2016 Lake Norman Waterfront Real Estate Market Review
Lake Norman Waterfront Homes
The Lake Norman waterfront real estate market saw a 20% increase in closed sales from 2015 and the highest total on record. Higher pricing and lower inventory did not hinder the Lake Norman waterfront real estate market in 2016.
The median sales price saw a moderate increase from 2015 (3%) and increased for the fifth year in a row. I don’t put much stock in median sales price as it is just the sold price of the middle home (#238) that sold in 2016 and does not account for location, size, # beds/baths, etc.
The average sales price saw a slight increase from 2015 (2.7%). Lower inventory, younger buyers and a higher price per square foot are the main reasons for the minimal increase in average sales price.
The average days on the market decreased 21 days (16.8%) from 2015. A significant decrease in market time from 2015.
The average price per square foot saw a slight increase (2.2%) from 2015 and maintained its highest level since 2008. The trend toward smaller homes has helped to increase this number over the past 6 years.
Lake Norman waterfront home owners also saw a significant increase (5%) in the average % of asking price, with homes selling for 96% of the original list price. Aggressive pricing and multiple offer situations have helped sellers get a higher list-to-sales price percentage.
In review, the market was strong for Lake Norman waterfront real estate even with limited inventory.
We expect to see similar gains in 2017. Interest rates have stayed low and are expected to stay around 5% this year. If trends continue as we expect the Lake Norman waterfront real estate market will continue to recover through 2017.