Lake Norman Real Estate Update

LAKE NORMAN REAL ESTATE YEAR IN REVIEW FOR 2016

2016 Lake Norman Real Estate Market Review

Lake Norman Homes

The Lake Norman real estate market saw its 7th straight year of increased total closed home sales, up 4.9% from 2015 to 1777 Lake Norman homes sold in 2016. 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 large increase from 2015 ($20,050), an indication that the market has fully recovered from the crash in 2008. It is also the highest median sales price on record. I, personally, do not put much stock in the median sales price as it is just what the middle home sold (#889 in this years total of 1777 homes sold) for and does not take into account location, size, #beds/baths, etc.

The average sales price saw a significant increase from 2015 (6%) and is at the highest average sales price on record. This is the amount that we predicted for Lake Norman at the beginning of 2016. This is an indication that the market has recovered and is inline with what a strong real estate market should be doing year over year.

The average days on the market decreased 4.5% from 2015 and again reached the lowest level since 2009. Another strong indication that the market is at 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 (4.6%) from 2015 and maintained its highest level since 2008. This is another indication of a healthy real estate market.

Lake Norman home owners also saw an slight increase (2.6%) in the average % of sales price to list price, with homes selling for 97% of the original list price. This was the highest % of original price since 2006.

In review, almost every statistical indicator for the Lake Norman real estate market saw an increase from 2015 with many maintaining the highest they’ve been since before the market crashed in 2008. I expect to see similar yet smaller gains in 2017. Homeowners may see some other changes in the real estate landscape as well. Millennials have been buying more homes and signs point to an upswing in new construction homes. Interest rates have stayed low, average sales prices have gone up and foreclosure inventories are down. If trends continue as expected, the market will continue to gain momentum through 2017.

Lake Norman Real Estate Update

Lake Norman Real Estate Market Update October 2016

Lake Norman Real Estate Market Update October 2016

Lake Norman Homes
In October 135 homes sold in the Lake Norman area, a 27.4% decrease from the 186 homes sold in September. The October 2016 sales figures increased 12.5% from October 2015 when 120 homes sold in the Lake Norman area.

The average sales price increased 2.3% from $478,766 in September to $489,792 in October. The October 2016 average sales price decreased .8% from the October 2015 average sales price which was $493,789.

Average days on the market increased 1.3% from 75 days on the market in September to 76 days on the market in October. The October 2015 average days on the market were 90, a 15.6% decrease in market time.

Currently there are 864 active homes for sale in the Lake Norman MLS area, down 6.9% from October. The average list price is $744,596 down 1.7% from the October average list price of $757,450. The average days on the market are 217. 305 Lake Norman homes are currently under contract, down 2.2% from October.

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

Lake Norman Condos & Townhomes
In October 31 condos/townhomes sold in the Lake Norman area, a 13.9% decrease from the 36 condos or townhomes sold in September. October 2016 sales figures decreased 0% from October 2015 when 31 Lake Norman condos sold.

The average sales price decreased 8.4% from $235,721 in September to $215,834 in October. The October 2016 average sales price increased 5.5% from the October 2015 average sales price which was $204,532.

Average days on the market decreased 6% from 67 in September to 63 in October. The October 2015 average days on the market were 55, a 14.5% increase in market time.

Currently there are 47 active condo/townhome listings for sale in the Lake Norman MLS area, a 6% decrease from the 50 condos for sale in October. The average list price is $286,849, up 3% from October’s average list price of $278,578. The average days on the market are 98. 36 Lake Norman condos/townhomes are currently under contract, a 31% decrease from October.

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

Lake Norman Lots
In October 20 lots sold in the Lake Norman area, a 4.8% decrease from the 21 lots sold in September. October 2016 sales figures decreased 20% from October 2015 when 25 Lake Norman lots sold.

The average sales price decreased 44.8% from $254,956 in September to $140,650 in October. The October 2016 average sales price decreased 35.1% from the October 2015 average sales price which was $216,742.

Average days on the market increased 22.4% from 174 in September to 213 in October. The October 2015 average days on the market were 178, a 19.7% increase in market time versus the same time period last year.

Currently there are 640 active lot listings for sale in the Lake Norman MLS area, a decrease of 3.8% from October. The average list price is $245,138, down 1.5% from October’s average list price of $248,879. The average days on the market are 576. 65 Lake Norman area lots are currently under contract, a 3% decrease from October.

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.
Lake Norman real estate market stats

Lake Norman Real Estate Update

Lake Norman Real Estate Market Update September 2016

Lake Norman Real Estate Market Update September 2016

Lake Norman Homes
In September 183 homes sold in the Lake Norman area, a 10.3% decrease from the 204 homes sold in August. The September 2016 sales figures increased 11.6% from September 2015 when 164 homes sold in the Lake Norman area.

The average sales price decreased 17.1% from $579,888 in August to $480,652 in September. The September 2016 average sales price decreased 6.1% from the September 2015 average sales price which was $511,717.

Average days on the market decreased 5% from 80 days on the market in August to 76 days on the market in September. The September 2015 average days on the market were 81, a 6.2% decrease in market time.

Currently there are 928 active homes for sale in the Lake Norman MLS area, down 8.6% from September. The average list price is $757,450 down 2% from the September average list price of $772,921. The average days on the market are 207. 312 Lake Norman homes are currently under contract, down 12.6% from September.

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

Lake Norman Condos & Townhomes
In September 36 condos/townhomes sold in the Lake Norman area, a 22.2% increase from the 28 condos or townhomes sold in August. September 2016 sales figures decreased 10% from September 2015 when 40 Lake Norman condos sold.

The average sales price increased 11.9% from $210,724 in August to $235,721 in September. The September 2016 average sales price increased 10.6% from the September 2015 average sales price which was $213,166.

Average days on the market increased 6.3% from 63 in August to 67 in September. The September 2015 average days on the market were 58, a 15.5% increase in market time.

Currently there are 50 active condo/townhome listings for sale in the Lake Norman MLS area, a 26.5% decrease from the 68 condos for sale in September. The average list price is $278,578, up 8% from September’s average list price of $257,965. The average days on the market are 88. 52 Lake Norman condos/townhomes are currently under contract, a 13% increase from September.

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

Lake Norman Lots
In September 20 lots sold in the Lake Norman area, a 16.7% decrease from the 24 lots sold in August. September 2016 sales figures decreased 13% from September 2015 when 23 Lake Norman lots sold.

The average sales price increased 29.2% from $159,826 in August to $206,454 in September. The September 2016 average sales price decreased 30.2% from the September 2015 average sales price which was $295,735.

Average days on the market increased 2.9% from 173 in August to 178 in September. The September 2015 average days on the market were 149, a 19.5% increase in market time versus the same time period last year.

Currently there are 665 active lot listings for sale in the Lake Norman MLS area, a decrease of 5.3% from September. The average list price is $248,879, down 8.5% from September’s average list price of $271,869. The average days on the market are 551. 67 Lake Norman area lots are currently under contract, a 2.9% decrease from September.

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.
Lake Norman Real Estate Market Update

Lake Norman Real Estate Update

Lake Norman Real Estate Market Update August 2016

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.

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

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.

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

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.

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