March broke records for real estate in Lake Martin with 180 property sales. Not far behind, April set a record as being the best in sales since 2005 with 150 houses sold. And that doesn’t include pending sales or homes under contract at April’s end.
A Look at the Housing Stats
Back in 1963, Duke Power gave way to a waterfront lifestyle when the company constructed the man-made Lake Norman as a supply of water and power for surrounding counties. The desire for waterfront properties is alive and well today, accounting for 18.6 percent of April’s real estate sales in Lake Norman, with an average sales price of $891,388. These houses have values of $249.9 per square foot, received 96 percent of listing price sales, and stayed on the market, on average, for 104 days.
New construction also plays a significant role in real estate for April of 2017. Although the MLS accounts for only 30 sales for newly constructed homes, not all new construction properties appear in the multiple listing service. Typical to new construction, list price to sales price was at 100 percent. By April’s end, new construction accounted for 131 listings under contract with average prices of $476,386.
Distressed sales played a role in Lake Norman real estate in April, but not significantly, accounting for just 2.67 percent of total homes sold. Four distressed properties closed in April, which is less than one percent of the area’s real estate sales.
What Does This Mean for Sellers
According to the Charlotte Regional Realtor® Association, April saw 300 new listings, down from the 354 listings recorded at the same time last year. By month’s end, Lake Norman recorded 216 pending sales, down 1.8 percent from April of 2016. However, there were 176 closed sales in April 2017, up 9.3 percent from a year ago.
What Does This Mean for Buyers
Lake Martin real estate sales revealed median prices of $366.500, up 2.9 percent from last year’s record. Also up by .03 percent, average sales prices in the area came in at $46,751 in contrast to 2016’s $445,338. However, list price to sales price was down .04 percent at 95.2 percent as opposed to 95.6 percent from last April.
What About the Current Inventory
On average, houses in Lake Norman took 79 days to sell, contrary to the previous year’s 86. Last April, it took 138 days from list to close, whereas this year’s data shows 129 days from list to close.
Also on the upside, the inventory of Lake Norman real estate has dropped 10.6 percent with 958 houses in the current inventory. During April of 2016, the inventory of properties was 1,072.
The month supply of houses is down 20.9 percent. This time last year, there was a 6.7 month supply of homes for sale. April of 2017 presented an inventory of 5.3 month supply.
What Does This Data Mean
Spring of 2017 indicates growth and stability in the Lake Norman real estate market. With the best April record in 12 years, the signs are clear that home sales in Lake Norman are blossoming. With fewer houses available in inventory to tempt buyers, an increase in closed sales, upward motion in median values, and a drop in length of time between days to sell as well as list and close, as well as minimal sales of distressed properties, Lake Norman is making waves in real estate.
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Here’s the most recent home listings just added to the database in the average price range for Mooresville. All homes here are priced at $366,500 or less.
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