Lake Norman Real Estate Market Update October 2011

Lake Norman Homes
In October 2011 87 homes sold in the Lake Norman area, a 8.75% increase from the 80 homes sold in September 2011. October 2011 sales figures increased 36% from October 2010 when 64 homes sold in the Lake Norman area.
The average sales price decreased 11.4% from $520,975 in September 2011 to $461,808 in October 2011. The October 2011 average sales price decreased 10.7% from the October 2010 average sales price which was $516,921.
Average days on the market increased 10.1% from 168 days in September 2011 to 185 days on the market in Octobert 2011. October 2010 average days on the market were 157, an 18.3% increase in market time.
Currently there are 965 homes for sale in the Lake Norman MLS area. The average home is a 3 bed/3 bath with 3,341 square feeet and an average list price of $622,205 up 1.5% from the August average list price of $612,961. The average days on the market are 177. 115 Lake Norman homes are currently under contract, down 36% from September!

Lake Norman Condos & Townhomes
In October 2011 19 condos/townhomes sold in the Lake Norman area, a 0% increase from the 19 condos or townhomes sold in September 2011. October 2011 sales figures increased 111% from October 2010 when 9 condos sold.
The average sales price increased 5.9% from $165,459 in September 2011 to $175,200 in October 2011. October 2011 average sales price decreased 15.6% from the October 2010 average sales price which was $207,556.
Average days on the market increased 10.4% from 125 in September to 138 in October. October 2010 average days on the market were 124.
Currently there are 177 condo/townhomes for sale in the Lake Norman MLS area. The average unit is a 2 bed/2 bath home with 1,421 square feeet and an average list price of $217,907, up 1.6% from September’s average list price of $214,404. The average days on the market are 162. 24 Lake Norman condos/townhomes are currently under contract, a 17.2% decrease from September.

Lake Norman Lots
In October 2011 12 lots sold in the Lake Norman area, a 33% increase from the 9 lots sold in September 2011. October 2011 sales figures decreased 14.3% from October 2010 when 14 lots sold.
The average sales price decreased 25.6% from $142,555 in September 2011 to $106,025 in October 2011. October 2011 average sales price decreased 20.3% from the October 2010 average sales price which was $133,104.
Average days on the market increased 308% from 97 in September 2011 to 396 in October 2011. October 2010 average days on the market were 228, a 73.7% increase in market time vesus the same time period last year.
Currently there are 1121 lots for sale in the Lake Norman MLS area. The average list price is $157,599, down 2.3% from September’s average list price of $161,343. The average days on the market are 429. 38 Lake Norman area lots are currently under contract, a 15.6% decrease from September.

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