Lake Norman Real Estate Market Update
Lake Norman Homes
In March 2013 108 Lake Norman homes sold in the Lake Norman area, a 54.3% increase from the 70 Lake Norman homes sold in February 2013. March 2013 sales figures increased 35% from March 2012 when 80 homes sold in the Lake Norman area.
The average sales price decreased 6.7% from $495,309 in February to $461,961 in March. The March 2013 average sales price decreased 13.8% from the March 2012 average sales price which was $536,067.
Average days on the market decreased 13% from 138 days in February to 120 days on the market in March. March 2012 average days on the market were 141, a 14.9% decrease in market time.
Currently there are 884 Lake Norman homes for sale in the Lake Norman MLS area. 169 Lake Norman homes are currently under contract, 19.1% of the housing inventory, which leaves a 6.6 months supply of inventory. The average home is a 3 bed/3 bath with 3,505 square feet and an average list price of $690,523 up 5.7% from the February average list price of $653,544. The average days on the market are 143, down 0 days from last month.
Lake Norman Condos & Townhomes
In March 2013 15 Lake Norman condos/townhomes sold in the Lake Norman area, a 66.7% increase from the 9 Lake Norman condos or townhomes sold in February 2013. March 2013 sales figures increased 150% from March 2012 when 6 Lake Norman condos sold.
The average sales price increased 39.9% from $145,941 in February 2013 to $204,100 in March 2013. March 2013 average sales price increased 58.6% from the March 2012 average sales price which was $128,666.
Average days on the market increased 34.7% from 95 in February to 128 in March. March 2012 average days on the market were 248.
Currently there are 115 Lake Norman condos/townhomes for sale in the Lake Norman MLS area. 24 Lake Norman condos/townhomes, 20.9%, are currently under contract which leaves a 6.1 month supply of Lake Norman condo inventory. The average unit is a 2 bed/2 bath home with 1,486 square feet and an average list price of $221,683, up 1.6% from February’s average list price of $218,249. The average days on the market are 151.
Lake Norman Lots
In March 2013 24 Lake Norman lots sold, a 14.3% increase from the 21 Lake Norman lots sold in February 2013. March 2013 sales figures increased 50% from March 2012 when 16 lots sold.
The average sales price increased 37.7% from $86,804 in February to $119,552 in March. March 2013 average sales price decreased 15.7% from the March 2012 average sales price which was $141,775.
Average days on the market decreased 6.4% from 330 in February to 309 in March. March 2012 average days on the market were 382, a 19.1% decrease in market time versus the same time period last year.
Currently there are 895 lots for sale in the Lake Norman MLS area. 60 Lake Norman lots are currently under contract, 6.7% of the market, leaving a 34.8 month supply of Lake Norman land. The average list price is $207,988, up 6.6% from February’s average list price of $195,076. The average days on the market are 417.
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