Lake Norman waterfront home prices

Lake Norman Waterfront Real Estate Market Review 2016

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.

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 Waterfront Real Estate Market Review 2015

2015 Lake Norman Waterfront Real Estate Market Review

Lake Norman Waterfront Homes

The Lake Norman waterfront real estate market saw its first decrease in closed sales after 6 years of increased closed sales. Higher pricing and lower inventory hindered the Lake Norman waterfront real estate market in 2015.

The median sales price saw a moderate increase from 2014 (1%) and increased for the fifth year in a row.

The average sales price saw a slight decrease from 2014 (3%). Lower inventory, younger buyers and a higher price per square foot are the main reasons for the decrease in average sales price.

The average days on the market increased 6 days (5%) from 2014.

The average price per square foot saw a slight increase (3.6%) from 2014 and maintained its highest level since 2008.

Lake Norman waterfront home owners also saw a slight decrease (.2%) in the average % of asking price, with homes selling for 91% of the original list price.

In review, the market was mixed for Lake Norman waterfront real estate with several increases and several decreases.

We expect to see greater gains in 2015. Interest rates have stayed low and are expected to stay under 5% this year. Median home prices have gone up and foreclosure inventories are down. If trends continue as we expecte the market will continue to recover through 2016.

Lake Norman Real Estate Update

Lake Norman Real Estate Year In Review For 2015

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.