Lake Norman Real Estate Update October 2018
Lake Norman Homes
In October 2018 170 homes sold in the Lake Norman area, a 12.6% increase from the 151 homes sold in September 2018. The October 2018 sales figures decreased 5.6% from October 2017 when 180 homes sold in the Lake Norman real estate market.
The average sales price decreased 9.4% from $568,185 in September to $514,549 in October,. The October 2018 average sales price decreased 5.2% from the October 2017 average sales price which was $542,725
Average days on the market decreased 8.5% from 71 days on the market in September to 65 days on the market in October. The October 2017 average days on the market were 80, an 18.8% decrease in market time from last year.
Currently there are 795 active homes for sale in the Lake Norman MLS area, down 4.4% from October. The average list price is $746,727 up .9% from the October average list price of $740,384. The average days on the market are 151. There are 257 Lake Norman homes currently under contract, down 2.3% from October. Based on this data we are currently in a sellers market, 4.7 months of inventory, in the Lake Norman real estate market.
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Lake Norman Condos & Townhomes
In October 2018 37 condos/townhomes sold in the Lake Norman area, a 23.3% increase from the 30 condos or townhomes sold in September 2018. October 2018 sales figures increased 42.3% from October 2017 when 26 Lake Norman condos sold.
The average sales price increased 2.3% from $262.965 in September to $269,050 in October. The October 2018 average sales price increased 19.3% from the October 2017 average sales price which was $225,436
Average days on the market increased 31.6% from 38 in September to 50 in October. The October 2017 average days on the market were 30, an 66.7% increase in market time from one year ago.
Currently there are 70 active condo/townhome listings for sale in the Lake Norman MLS area, a 6.1% increase from the 66 active condos for sale in October. The average list price is $367,791, down 6.4% from October’s average list price of $392,781. The average days on the market are 95. There are 62 Lake Norman condos/townhomes currently under contract, a 34.7% decrease from October. Based on this months data we are currently in a sellers market, only 1.9 months of inventory, in the Lake Norman condo market.
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Lake Norman Land & Lots
In October 2018 39 lots sold in the Lake Norman area, a 105% increase from the 19 lots sold in September 2018. October 2018 sales figures increased 30% from October 2017 when 30 Lake Norman lots sold.
The average sales price decreased 7.7% from $177,116 in September to $163,549 in October. The October 2018 average sales price increased 2% from the October 2017 average sales price which was $160,264.
Average days on the market decreased 3.6% from 139 in September to 134 in October. The October 2017 average days on the market were 150, a 10.7% decrease in market time versus the same time period last year.
Currently there are 546 active lot listings for sale in the Lake Norman MLS area, an increase of 1.3% from October. The average list price is $266,453, down 1.5% from October’s average list price of $270,398. The average days on the market are 524. There are 58 Lake Norman area lots currently under contract, a 24% decrease from October. Based on this data, 14 months of inventory, we are in a buyers market for Lake Norman lots & land.
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