Lake Norman Real Estate Market Update August 2011

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Lake Norman Homes
In August 2011 106 homes sold in the Lake Norman area, a 23.1% decrease from the 87 homes sold in July 2011. August 2011 sales figures increased 27.7% from August 2010 when 83 homes sold in the Lake Norman area.
The average sales price decreased 13.7% from $511,166 in July 2011 to $441,007 in August 2011. The August 2011 average sales price decreased 4.7% from the August 2010 average sales price which was $462,987.
Average days on the market decreased 13.3% from 181 days in July 2011 to 157 days on the market in August 2011. August 2010 average days on the market were 138, a 28.3% increase in market time.
Currently there are 1076 homes for sale in the Lake Norman MLS area. The average home is a 3 bed/3 bath with 3,327 square feeet and an average list price of $625,872 down 2% from the July average list price of $638,951. The average days on the market are 167. 120 Lake Norman homes are currently under contract, up 21% from July.

Lake Norman Condos & Townhomes
In August 2011 16 condos/townhomes sold in the Lake Norman area, a 45.5% increase from the 11 condos or townhomes sold in July 2011. August 2011 sales figures increased 23.1% from August 2010 when 13 condos sold.
The average sales price decreased 33.8% from $210,068 in July 2011 to $139,125 in August 2011. August 2011 average sales price decreased 31% from the August 2010 average sales price which was $201,492.
Average days on the market decreased .6% from 164 in July to 163 in August. August 2010 average days on the market were 199.
Currently there are 186 condo/townhomes for sale in the Lake Norman MLS area. The average unit is a 2 bed/2 bath home with 1,363 square feeet and an average list price of $ 211,113, down .5% from July ‘s average list price of $212,198. The average days on the market are 152. 21 Lake Norman condos/townhomes are currently under contract, a 10.5% increase from July.

Lake Norman Lots
In August 2011 20 lots sold in the Lake Norman area, a 66.7% increase from the 12 lots sold in July 2011. August 2011 sales figures increased 567% from August 2010 when 3 lots sold.
The average sales price decreased 23.3% from $127,333 in July 2011 to $97,695 in August 2011. August 2011 average sales price increased 110.6% from the August 2010 average sales price which was $46,387.
Average days on the market decreased 44% from 381 in July 2011 to 213 in August 2011. August 2010 average days on the market were 221, a 3.6% decrease in market time vesus the same time period last year.
Currently there are 1148 lots for sale in the Lake Norman MLS area. The average list price is $164,376, down 2% from July ‘s average list price of $167,811. The average days on the market are 427. 23 Lake Norman area lots are currently under contract, a 4.2% decrease from July.

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