2014 Lake Norman Condo Market Review
Lake Norman Condos
Total Lake Norman condo sales stayed flat in 2015 with a very sight increase of .8%. However, total Lake Norman condo sales were the highest since 2007.
The average sales price saw a strong increase (11.2%) and the highest average sales price since 2008.
The median sales prices had a large increase (15.6%) and the highest median sales price since 2010.
Average days on the market saw a huge decrease (37.6%), and the lowest on market time (83 days) since 2009.
The average price per square foot had a healthy increase (8.4%) and the highest average price since 2010.
The percentage of original list price increased slightly (1.5%) but was the highest percentage since 2007.
Overall the Lake Norman condo market showed some signs of a recovery and some signs of being stagnant. This has a lot to do with inventory being limited and foreclosure inventory at its lowest level in 8 years. I expect the prices to gradually rise this year and the sales totals to increase slightly with more Baby Boomers looking for less maintenance and more freedom to travel. We also expect to see more Millennials making the leap to home/condo ownership.
To keep updated on the Lake Norman real estate market please visit our website, LakeNormanHomePrices.com for free market updates.