Lake Norman Real Estate Market Update May 2019

Jun 27, 2019

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Lake Norman Real Estate Update May 2019

Lake Norman Homes

In May 2019 242 homes sold in the Lake Norman area, a 27.4% increase from the 190 homes sold in April 2019. The May 2019 sales figures increased 10.5% from May 2018 when 219 homes sold in the Lake Norman real estate market.

The average sales price decreased by 7.6% from $565,870 in April to $522,853 in May 2019. The May 2019 average sales price decreased 4.8% from the May 2018 average sales price which was $549,058.

Average days on the market decreased by 0% from 72 days on the market in April to 72 days on the market in May 2019. The May 2018 average days on the market were 69, a 4.3% increase in market time from last year.

Currently, there are 775 active homes for sale in the Lake Norman MLS area, up .1% from May. The average list price is $801,362 down 1.2% from the May average list price of $811,386. The average days on the market are 140. There are 382 Lake Norman homes currently under contract, down 9.7% from May. Based on this data we are currently in a seller’s market, 3.2 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 2019 26 condos/townhomes sold in the Lake Norman area, a 27.8% decrease from the 36 condos or townhomes sold in April 2019. May 2019 sales figures decreased 16.1% from May 2018 when 31 Lake Norman condos sold.

The average sales price decreased by 4.4% from $264,580 in April to $252,906 in May 2019. The May 2019 average sales price increased 11.4% from the May 2018 average sales price which was $226,931.

Average days on the market decreased by 29.8% from 57 in April to 40 in May 2019. The May 2018 average days on the market were 25, a 60% increase in market time from one year ago.

Currently, there are 94 active condo/townhome listings for sale in the Lake Norman MLS area, a 5.6% increase from the 89 active condos for sale in May. The average list price is $392,279, up 28.9% from May’s average list price of $304,400. The average days on the market are 84. There are 57 Lake Norman condos/townhomes currently under contract, a 28.9% increase from May. Based on this months data we are currently in seller’s market, only 3.6 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 2019 26 lots sold in the Lake Norman area, a 23.8% increase from the 21 lots sold in April 2019. May 2019 sales figures increased 36.8% from May 2018 when 19 Lake Norman lots sold.

The average sales price decreased by 4.1% from $167,876 in April to $161,040 in May 2019. The May 2019 average sales price increased 48.4% from the May 2018 average sales price which was $108,517.

Average days on the market increased by 32.3% from 155 in April to 205 in May 2019. The May 2018 average days on the market were 273, a 25% decrease in market time versus the same time period last year.

Currently, there are 556 active lot listings for sale in the Lake Norman MLS area, an increase of 1.1% from May. The average list price is $304,208, up 2.6% from May’s average list price of $296,583. The average days on the market are 422. There are 67 Lake Norman area lots currently under contract, an 11.7% increase from May. Based on this data, 6 months of inventory, we are in a balanced market for Lake Norman lots & land.