Average Sales Price Continues To Rise
- Jun
- 14
The average sales price in the Lake Norman area went up for the second straight month to $503,223. The average sales price at this time last year was $414,115. Thats an increase of 21.5% from 2010! The year to date average sales price is up 4.5% to $426,230.
The median sales price also increased for the eighth month in a row to $350,000. The median sales price at this time last year was $322,000. Thats an increase of 8.7% from 2010. The year to date average median home price is up 12.3% to $328,500.
The inventory of homes for sale is down 13.4% from this time last year.
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read moreBuyers Better Hurry: Rates Reach New Lows
- Jun
- 02
For the sixth straight week, fixed mortgage rates inched down, reaching new lows for 2011. The 30-year fixed-rate mortgage averaged 4.60 percent this week while the 15-year mortgage averaged 3.78 percent, Freddie Mac reports in its weekly mortgage market survey.
Meanwhile, the National Association of Home Builders reported this week that home affordability reached its highest level in 20 years, making the purchasing power for home buyers even better during this traditionally prime buying season.
Here’s a closer look at mortgage rates:
- 30-year, fixed-rate mortgage: Averaging 4.60 percent this week, it was down slightly from last week’s 4.61 percent average. Last year at this time, 30-year rates averaged 4.84 percent. The 30-year fixed rate mortgage hasn’t been under this week’s 4.60 percent average since early December 2010 when it fell to 4.46 percent.
- 15-year, fixed-rate mortgage: Averaging 3.78 percent this week, it also was down from last week’s 3.80 percent average. Last year at this time, the 15-year fixed-rate mortgage averaged 4.21 percent. It has not been under this week’s 3.78 percent average since late November 2010 when it fell to 3.77 percent.
- 5-year adjustable-rate mortgage: Averaging 3.41 percent this week, it was down from last week’s 3.48 percent average. A year ago at this time, the 5-year ARM averaged 3.97 percent.
Source: “Fixed Mortgage Rates Continue to Find New Lows,” Freddie Mac (May 26, 2011)
read moreApril 2011 Lake Norman Waterfront Real Estate Market Update
- May
- 12
Lake Norman Waterfront Homes
In April 2011 24 waterfront homes sold in the Lake Norman area, a 14% decrease from the 28 waterfront homes sold in March 2011. April 2011 waterfront sales figures increased 41% from April 2010 when 17 waterfront homes sold in the Lake Norman area.
The average sales price increased 2% from $760,741 in March 2011 to $774,829 in April 2011. April 2011 average sales price decreased 9% from the April 2010 average sales price which was $852,229.
Average days on the market increased from 203 in March 2011 to 209 in April 2011, a 3% increase in market time. April 2010 average days on the market were 183, a 14% increase in market time.
Currently there are 438 Lake Norman waterfront homes listed in the MLS with 43 of those under contract, down 17% from March. The average list price is $1,014,037, down 2% from March. The lowest priced Lake Norman waterfront home is listed at $142,500 and the highest priced Lake Norman waterfront home is listed at $9,500,000.
Use our free listing service to see the current Lake Norman waterfront homes for sale: Lake Norman waterfront homes for sale (more…)
April 2011 Lake Norman Foreclosure Real Estate Market Update
- May
- 12
Lake Norman Foreclosure Homes
At the end of April 2011 there were 103 foreclosure, preforeclosure & short-sale properties listed in the Lake Norman area, a 17% decrease from the 124 foreclosure, preforeclosure & short sale properties for sale in March 2011. Prices range from $27,209 for a double-wide to $1,499,000 for a waterfront home in Mooresville.
Twenty-one foreclosure/short sale homes closed in April 2011. This was an decrease of 13% from the 24 foreclosure homes sold in March 2011. The average home sold was a 3 bedroom/3 bath with 3,148 square feet and an average sale price of $336,190. The average sales price decreased $32,898 or 9% from the previous month. The average days on the market were 212, a 56 day increase from March 2011.
Thirty-two foreclosure and short sale properties are currently under contract, a 33% decrease from March 2011. (more…)
April 2011 Lake Norman Real Estate Market Update
- May
- 12
Lake Norman Homes
In April 2011 86 homes sold in the Lake Norman area, a 12% increase from the 77 homes sold in March 2011. April 2011 sales figures increased 18% from April 2010 when 73 homes sold in the Lake Norman area.
The average sales price decreased 2% from $468,075 in March 2011 to $457,836 in April 2011. The April 2011 average sales price decreased 1% from the April 2010 average sales price which was $462,492.
Average days on the market decreased 11% from 178 days in March 2011 to 158 days on the market in April 2011. April 2010 average days on the market were 174, a 9% decrease in market time.
Currently there are 1237 homes for sale in the Lake Norman MLS area. The average home is a 3 bed/3 bath with 3,369 square feeet and an average list price of $633,611 up 1% from the March average list price of $625,887. The average days on the market are 159. 135 Lake Norman homes are currently under contract, down 31% from March. (more…)
