2015 Lake Norman Waterfront Real Estate Market Review
Lake Norman Waterfront Homes
The Lake Norman waterfront real estate market saw its first decrease in closed sales after 6 years of increased closed sales. Higher pricing and lower inventory hindered the Lake Norman waterfront real estate market in 2015.
The median sales price saw a moderate increase from 2014 (1%) and increased for the fifth year in a row.
The average sales price saw a slight decrease from 2014 (3%). Lower inventory, younger buyers and a higher price per square foot are the main reasons for the decrease in average sales price.
The average days on the market increased 6 days (5%) from 2014.
The average price per square foot saw a slight increase (3.6%) from 2014 and maintained its highest level since 2008.
Lake Norman waterfront home owners also saw a slight decrease (.2%) in the average % of asking price, with homes selling for 91% of the original list price.
In review, the market was mixed for Lake Norman waterfront real estate with several increases and several decreases.
We expect to see greater gains in 2015. Interest rates have stayed low and are expected to stay under 5% this year. Median home prices have gone up and foreclosure inventories are down. If trends continue as we expecte the market will continue to recover through 2016.
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