days on the market were 260, a 35% decrease in market time versus the same time period last year.
Currently there are 677 active lot listings for sale in the Lake Norman MLS area, a decrease of 3.6% from August. The average list price is $263,429, down 3.1% from August’s average list price of $271,869. The average days on the market are 541. 73 Lake Norman area lots are currently under contract, a 5.8% increase from August.
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