Tag Archives: lake norman waterfront condo

Lake Norman Waterfront Condo Market Year In Review 2016

Lake Norman waterfront condo update

2016 Lake Norman Waterfront Condo Market Review

Lake Norman Waterfront Condos

Total Lake Norman waterfront condo sales decreased  17.6% in 2016 with a total of 98 units sold. This decrease can be attributed to low inventory and sellers holding onto their condos for longer then previously.

The average sales price had a moderate decrease (5.6%) from the 2015 average sales price. This price decrease is because of less luxury/high-end condos being listed then in previous years.

The median sales price stayed the same as 2015, $230,000. I don’t put much stock in median sales prices as it is just the middle condo sold (#49) and does not account for location, size, etc..

The average price per square foot had a slight increase (2%) from the 2015 average price per square foot. The 2016 average price per square foot, $207, was the highest since 2010.

The average days on the market in 2016 increased significantly (20%) from the 2015 average days on the market.

The percentage of original list price increased from 94.6% to 97%. Lower inventory made competition for Lake Norman condos very strong with many receiving multiple offers.

Overall, the Lake Norman waterfront condo market had a mixed year with price increases and a longer market time. We expect this trend to continue through 2017 with modest gains in number of sales and average sales price. We will likely see increased buyer traffic with more Baby Boomers looking to downsize or to eliminate the maintenance that owning a home requires. We also expect to see Millennials entering the market and those that had a foreclosure during the crash of 2008 to reenter the market as well.

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Lake Norman Waterfront Condo Market Update December 2015

Lake Norman condo market

Lake Norman Waterfront Condo Market Update December 2015

Lake Norman Waterfront Condos & Townhomes
In December 2015 9 waterfront condos or townhomes sold in the Lake Norman area, a 28.6% increase from the 7 Lake Norman waterfront condos sold in November. December 2015 sales figures increased 125% from December 2014 when 4 Lake Norman waterfront condos sold.

The average sales price increased 54.1% from $244,786 in November to $377,333 in December. The December 2015 average sales price increased 14.6% from the December 2014 average sales price which was $329,375.

Average days on the market decreased 26.7% from 90 in November to 66 days on the market in December. The December 2014 average days on the market were 73, a 9.6% decrease in market time.

Currently there are 44 Lake Norman waterfront condos listed in the MLS with 9 of those under contract, a 12.5% increase from December. The average list price is $279,389, down 1.2% from last month. The lowest priced Lake Norman waterfront condo is listed at $149,900 and the highest priced Lake Norman waterfront condo is listed at $729,000.

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