Lake Norman Real Estate Market Update May 2018

Lake Norman Real Estate Market Update

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

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