Lake Norman Real Estate Market Update February 2018
Lake Norman Homes
In February 2018 117 homes sold in the Lake Norman area, a 18.2% increase from the 99 homes sold in January 2018. The February 2018 sales figures increased 75% from February 2017 when 67 homes sold in the Lake Norman real estate market.
The average sales price increased 1% from $527,032 in January to $532,129 in February. The February 2018 average sales price increased 18% from the February 2017 average sales price which was $451,147.
Average days on the market increased 21.5% from 79 days on the market in January to 96 days on the market in February. The February 2017 average days on the market were 87, a 10.3% increase in market time from last year.
Currently there are 809 active homes for sale in the Lake Norman MLS area, up 10% from February. The average list price is $745,797 down .6% from the February average list price of $750,260. The average days on the market are 168. 349 Lake Norman homes are currently under contract, up 22% from February. Based on this data we are currently in a balanced market, 6.9 months of inventory, in the Lake Norman real estate market.
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Lake Norman Condos & Townhomes
In February 2018 15 condos/townhomes sold in the Lake Norman area, a 40% decrease from the 25 condos or townhomes sold in January 2018. February 2018 sales figures decreased 31.8% from February 2017 when 22 Lake Norman condos sold.
The average sales price increased .2% from $212,479 in January to $212,873 in February. The February 2018 average sales price decreased 20.6.% from the February 2017 average sales price which was $267,976.
Average days on the market increased 0% from 45 in January to 45 in February. The February 2017 average days on the market were 50, a 10% decrease in market time.
Currently there are 37 active condo/townhome listings for sale in the Lake Norman MLS area, a 23% increase from the 30 active condos for sale in February. The average list price is $324,266, down 2.9% from February’s average list price of $333,821. The average days on the market are 57. 55 Lake Norman condos/townhomes are currently under contract, a 20% increase from February. Based on this months data we are currently in a sellers market, only 2.5 months of inventory, in the Lake Norman condo market.
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Lake Norman Land & Lots
In February 2018 22 lots sold in the Lake Norman area, a 12% decrease from the 25 lots sold in January 2018. February 2018 sales figures decreased 31.3% from February 2017 when 32 Lake Norman lots sold.
The average sales price increased 14% from $143,840 in January to $163,927 in February. The February 2018 average sales price decreased 20% from the February 2017 average sales price which was $205,335.
Average days on the market decreased 45.3% from 243 in January to 133 in February. The February 2017 average days on the market were 172, a 22.7% decrease in market time versus the same time period last year.
Currently there are 544 active lot listings for sale in the Lake Norman MLS area, a decrease of 14% from February. The average list price is $277,826, up 8.6% from February’s average list price of $255,932. The average days on the market are 498. 74Lake Norman area lots are currently under contract, a 14% increase from February. Based on this data, 24.7 months of inventory, we are in a buyers market for Lake Norman lots & land.
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