Lake Norman Real Estate Market Update January 2018
Lake Norman Homes
In January 2018 98 homes sold in the Lake Norman area, a 43.7% decrease from the 174 homes sold in December 2017. The January 2018 sales figures decreased 9.3% from January 2017 when 108 homes sold in the Lake Norman real estate market.
The average sales price increased 8.7% from $489,121 in December to $531,598 in January. The January 2018 average sales price decreased 6.8% from the January 2017 average sales price which was $570,375.
Average days on the market increased 9.9% from 91 days on the market in December to 82 days on the market in January 2018. The January 2017 average days on the market were 74, a 10.8% increase in market time from last year.
Currently there are 734 active homes for sale in the Lake Norman MLS area, up 1.2% from January. The average list price is $750,260 down .6% from the January average list price of $754,639. The average days on the market are 184. 285 Lake Norman homes are currently under contract, up 14% from January. Based on this data we are currently in a balanced market, 7.5 months of inventory, in the Lake Norman real estate market.
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Lake Norman Condos & Townhomes
In January 2018 25 condos/townhomes sold in the Lake Norman area, a 21.9% decrease from the 32 condos or townhomes sold in December 2017. January 2018 sales figures increased 13.6% from January 2017 when 22 Lake Norman condos sold.
The average sales price decreased 7.6% from $229,978 in December to $212,479 in January 2018. The January 2018 average sales price decreased 5.% from the January 2017 average sales price which was $224,885.
Average days on the market increased 45% from 31 in December to 45 in January 2018. The January 2017 average days on the market were 59, a 23.7% decrease in market time.
Currently there are 30 active condo/townhome listings for sale in the Lake Norman MLS area, an 11% increase from the 27 active condos for sale in January. The average list price is $333,821, up 1.7% from January’s average list price of $328,368. The average days on the market are 74. 46 Lake Norman condos/townhomes are currently under contract, a 35% increase from January. Based on this months data we are currently in a sellers market, only 1.2 months of inventory, in the Lake Norman condo market.
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Lake Norman Lots
In January 2018 25 lots sold in the Lake Norman area, a 56% increase from the 16 lots sold in December 2017. January 2018 sales figures increased 127% from January 2017 when 11 Lake Norman lots sold.
The average sales price decreased 22.5% from $185,556 in December to $143,840 in January 2018. The January 2018 average sales price increased 58.1% from the January 2017 average sales price which was $90,955.
Average days on the market increased 52% from 160 in December to 243 in January 2018. The January 2017 average days on the market were 339, a 28% decrease in market time versus the same time period last year.
Currently there are 636 active lot listings for sale in the Lake Norman MLS area, a decrease of 2.2% from January. The average list price is $255,932, down .8% from January’s average list price of $257,977. The average days on the market are 491. 65 Lake Norman area lots are currently under contract, a 12% increase from January. Based on this data, 25.4 months of inventory, we are in a buyers market for Lake Norman lots & land.
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