Lake Norman Real Estate Market Update October 2017
Lake Norman Homes
In October 2017 173 homes sold in the Lake Norman area, a 13.9% decrease from the 201 homes sold in September. The October 2017 sales figures increased24.5% from October 2016 when 139 homes sold in the Lake Norman real estate market.
The average sales price increased 2% from $538,383 in September to $548,640 in October. The October 2017 average sales price increased 13.6% from the October 2016 average sales price which was $482,774.
Average days on the market increased 1.3% from 79 days on the market in September to 80 days on the market in October. The October 2016 average days on the market were 76, a 5.3% increase in market time from last year.
Currently there are 835 active homes for sale in the Lake Norman MLS area, down 6.6% from October. The average list price is $742,294 up .3% from the October average list price of $740,436. The average days on the market are 174. 289 Lake Norman homes are currently under contract, down 9.7% from October. 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.
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Lake Norman Condos & Townhomes
In October 2017 26 condos/townhomes sold in the Lake Norman area, a 23.5% decrease from the 34 condos or townhomes sold in September 2017. October 2017 sales figures decreased 16.1% from October 2016 when 31 Lake Norman condos sold.
The average sales price decreased 9.4% from $248,802 in September to $225,436 in October. The October 2017 average sales price increased 4.4% from the October 2016 average sales price which was $215,834.
Average days on the market decreased 26.8% from 41 in September to 30 in October. The October 2016 average days on the market were 63, a 352.4% decrease in market time.
Currently there are 32 active condo/townhome listings for sale in the Lake Norman MLS area, a 15.8% decrease from the 38 active condos for sale in October. The average list price is $303,850, up 20.5% from October’s average list price of $252,080. The average days on the market are 87. 450 Lake Norman condos/townhomes are currently under contract, a 2% increase from October. Based on this months data we are currently in a sellers market, only 1.2 months of inventory, in the Lake Norman condo market.
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Lake Norman Lots
In October 2017 29 lots sold in the Lake Norman area, a 27.5% decrease from the 40 lots sold in September 2017. October 2017 sales figures increased 45% from October 2016 when 20 Lake Norman lots sold.
The average sales price decreased 29.3% from $224,879 in September to $158,893 in October. The October 2017 average sales price increased 13% from the October 2016 average sales price which was $140,630.
Average days on the market decreased 21.8% from 165 in September to 129 in October. The October 2016 average days on the market were 213, a 39.4% decrease in market time versus the same time period last year.
Currently there are 625 active lot listings for sale in the Lake Norman MLS area, an increase of 1% from October. The average list price is $272,440, up 3.7% from October’s average list price of $262,660. The average days on the market are 520. 67 Lake Norman area lots are currently under contract, a 17.5% increase from October. Based on this data, 21.5 months of inventory, we are in a buyers market for Lake Norman lots & land.
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