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Tag Archives: lake norman condo prices

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.

If you would like to stay updated on the Lake Norman real estate market sign up for free market reports on our website LakeNormanHomePrices.com and you will receive automatic email updates on new listings and sold listings in the Lake Norman area.

Lake Norman Waterfront Condo Market Year In Review 2014

2014 Lake Norman Waterfront Condo Market Review

Lake Norman Waterfront Condos

Total Lake Norman waterfront condo sales stayed flat in 2015 with an increase of one unit sold over the 2013 total. However, total Lake Norman waterfront condo sales were the highest since 2006.

The average sales price had a moderate increase (3.9%) from the 2013 average sales price. 2014 was the highest average sales price since 2010.

The median sales price also saw a moderate gain (3.2%) from 2013. The 2014 median sales price, $229,700, was the highest since 2010.

The average price per square foot had a strong increase (6%) from the 2013 average price per square foot. 2014 average price per square foot was the highest since 2011.

The average days on the market in 2014 decreased significantly (28.7%) from the 2013 average days on the market. The 2014 average DOM was the lowest since 2009.

The percentage of original list price fell slightly from 92.9% to 92.6%.

Overall, the Lake Norman waterfront condo market had a good year with price increases and a shorter market time. We expect this trend to continue through 2015 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.

If you would like to stay updated on the Lake Norman real estate market sign up for free market reports on our website LakeNormanHomePrices.com and you will receive automatic email updates on new listings and sold listings in the Lake Norman area.