Lake Norman Real Estate Update May 2018
Lake Norman Homes
In May 2018 216 homes sold in the Lake Norman area, a 23% increase from the 175 homes sold in April 2018. The May 2018 sales figures increased 3.8% from May 2017 when 208 homes sold in the Lake Norman real estate market.
The average sales price decreased 6.1% from $586,585 in April to $550,593 in May,. The May 2018 average sales price increased 8.8% from the May 2017 average sales price which was $506,257
Average days on the market decreased 9.1% from 77 days on the market in April to 70 days on the market in May. The May 2017 average days on the market were 79, an 11.4% decrease in market time from last year.
Currently there are 905 active homes for sale in the Lake Norman MLS area, up 6% from May. The average list price is $750,200 down 2.3% from the May average list price of $767,948. The average days on the market are 144. 389 Lake Norman homes are currently under contract, down 11.6% from May. Based on this data we are currently in a sellers market, 4.2 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 2018 31 condos/townhomes sold in the Lake Norman area, a 41% increase from the 22 condos or townhomes sold in April 2018. May 2018 sales figures decreased 14% from May 2017 when 36 Lake Norman condos sold.
The average sales price decreased 19% from $279,788 in April to $226,931 in May. The May 2018 average sales price decreased .5% from the May 2017 average sales price which was $228,130.
Average days on the market decreased 38% from 40 in April to 25 in May. The May 2017 average days on the market were 54, a 54% decrease in market time from one year ago.
Currently there are 76 active condo/townhome listings for sale in the Lake Norman MLS area, a 15% increase from the 66 active condos for sale in May. The average list price is $389,247, up 5.8% from May’s average list price of $367,778. The average days on the market are 65. 70 Lake Norman condos/townhomes are currently under contract, a 15% increase from May. Based on this months data we are currently in a sellers market, only 2.5 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 Land & Lots
In May 2018 17 lots sold in the Lake Norman area, a 54% decrease from the 37 lots sold in April 2018. May 2018 sales figures decreased 26% from May 2017 when 23 Lake Norman lots sold.
The average sales price decreased 7% from $121,321 in April to $112,781 in May. The May 2018 average sales price decreased 42% from the May 2017 average sales price which was $195,017.
Average days on the market decreased .7% from 294 in April to 292 in May. The May 2017 average days on the market were 224, a 30% increase in market time versus the same time period last year.
Currently there are 587 active lot listings for sale in the Lake Norman MLS area, an increase of .9% from May. The average list price is $296,791, down .6% from May’s average list price of $298.674. The average days on the market are 494. 71 Lake Norman area lots are currently under contract, a 1.4% increase from May. Based on this data, 34.5 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
Leave a Reply
You must be logged in to post a comment.