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Lake Norman Condo Market Update May 2016

Lake Norman condo market
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Lake Norman Condo Market Update May 2016

Lake Norman Condos & Townhomes
In May 28 condos/townhomes sold in the Lake Norman area, a 0% increase from the 28 condos or townhomes sold in April. May 2016 sales figures decreased 3.4% from May 2015 when 29 Lake Norman condos sold.

The average sales price decreased 2.7% from $202,963 in April to $197,488 in May. The May 2016 average sales price decreased 12.7% from the May 2015 average sales price which was $226,153.

Average days on the market decreased 21.1% from 71 in April to 56 in May. The May 2015 average days on the market were 92, a 39.1% decrease in market time.

Currently there are 73 active condo/townhome listings for sale in the Lake Norman MLS area, a 5.2% decrease from the 77 condos for sale in May. The average list price is $272,549, down 5.8% from May’s average list price of $289,372. The average days on the market are 102. 50 Lake Norman condos/townhomes are currently under contract, a 14% increase from May. Based on these numbers, 73 active listings/50 under contract listings = 1.5 months of inventory, we are currently in a sellers market in the Lake Norman area. It is a great time to sell, contact a Lake Norman real estate agent now if you or someone you know is looking to sell property in Lake Norman.

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


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