Lake Norman Real Estate Market Update February 2017

Lake Norman Real Estate Market Update February 2017

Lake Norman Homes
In February 2017 64 homes sold in the Lake Norman area, a 39% decrease from the 105 homes sold in January and the lowest February total since 2012. The February 2017 sales figures decreased 36% from February 2016 when 100 homes sold in the Lake Norman area.

The average sales price decreased 20.4% from $568,687 in January to $452,538 in February. The February 2017 average sales price decreased 11.5% from the February 2016 average sales price which was $511,448.

Average days on the market increased 25% from 72 days on the market in January to 90 days on the market in February. The February 2016 average days on the market were 100, a 10% decrease in market time from last year.

Currently there are 880 active homes for sale in the Lake Norman MLS area, up 6.8% from February. The average list price is $749,159 up 6.2% from the February average list price of $705,308. The average days on the market are 208. 372 Lake Norman homes are currently under contract, up 20.8% from February. Based on this data we are currently in a sellers market, 2.9 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 February 2017 22 condos/townhomes sold in the Lake Norman area, a 0% decrease from the 22 condos or townhomes sold in January 2017. February 2017 sales figures decreased 26.7% from February 2016 when 30 Lake Norman condos sold.

The average sales price increased 19.2% from $224,885 in January to $267,967 in February. The February 2017 average sales price increased 28.1% from the February 2016 average sales price which was $209,231.

Average days on the market decreased 15.3% from 59 in January to 50 in February. The February 2016 average days on the market were 74, a 32.4% decrease in market time.

Currently there are 34 active condo/townhome listings for sale in the Lake Norman MLS area, a 6.3% increase from the 32 active condos for sale in February. The average list price is $271,633, down .09% from February’s average list price of $271,872. The average days on the market are 70. 45 Lake Norman condos/townhomes are currently under contract, a 15.4% increase from February. Based on this months data we are currently in a sellers market, only 1.5 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 February 2017 31 lots sold in the Lake Norman area, a 181.8% increase from the 11 lots sold in January 2017. February 2017 sales figures increased 34.8% from February 2016 when 23 Lake Norman lots sold.

The average sales price increased 124.5% from $90,955 in January to $204,179 in February. The February 2017 average sales price increased 46.9% from the February 2016 average sales price which was $139,030.

Average days on the market decreased 48.7% from 339 in January to 174 in February. The February 2016 average days on the market were 166, a 4.8% increase in market time versus the same time period last year.

Currently there are 610 active lot listings for sale in the Lake Norman MLS area, an increase of 4.8% from February. The average list price is $272,138, up 3.6% from February’s average list price of $262,589. The average days on the market are 549. 63 Lake Norman area lots are currently under contract, a 3.1% decrease from February. Based on this data, 19.7 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.
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