Lake Norman Real Estate Market Update March 2018
Lake Norman Homes
In March 2018 128 homes sold in the Lake Norman area, a 17% increase from the 118 homes sold in February 2018. The March 2018 sales figures decreased 31.6% from March 2017 when 187 homes sold in the Lake Norman real estate market.
The average sales price decreased 9.1% from $530,607 in February to $482,345 in March. The March 2018 average sales price decreased 4.9% from the March 2017 average sales price which was $506,997.
Average days on the market decreased 5.1% from 98 days on the market in February to 93 days on the market in March. The March 2017 average days on the market were 95, a 2.1% decrease in market time from last year.
Currently there are 820 active homes for sale in the Lake Norman MLS area, up 1.4% from March. The average list price is $740,527 down .7% from the March average list price of $745,797. The average days on the market are 166. 387 Lake Norman homes are currently under contract, up 10.9% from March. Based on this data we are currently in a balanced market, 6.4 months of inventory, in the Lake Norman real estate market. On a micro level many neighborhoods in the Lake Norman area still have low inventory and are still in a sellers market
Stay up to date on the Lake Norman real estate market with our FREE market updates:LakeNormanHomePrices.com
Lake Norman Condos & Townhomes
In March 2018 38 condos/townhomes sold in the Lake Norman area, a 153% increase from the 15 condos or townhomes sold in February 2018. March 2018 sales figures decreased 13.6% from March 2017 when 44 Lake Norman condos sold.
The average sales price increased 14% from $212,873 in February to $242,690 in March. The March 2018 average sales price decreased 1% from the March 2017 average sales price which was $244,881.
Average days on the market decreased 17.8% from 45 in February to 37 in March. The March 2017 average days on the market were 64, a 42.2% decrease in market time.
Currently there are 40 active condo/townhome listings for sale in the Lake Norman MLS area, a 8.2% increase from the 37 active condos for sale in March. The average list price is $310,806, down 4.2% from March’s average list price of $324,266. The average days on the market are 60. 60 Lake Norman condos/townhomes are currently under contract, a 9.1% increase from March. Based on this months data we are currently in a sellers market, only 1.1 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 March 2018 28 lots sold in the Lake Norman area, a 33% increase from the 21 lots sold in February 2018. March 2018 sales figures decreased 0% from March 2017 when 28 Lake Norman lots sold.
The average sales price decreased 2.9% from $123,162 in February to $119,539 in March. The March 2018 average sales price decreased 9.9% from the March 2017 average sales price which was $132,668.
Average days on the market increased 54.8% from 135 in February to 209 in March. The March 2017 average days on the market were 181, a 15.5% increase in market time versus the same time period last year.
Currently there are 565 active lot listings for sale in the Lake Norman MLS area, an increase of 3.9% from March. The average list price is $277,640, down .07% from March’s average list price of $277,826. The average days on the market are 493. 56 Lake Norman area lots are currently under contract, a 24% decrease from March. Based on this data, 20.2 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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