Lake Norman Real Estate Update July 2019
Lake Norman Homes
In July 2019 198 homes sold in the Lake Norman area, a 14% decrease from the 230 homes sold in June 2019. The July 2019 sales figures decreased 8.8% from July 2018 when 217 homes sold in the Lake Norman real estate market.
The average sales price decreased by 11.6% from $604,809 in June to $534,567 in July 2019. The July 2019 average sales price increased 4.9% from the July 2018 average sales price which was $509,503.
Average days on the market decreased by 5.6% from 71 days on the market in June to 67 days on the market in July 2019. The July 2018 average days on the market were 71, a 5.6% decrease in market time from last year.
Currently, there are 765 active homes for sale in the Lake Norman MLS area, down 5% from July. The average list price is $779,377 down .4% from the July average list price of $782,200. The average days on the market are 144. There are 352 Lake Norman homes currently under contract, up 3.8% from July. Based on this data we are currently in a seller’s market, 3.9 months of inventory, in the Lake Norman single-family real estate market.
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Lake Norman Condos & Townhomes
In July 2019 42 condos/townhomes sold in the Lake Norman area, a 13.5% increase from the 37 condos or townhomes sold in June 2019. July 2019 sales figures decreased 8.7% from July 2018 when 46 Lake Norman condos sold.
The average sales price increased by 2.8% from $260,819 in June to $268,126 in July 2019. The July 2019 average sales price increased .2% from the July 2018 average sales price which was $267,557.
Average days on the market decreased by 16.1% from 56 in June to 47 in July 2019. The July 2018 average days on the market were 25, an 88% increase in market time from one year ago.
Currently, there are 74 active condo/townhome listings for sale in the Lake Norman MLS area, a 10.8% decrease from the 83 active condos for sale in July. The average list price is $379,806, down 2.1% from July’s average list price of $387,944. The average days on the market are 96. There are 57 Lake Norman condos/townhomes currently under contract, a 6.6% decrease from July. Based on this months data we are currently in seller’s market, only 1.8 months of inventory, in the Lake Norman condo market.
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Lake Norman Land & Lots
In July 2019 23 lots sold in the Lake Norman area, a 43.8% decrease from the 16 lots sold in June 2019. July 2019 sales figures decreased 14.8% from July 2018 when 27 Lake Norman lots sold.
The average sales price decreased by 36% from $226,462 in June to $144,830 in July 2019. The July 2019 average sales price decreased 17.8% from the July 2018 average sales price which was $176,148.
Average days on the market decreased by 56.3% from 245 in June to 107 in July 2019. The July 2018 average days on the market were 215, a 50.2% decrease in market time versus the same time period last year.
Currently, there are 531 active lot listings for sale in the Lake Norman MLS area, a decrease of 2.4% from July. The average list price is $303,294, down 5.7% from July’s average list price of $321,610. The average days on the market are 454. There are 70 Lake Norman area lots currently under contract, a 1.4% decrease from July. Based on this data, 23.1 months of inventory, we are in a buyers market for Lake Norman lots & land.
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