Lake Norman Waterfront Condo Market Year In Review 2014
2014 Lake Norman Waterfront Condo Market Review
Lake Norman Waterfront Condos
Total Lake Norman waterfront condo sales stayed flat in 2015 with an increase of one unit sold over the 2013 total. However, total Lake Norman waterfront condo sales were the highest since 2006.
The average sales price had a moderate increase (3.9%) from the 2013 average sales price. 2014 was the highest average sales price since 2010.
The median sales price also saw a moderate gain (3.2%) from 2013. The 2014 median sales price, $229,700, was the highest since 2010.
The average price per square foot had a strong increase (6%) from the 2013 average price per square foot. 2014 average price per square foot was the highest since 2011.
The average days on the market in 2014 decreased significantly (28.7%) from the 2013 average days on the market. The 2014 average DOM was the lowest since 2009.
The percentage of original list price fell slightly from 92.9% to 92.6%.
Overall, the Lake Norman waterfront condo market had a good year with price increases and a shorter market time. We expect this trend to continue through 2015 with modest gains in number of sales and average sales price. We will likely see increased buyer traffic with more Baby Boomers looking to downsize or to eliminate the maintenance that owning a home requires. We also expect to see Millennials entering the market and those that had a foreclosure during the crash of 2008 to reenter the market as well.
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