February 2011 Lake Norman Foreclosure Real Estate Market Update

Lake Norman Foreclosure Homes
At the end of February 2011 there were 122 foreclosure, preforeclosure & short-sale properties listed in the Lake Norman area, a 2% increase from the 120 foreclosure, preforeclosure & short sale properties for sale in January 2011. Prices range from $27,209 for a double-wide to $1,300,000 for a waterfront home in Mooresville.

Twenty-three foreclosure/short sale homes closed in February 2011. This was an increase of 53% from the 15 foreclosure and preforeclosure homes sold in January 2011. The average home was a 4 bedroom/3 bath with 3,470 square feet and an average sale price of $318,256. The average sales price decreased $74,810 or 19% from the previous month. The average days on the market were 117, an 18 day increase from January 2011.

Fourty-four foreclosure and short sale properties are currently under contract, an 4% decrease from January 2011.

Lake Norman Foreclosure Condos & Townhomes
At the end of February 2011 there were 10 foreclosure, preforeclosure & short-sale Lake Norman area condo/townhome properties listed, a 43% increase from the 7 foreclosure, preforeclosure & short-sale properties listed for sale in January 2011. Foreclosure prices range from $90,900 to $309,900. The average unit is a 2 bed/2 bath with 1,418 square feet and an average list price of $169,685.

One foreclosure, preforeclosure or short-sale condos/townhomes sold in February 2011. This was an decrease of 50% from the 2 foreclosure, preforeclosure or short-sale condos sold in January 2011. The average sales price in February was $94,900, up 36% from the January average sales price of $70,000. Three 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 Lake Norman foreclosure website LakeNormanForeclosure.com.

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