Lake Norman Real Estate Update August 2018
Lake Norman Homes
In August 2018 251 homes sold in the Lake Norman area, an 18.4% increase from the 212 homes sold in July 2018. The August 2018 sales figures increased 17.3% from August 2017 when 214 homes sold in the Lake Norman real estate market.
The average sales price increased 3.7% from $513,154 in July to $532,102 in August,. The August 2018 average sales price increased .8% from the August 2017 average sales price which was $527,849
Average days on the market increased 12.7% from 71 days on the market in July to 80 days on the market in August. The August 2017 average days on the market were also 80, a 0% decrease in market time from last year.
Currently there are 821 active homes for sale in the Lake Norman MLS area, up 1.1% from August. The average list price is $761,033 down 3.6% from the August average list price of $789,802. The average days on the market are 145. 312 Lake Norman homes are currently under contract, down 9.3% from August. Based on this data we are currently in a sellers market, 3.3 months of inventory, in the Lake Norman real estate market.
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Lake Norman Condos & Townhomes
In August 2018 47 condos/townhomes sold in the Lake Norman area, a 2.2 increase from the 46 condos or townhomes sold in July 2018. August 2018 sales figures increased 46.9% from August 2017 when 32 Lake Norman condos sold.
The average sales price decreased 6.7% from $267,557 in July to $249,700 in August. The August 2018 average sales price increased 14.1% from the August 2017 average sales price which was $218,916
Average days on the market increased 80% from 25 in July to 45 in August. The August 2017 average days on the market were 38, an 18.4% increase in market time from one year ago.
Currently there are 67 active condo/townhome listings for sale in the Lake Norman MLS area, a 7% decrease from the 72 active condos for sale in August. The average list price is $386,761, up 1% from August’s average list price of $382,749. The average days on the market are 100. 63 Lake Norman condos/townhomes are currently under contract, a 6% decrease from August. Based on this months data we are currently in a sellers market, only 1.4 months of inventory, in the Lake Norman condo market.
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Lake Norman Land & Lots
In August 2018 20 lots sold in the Lake Norman area, a 26% decrease from the 27 lots sold in July 2018. August 2018 sales figures decreased 42.9% from August 2017 when 35 Lake Norman lots sold.
The average sales price decreased 11.1% from $176,148 in July to $156,593 in August. The August 2018 average sales price increased 3.7% from the August 2017 average sales price which was $150,937.
Average days on the market decreased 47% from 215 in July to 114 in August. The August 2017 average days on the market were 174, a 34.5% decrease in market time versus the same time period last year.
Currently there are 544 active lot listings for sale in the Lake Norman MLS area, a decrease of 4.6% from August. The average list price is $280,187, down 1.9% from August’s average list price of $285,655. The average days on the market are 512. 77 Lake Norman area lots are currently under contract, a 16.7% increase from August. Based on this data, 27.2 months of inventory, we are in a buyers market for Lake Norman lots & land.
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