Lake Norman Real Estate Update December 2018
Lake Norman Homes
In December 2018 137 homes sold in the Lake Norman area, a 12.3% increase from the 122 homes sold in November 2018. The December 2018 sales figures decreased 122.2% from December 2017 when 176 homes sold in the Lake Norman real estate market.
The average sales price decreased 8.7% from $599,862 in November to $547,872 in December,. The December 2018 average sales price increased 13.2% from the December 2017 average sales price which was $484,190.
Average days on the market decreased 3.8% from 79 days on the market in November to 76 days on the market in December. The December 2017 average days on the market were 82, an 3.7% decrease in market time from last year.
Currently there are 687 active homes for sale in the Lake Norman MLS area, down 4.5% from December. The average list price is $751,550 down .1% from the December average list price of $752,572. The average days on the market are 172. There are 276 Lake Norman homes currently under contract, up 10% from December. Based on this data we are currently in a balanced market, 5.0 months of inventory, in the Lake Norman real estate market.
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Lake Norman Condos & Townhomes
In December 2018 21 condos/townhomes sold in the Lake Norman area, a 22.2% decrease from the 27 condos or townhomes sold in November 2018. December 2018 sales figures decreased 34.4% from December 2017 when 32 Lake Norman condos sold.
The average sales price increased 16.4% from $255,327 in November to $297,284 in December. The December 2018 average sales price increased 29.3% from the December 2017 average sales price which was $229,978.
Average days on the market increased 28% from 50 in November to 64 in December. The December 2017 average days on the market were 31, a 106% increase in market time from one year ago.
Currently there are 74 active condo/townhome listings for sale in the Lake Norman MLS area, a 1.3% decrease from the 75 active condos for sale in December. The average list price is $352,423, up .5% from December’s average list price of $350,646. The average days on the market are 105. There are 50 Lake Norman condos/townhomes currently under contract, a 2% decrease from December. Based on this months data we are currently in a sellers market, only 3.5 months of inventory, in the Lake Norman condo market.
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Lake Norman Land & Lots
In December 2018 16 lots sold in the Lake Norman area, a 15.8% decrease from the 19 lots sold in November 2018. December 2018 sales figures decreased 0% from December 2017 when 16 Lake Norman lots sold.
The average sales price increased 43.5% from $209,479 in November to $300,633 in December. The December 2018 average sales price increased 62% from the December 2017 average sales price which was $185.556.
Average days on the market decreased 1.4% from 222 in November to 219 in December. The December 2017 average days on the market were 160, a 36.9% increase in market time versus the same time period last year.
Currently there are 509 active lot listings for sale in the Lake Norman MLS area, a decrease of 2.5% from December. The average list price is $259,109, up 1% from December’s average list price of $256,595. The average days on the market are 494. There are 46 Lake Norman area lots currently under contract, a 16% decrease from December. Based on this data, 31.8 months of inventory, we are in a buyers market for Lake Norman lots & land.
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