December 2010 Lake Norman Foreclosure Real Estate Market Update

Lake Norman Foreclosure Homes
At the end of December 2010 there were 116 foreclosure, preforeclosure & short-sale properties listed in the Lake Norman area, a 28% decrease from the 161 foreclosure, preforeclosure & short sale properties for sale in November 2010. Prices range from $27,209 for a double-wide to $2,445,000 for a waterfront home in Cornelius.

Twenty-eight foreclosure/short sale homes closed in December 2010. This was an increase of 33% from the 21 foreclosure homes sold in November2010. The average home was a 3 bedroom/3 bath with 2,920 square feet and an average sale price of $345,970 The average sales price decreased $40,648 or11% from the previous month. The average days on the market were 138, a 15 day increase from November 2010.

Fourty-one foreclosure and short sale properties are currently under contract, an 18% decrease from November 2010.

Lake Norman Foreclosure Condos & Townhomes
At the end of December 2010 there were 8 foreclosure, preforeclosure & short-sale Lake Norman area condo/townhome properties listed, a 11% decrease from the 9 foreclosure, preforeclosure & short-sale properties listed for sale in November 2010. Foreclosure prices range from $94,900 to $260,000. The average unit is a 2 bed/2 bath with 1,456 square feet and an average list price of $175,462.

Two foreclosure, preforeclosure or short-sale condos/townhomes closed in December 2010. This was an increase of 200% from the 0 foreclosure, preforeclosure or short-sale condos sold in November 2010. The average sales price in December was $180,000. Two units are currently under contract.

If you would like to be added to the foreclosure properties notification list and the Lake Norman area “Best Buy” list please visit our website: LakeNormanForeclosure.com.

If you need help stopping foreclosure on your Lake Norman property please give us a call at 866-LakeNorman