Lake Norman Real Estate Market Update February 2017

Lake Norman Real Estate Market Update

Lake Norman Real Estate Market Update February 2017

Lake Norman Homes
In February 2017 64 homes sold in the Lake Norman area, a 39% decrease from the 105 homes sold in January and the lowest February total since 2012. The February 2017 sales figures decreased 36% from February 2016 when 100 homes sold in the Lake Norman area.

The average sales price decreased 20.4% from $568,687 in January to $452,538 in February. The February 2017 average sales price decreased 11.5% from the February 2016 average sales price which was $511,448.

Average days on the market increased 25% from 72 days on the market in January to 90 days on the market in February. The February 2016 average days on the market were 100, a 10% decrease in market time from last year.

Currently there are 880 active homes for sale in the Lake Norman MLS area, up 6.8% from February. The average list price is $749,159 up 6.2% from the February average list price of $705,308. The average days on the market are 208. 372 Lake Norman homes are currently under contract, up 20.8% from February. Based on this data we are currently in a sellers market, 2.9 months of inventory, in the Lake Norman real estate market.

Stay up to date on the Lake Norman real estate market with our FREE market updates:LakeNormanHomePrices.com

Lake Norman Condos & Townhomes
In February 2017 22 condos/townhomes sold in the Lake Norman area, a 0% decrease from the 22 condos or townhomes sold in January 2017. February 2017 sales figures decreased 26.7% from February 2016 when 30 Lake Norman condos sold.

The average sales price increased 19.2% from $224,885 in January to $267,967 in February. The February 2017 average sales price increased 28.1% from the February 2016 average sales price which was $209,231.

Average days on the market decreased 15.3% from 59 in January to 50 in February. The February 2016 average days on the market were 74, a 32.4% decrease in market time.

Currently there are 34 active condo/townhome listings for sale in the Lake Norman MLS area, a 6.3% increase from the 32 active condos for sale in February. The average list price is $271,633, down .09% from February’s average list price of $271,872. The average days on the market are 70. 45 Lake Norman condos/townhomes are currently under contract, a 15.4% increase from February. Based on this months data we are currently in a sellers market, only 1.5 months of inventory, in the Lake Norman condo market.

Stay up to date on the Lake Norman real estate market with our FREE market updates:LakeNormanHomePrices.com

Lake Norman Lots
In February 2017 31 lots sold in the Lake Norman area, a 181.8% increase from the 11 lots sold in January 2017. February 2017 sales figures increased 34.8% from February 2016 when 23 Lake Norman lots sold.

The average sales price increased 124.5% from $90,955 in January to $204,179 in February. The February 2017 average sales price increased 46.9% from the February 2016 average sales price which was $139,030.

Average days on the market decreased 48.7% from 339 in January to 174 in February. The February 2016 average days on the market were 166, a 4.8% increase in market time versus the same time period last year.

Currently there are 610 active lot listings for sale in the Lake Norman MLS area, an increase of 4.8% from February. The average list price is $272,138, up 3.6% from February’s average list price of $262,589. The average days on the market are 549. 63 Lake Norman area lots are currently under contract, a 3.1% decrease from February. Based on this data, 19.7 months of inventory, we are in a buyers market for Lake Norman lots & land.

Stay up to date on the Lake Norman real estate market with our FREE market updates: LakeNormanHomePrices.com

The image below is provided by the local Realtor Association and uses a different map then we do.
Click image for more legible picture.
Lake Norman real estate market report

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