Real Estate Market Update

Lake Norman Real Estate Market Update June 2017

Lake Norman Real Estate Market Update June 2017

Lake Norman Homes
In June 2017 233 homes sold in the Lake Norman area, a 13.1% increase from the 206 homes sold in May and the highest monthly total on record. The June 2017 sales figures increased 6.9% from June 2016 when 218 homes sold in the Lake Norman area.

The average sales price decreased 4.5% from $507,837 in May to $484,940 in June. The June 2017 average sales price decreased 12.4% from the June 2016 average sales price which was $553,323.

Average days on the market decreased 11.4% from 79 days on the market in May to 70 days on the market in June. The June 2016 average days on the market were 72, a 2.8% decrease in market time from last year.

Currently there are 1014 active homes for sale in the Lake Norman MLS area, up 2.3% from June. The average list price is $758,524 down 2.4% from the June average list price of $758,524. The average days on the market are 154. 381 Lake Norman homes are currently under contract, down 2.6% from June. Based on this data we are currently in a sellers real estate market, 4.4 months of inventory, in the Lake Norman real estate market.

Stay up to date on the Lake Norman real estate market with our FREE market updates:LakeNormanHomePrices.com

Lake Norman Condos & Townhomes
In June 2017 31 condos/townhomes sold in the Lake Norman area, a 13.9% decrease from the 36 condos or townhomes sold in May 2017. June 2017 sales figures decreased 11.% from June 2016 when 35 Lake Norman condos sold.

The average sales price increased 1.4% from $228,130 in May to $231,302 in June. The June 2017 average sales price increased 10.1% from the June 2016 average sales price which was $210,120.

Average days on the market decreased 16.7% from 54 in May to 45 in June. The June 2016 average days on the market were 64, a 29.7% decrease in market time.

Currently there are 42 active condo/townhome listings for sale in the Lake Norman MLS area, a 13.5% increase from the 37 active condos for sale in June. The average list price is $272,612, up 3.9% from June’s average list price of $262,473. The average days on the market are 51. 49 Lake Norman condos/townhomes are currently under contract, a 3.9% decrease from June. Based on this months data we are currently in a sellers market, only 1.4 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 Lots
In June 2017 32 lots sold in the Lake Norman area, a 52.4% increase from the 21 lots sold in May 2017. June 2017 sales figures decreased 17.9% from June 2016 when 39 Lake Norman lots sold.

The average sales price increased 17.8% from $192,448 in May to $226,709 in June. The June 2017 average sales price decreased 24.9% from the June 2016 average sales price which was $301,851.

Average days on the market decreased 43.3% from 231 in May to 131 in June. The June 2016 average days on the market were 231, a 43.3% increase in market time versus the same time period last year.

Currently there are 621 active lot listings for sale in the Lake Norman MLS area, a decrease of 4.3% from June. The average list price is $272,987, up 4.7% from June’s average list price of $260,720. The average days on the market are 554. 91 Lake Norman area lots are currently under contract, a 16.7% increase from June. Based on this data, 19.4 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

The image below is provided by the local Realtor Association and uses a different map then we do so the stats will differ.
Click image for more legible picture.

Lake Norman Real Estate Market June 17

Lake Norman waterfront home prices

Lake Norman Waterfront Real Estate Market Review 2016

2016 Lake Norman Waterfront Real Estate Market Review

Lake Norman Waterfront Homes

The Lake Norman waterfront real estate market saw a 20% increase in closed sales from 2015 and the highest total on record. Higher pricing and lower inventory did not hinder the Lake Norman waterfront real estate market in 2016.

The median sales price saw a moderate increase from 2015 (3%) and increased for the fifth year in a row. I don’t put much stock in median sales price as it is just the sold price of the middle home (#238) that sold in 2016 and does not account for location, size, # beds/baths, etc.

The average sales price saw a slight increase from 2015 (2.7%). Lower inventory, younger buyers and a higher price per square foot are the main reasons for the minimal increase in average sales price.

The average days on the market decreased 21 days (16.8%) from 2015. A significant decrease in market time from 2015.

The average price per square foot saw a slight increase (2.2%) from 2015 and maintained its highest level since 2008. The trend toward smaller homes has helped to increase this number over the past 6 years.

Lake Norman waterfront home owners also saw a significant increase (5%) in the average % of asking price, with homes selling for 96% of the original list price. Aggressive pricing and multiple offer situations have helped sellers get a higher list-to-sales price percentage.

In review, the market was strong for Lake Norman waterfront real estate even with limited inventory.

We expect to see similar gains in 2017. Interest rates have stayed low and are expected to stay around 5% this year. If trends continue as we expect the Lake Norman waterfront real estate  market will continue to recover through 2017.

Lake Norman Real Estate Update

LAKE NORMAN REAL ESTATE YEAR IN REVIEW FOR 2016

2016 Lake Norman Real Estate Market Review

Lake Norman Homes

The Lake Norman real estate market saw its 7th straight year of increased total closed home sales, up 4.9% from 2015 to 1777 Lake Norman homes sold in 2016. And the highest number of closed home sales since 2006. To say that the Lake Norman real estate market is recovering is an understatement. We are seeing multiple offers and offers over list price in a lot of Lake Norman communities. However, some pockets of Lake Norman are still in a buyers market.

The median sales price saw a large increase from 2015 ($20,050), an indication that the market has fully recovered from the crash in 2008. It is also the highest median sales price on record. I, personally, do not put much stock in the median sales price as it is just what the middle home sold (#889 in this years total of 1777 homes sold) for and does not take into account location, size, #beds/baths, etc.

The average sales price saw a significant increase from 2015 (6%) and is at the highest average sales price on record. This is the amount that we predicted for Lake Norman at the beginning of 2016. This is an indication that the market has recovered and is inline with what a strong real estate market should be doing year over year.

The average days on the market decreased 4.5% from 2015 and again reached the lowest level since 2009. Another strong indication that the market is at full recovery. We are currently in a sellers market in many Lake Norman neighborhoods but overall we are in a balanced market.

The average price per square foot saw a slight increase (4.6%) from 2015 and maintained its highest level since 2008. This is another indication of a healthy real estate market.

Lake Norman home owners also saw an slight increase (2.6%) in the average % of sales price to list price, with homes selling for 97% of the original list price. This was the highest % of original price since 2006.

In review, almost every statistical indicator for the Lake Norman real estate market saw an increase from 2015 with many maintaining the highest they’ve been since before the market crashed in 2008. I expect to see similar yet smaller gains in 2017. Homeowners may see some other changes in the real estate landscape as well. Millennials have been buying more homes and signs point to an upswing in new construction homes. Interest rates have stayed low, average sales prices have gone up and foreclosure inventories are down. If trends continue as expected, the market will continue to gain momentum through 2017.

Lake Norman Real Estate Update

Lake Norman Waterfront Real Estate Market Review 2015

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.