2015 Lake Norman Real Estate Market Review
Lake Norman Homes
The Lake Norman real estate market saw its 6th straight year of increased total closed home sales. And the highest number of closed home sales since 2006. To say that the Lake Norman real estate market is recovering is an understatement. We are seeing multiple offers and offers over list price in a lot of Lake Norman communities. However, some pockets of Lake Norman are still in a buyers market.
The median sales price saw a slight decrease from 2014 ($50), an indication that the market has stabilized and become balanced between a sellers market and a buyers market. This is also an indication that a younger buying group, Millennials, have entered the real estate market as we discussed in last years review of the Lake Norman real estate market.
The average sales price also saw a moderate decrease from 2014 (2%). This is another indication that a younger buying group, Millennials, have entered the real estate market as we discussed in last years review of the Lake Norman real estate market.
The average days on the market decreased 8.3% from 2014 and again reached the lowest level since 2009. A strong indication that the market is near full recovery. We are currently in a sellers market in many Lake Norman neighborhoods but overall we are in a balanced market.
The average price per square foot saw a slight increase (1.3%) from 2014 and maintained its highest level since 2008.
Lake Norman home owners also saw an slight increase (.2%) in the average % of sales price to list price, with homes selling for 94.4% of the original list price. This was again the highest % of original price since 2007.
In review, almost every statistical indicator for the Lake Norman real estate market saw an increase from 2014 with many maintaining the highest they’ve been since before the market crashed in 2008. I expect to see similar yet smaller gains in 2016. Homeowners may see some other changes in the real estate landscape as well. Millennials have begun buying more homes and signs point to an upswing in new construction homes. Interest rates have stayed low, median home prices have gone up and foreclosure inventories are down. If trends continue as expected, the market will continue to recover through 2016.