Lake Norman Real Estate Market Update

Lake Norman Real Estate Market Update March 2018

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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