Lake Norman Real Estate Market Update December 2016

Lake Norman Real Estate Market Update December 2016

Lake Norman Homes
In December 2016 132 homes sold in the Lake Norman area, a .8% decrease from the 133 homes sold in November. The December 2016 sales figures increased 3.1% from December 2015 when 128 homes sold in the Lake Norman area.

The average sales price increased 4.3% from $484,804 in November to $505,677 in December. The December 2016 average sales price increased 5.1% from the December 2015 average sales price which was $480,944.

Average days on the market increased 15.9% from 82 days on the market in November to 95 days on the market in December. The December 2015 average days on the market were 83, a 14.5% increase in market time.

Currently there are 775 active homes for sale in the Lake Norman MLS area, down 3.4% from December. The average list price is $704,663 down 1.4% from the December average list price of $714,324. The average days on the market are 236. 232 Lake Norman homes are currently under contract, down 5% from December. Based on this data we are currently in a balanced market, 5.9 months of inventory, in the Lake Norman real estate market.

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

Lake Norman Condos & Townhomes
In December 2016 24 condos/townhomes sold in the Lake Norman area, a 40% decrease from the 40 condos or townhomes sold in November. December 2016 sales figures decreased 11.1% from December 2015 when 27 Lake Norman condos sold.

The average sales price decreased 19% from $239,094 in November to $193,606 in December. The December 2016 average sales price decreased 23.4% from the December 2015 average sales price which was $252,882.

Average days on the market increased 36.1% from 36 in November to 49 in December. The December 2015 average days on the market were 63, a 22.2% decrease in market time.

Currently there are 32 active condo/townhome listings for sale in the Lake Norman MLS area, a 20% decrease from the 40 active condos for sale in December. The average list price is $286,676, up 2.9% from December’s average list price of $278,620. The average days on the market are 102. 22 Lake Norman condos/townhomes are currently under contract, a 10% increase from December. Based on this months data we are currently in a sellers market, only 1.3 months of inventory, in the Lake Norman condo market.

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

Lake Norman Lots
In December 28 lots sold in the Lake Norman area, a 17.6% decrease from the 34 lots sold in November. December 2016 sales figures increased 100% from December 2015 when 14 Lake Norman lots sold.

The average sales price decreased 16.4% from $436,479 in November to $364,832 in December. The December 2016 average sales price increased 207.8% from the December 2015 average sales price which was $118,543.

Average days on the market increased 19.4% from 180 in November to 215 in December. The December 2015 average days on the market were 159, a 35.2% increase in market time versus the same time period last year.

Currently there are 582 active lot listings for sale in the Lake Norman MLS area, a decrease of 7.8% from December. The average list price is $245,414, down .8% from December’s average list price of $247,277. The average days on the market are 595. 58 Lake Norman area lots are currently under contract, a 13.7% increase from December. Based on this data, 21 months of inventory, we are in a buyers market for Lake Norman lots & land.

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.