Lake Norman Real Estate Market Update May 2016

Lake Norman Real Estate Market Update May 2016

Lake Norman Homes
In May 149 homes sold in the Lake Norman area, a 9.6% increase from the 136 homes sold in April. The May 2016 sales figures decreased 10.8% from May 2015 when 167 homes sold in the Lake Norman area.

The average sales price increased .5% from $497,420 in April to $499,812 in May. The May 2016 average sales price decreased .3% from the May 2015 average sales price which was $501,086.

Average days on the market decreased 7.2% from 83 days on the market in April to 77 days on the market in May. The May 2015 average days on the market were 83, a 7.2% decrease in market time.

Currently there are 1022 active homes for sale in the Lake Norman MLS area, up 6.2% from May. The average list price is $779,166 down 2.8% from the May average list price of $801,411. The average days on the market are 181. 379 Lake Norman homes are currently under contract, up 1.9% from May.

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Lake Norman Condos & Townhomes
In May 28 condos/townhomes sold in the Lake Norman area, a 0% increase from the 28 condos or townhomes sold in April. May 2016 sales figures decreased 3.4% from May 2015 when 29 Lake Norman condos sold.

The average sales price decreased 2.7% from $202,963 in April to $197,488 in May. The May 2016 average sales price decreased 12.7% from the May 2015 average sales price which was $226,153.

Average days on the market decreased 21.1% from 71 in April to 56 in May. The May 2015 average days on the market were 92, a 39.1% decrease in market time.

Currently there are 73 active condo/townhome listings for sale in the Lake Norman MLS area, a 5.2% decrease from the 77 condos for sale in May. The average list price is $272,549, down 5.8% from May’s average list price of $289,372. The average days on the market are 102. 50 Lake Norman condos/townhomes are currently under contract, a 14% increase from May.

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Lake Norman Lots
In May 23 lots sold in the Lake Norman area, a 9.5% increase from the 21 lots sold in April. May 2016 sales figures decreased 17.9% from May 2015 when 28 Lake Norman lots sold.

The average sales price increased 8.5% from $202,324 in April to $219,498 in May. The May 2016 average sales price increased 26.6% from the May 2015 average sales price which was $173,403.

Average days on the market increased 0% from 183 in April to 183 in May. The May 2015 average days on the market were 247, a 25.9% decrease in market time versus the same time period last year.

Currently there are 716 active lot listings for sale in the Lake Norman MLS area, an increase of 2.4% from May. The average list price is $270,315, up 6.3% from May’s average list price of $254,207. The average days on the market are 496. 74 Lake Norman area lots are currently under contract, a 6.3% decrease from May.

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