Lake Norman Real Estate Market Update May 2017

Lake Norman Real Estate Market Update May 2017

Lake Norman Homes
In May 2017 206 homes sold in the Lake Norman area, a 28.8% increase from the 160 homes sold in April. The May 2017 sales figures increased 32.1% from May 2016 when 156 homes sold in the Lake Norman area.

The average sales price increased 5.3% from $482,081 in April to $507,837 in May. The May 2017 average sales price increased 1.3% from the May 2016 average sales price which was $501,229.

Average days on the market decreased 6% from 84 days on the market in April to 79 days on the market in May. The May 2016 average days on the market were 76, a 3.9% increase in market time from last year.

Currently there are 991 active homes for sale in the Lake Norman MLS area, up 5.3% from May. The average list price is $758,524 down 2.4% from the May average list price of $777,569. The average days on the market are 162. 391 Lake Norman homes are currently under contract, down 8.1% from May. Based on this data we are currently in a sellers real estate market, 4.8 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 May 2017 36 condos/townhomes sold in the Lake Norman area, a 12.5% increase from the 32 condos or townhomes sold in April 2017. May 2017 sales figures increased 28.6% from May 2016 when 28 Lake Norman condos sold.

The average sales price decreased 7.7% from $247,286 in April to $228,130 in May. The May 2017 average sales price increased 15.5% from the May 2016 average sales price which was $197,488.

Average days on the market increased 25.6% from 43 in April to 54 in May. The May 2016 average days on the market were 56, a 3.6% decrease in market time.

Currently there are 37 active condo/townhome listings for sale in the Lake Norman MLS area, a 30.2% decrease from the 51 active condos for sale in May. The average list price is $262,473, down 5.9% from May’s average list price of $278,794. The average days on the market are 65. 51 Lake Norman condos/townhomes are currently under contract, a 34% increase from May. Based on this months data we are currently in a sellers market, only 1 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 May 2017 21 lots sold in the Lake Norman area, a 16% decrease from the 25 lots sold in April 2017. May 2017 sales figures decreased 12.5% from May 2016 when 24 Lake Norman lots sold.

The average sales price decreased .5% from $193,436 in April to $192,448 in May. The May 2017 average sales price decreased 11.2% from the May 2016 average sales price which was $216,602.

Average days on the market decreased 22.5% from 298 in April to 231 in May. The May 2016 average days on the market were 181, a 27.6% increase in market time versus the same time period last year.

Currently there are 649 active lot listings for sale in the Lake Norman MLS area, an increase of .2% from May. The average list price is $260,720, down 6.5% from May’s average list price of $278,963. The average days on the market are 538. 78 Lake Norman area lots are currently under contract, a 13.3% decrease from May. Based on this data, 31 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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