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Tag Archives: market report

Lake Norman Condo Market Year in Review 2016

Lake Norman condo market

2016 Lake Norman Condo Market Review

Lake Norman Condos

Total Lake Norman condo sales fell 14.6% in 2016 to 292 units sold. Limited inventory is the main reason for the decrease in sales. Lake Norman condo owners are holding onto their condos longer then in recent history in hopes of recovering their purchase price and a return to precrash sales prices.

The average sales price saw a strong another increase (5.6%) and the highest average sales price since 2007. Low inventory again helped the market reach this height.

The median sales prices had a large increase (7.8%) and the highest median sales price on record. I do not put much stock in median sales price as it is just the middle condo sold (#146) and does not take into account the condo location, size, # beds/baths, etc.

Average days on the market stayed the same at 69 days on the market. Limited inventory made it a competitive marketplace in 2016.

The average price per square foot had a healthy increase (4.8%) and reached the highest average price/sqft since 2008. The low amount of Lake Norman condo inventory helped drive the average price/sqft.

The percentage of original list price received by condo sellers increased slightly (2.3%) but was the highest percentage since 2007.

Overall the Lake Norman condo market showed strong signs of a recovery. This has a lot to do with inventory being limited and foreclosure inventory at its lowest level in 9 years. I expect the prices to gradually rise this year and the sales totals to increase slightly with more Baby Boomers looking for less maintenance and more freedom to travel. We also expect to see more Millennials making the leap to home/condo ownership.

To keep updated on the Lake Norman real estate market please visit our website, LakeNormanHomePrices.com for free market updates.

Lake Norman Condo Market Year in Review 2014

Lake Norman condo market

2014 Lake Norman Condo Market Review

Lake Norman Condos

Total Lake Norman condo sales stayed flat in 2015 with a very sight increase of .8%. However, total Lake Norman condo sales were the highest since 2007.

The average sales price saw a strong increase (11.2%) and the highest average sales price since 2008.

The median sales prices had a large increase (15.6%) and the highest median sales price since 2010.

Average days on the market saw a huge decrease (37.6%), and the lowest on market time (83 days) since 2009.

The average price per square foot had a healthy increase (8.4%) and the highest average price since 2010.

The percentage of original list price increased slightly (1.5%) but was the highest percentage since 2007.

Overall the Lake Norman condo market showed some signs of a recovery and some signs of being stagnant. This has a lot to do with inventory being limited and foreclosure inventory at its lowest level in 8 years. I expect the prices to gradually rise this year and the sales totals to increase slightly with more Baby Boomers looking for less maintenance and more freedom to travel. We also expect to see more Millennials making the leap to home/condo ownership.

To keep updated on the Lake Norman real estate market please visit our website, LakeNormanHomePrices.com for free market updates.