Monday, July 11, 2011

Lake Norman Real Estate Market Update June 2011

Lake Norman Homes
In June 2011 101 homes sold in the Lake Norman area, a 63% increase from the 62 homes sold in May 2011. June 2011 sales figures decreased 12% from June 2010 when 115 homes sold in the Lake Norman area.

The average sales price decreased 17% from $566,841 in May 2011 to $472,811 in June 2011. The June 2011 average sales price decreased 16% from the June 2010 average sales price which was $564,421.

Average days on the market decreased 2% from 158 days in May 2011 to 155 days on the market in June 2011. June 2010 average days on the market were 141, a 10% increase in market time.

Currently there are 1270 homes for sale in the Lake Norman MLS area. The average home is a 3 bed/3 bath with 3,326 square feeet and an average list price of $619,256 down 2% from the May average list price of $631,409. The average days on the market are 156. 144 Lake Norman homes are currently under contract, up 24% from May.

Lake Norman Condos & Townhomes
In June 2011 17 condos/townhomes sold in the Lake Norman area, a 13% increase from the 15 condos or townhomes sold in May 2011. June 2011 sales figures increased 6% from June 2010 when 16 condos sold.

The average sales price decreased 20% from $240,264 in May 2011 to $193,273 in June 2011. June 2011 average sales price decreased 14% from the June 2010 average sales price which was $224,471.

Average days on the market decreased 10% from 187 in May to 169 in June. June 2010 average days on the market were 189.

Currently there are 207 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 $215,083, down 1% from May’s average list price of $217,053. The average days on the market are 148. 18 Lake Norman condos/townhomes are currently under contract, a 64% increase from May.

Lake Norman Lots
In June 2011 12 lots sold in the Lake Norman area, an 40% decrease from the 20 lots sold in May 2011. June 2011 sales figures increased 140% from June 2010 when 5 lots sold.

The average sales price decreased 27% from $279,200 in May 2011 to $202,491 in June 2011. June 2011 average sales price increased 14% from the June 2010 average sales price which was $177,970.

Average days on the market increased 44% from 232 in May 2011 to 334 in June 2011. June 2010 average days on the market were 349, a 4% decrease in market time vesus the same time period last year.

Currently there are 1228 lots for sale in the Lake Norman MLS area. The average list price is $172,187, up 1% from May’s average list price of $170,062. The average days on the market are 409. 32 Lake Norman area lots are currently under contract, a 33% increase from May.

If you would like to search for Lake Norman properties for sale please visit our website: Search Lake Norman Real Estate Listings

The Lake Norman Homes Team
Realtors®/Brokers
Keller Williams Realty
www.LakeNormanHomes.com

Tuesday, June 21, 2011

Lake Norman Real Estate Market Update May 2011

Lake Norman Homes
In May 2011 62 homes sold in the Lake Norman area, a 28% decrease from the 86 homes sold in April 2011. May 2011 sales figures decreased 39% from May 2010 when 101 homes sold in the Lake Norman area.

The average sales price increased 24% from $457,836 in April 2011 to $566,841 in May 2011. The May 2011 average sales price increased 29% from the May 2010 average sales price which was $438,702.

Average days on the market increased 0% from 158 days in April 2011 to 158 days on the market in May 2011. May 2010 average days on the market were 130, a 22% increase in market time.

Currently there are 1178 homes for sale in the Lake Norman MLS area. The average home is a 3 bed/3 bath with 3,365 square feeet and an average list price of $631,409 down .3% from the April average list price of $633,611. The average days on the market are 165. 116 Lake Norman homes are currently under contract, down 14% from April.

Lake Norman Condos & Townhomes
In May 2011 15 condos/townhomes sold in the Lake Norman area, a 25% increase from the 12 condos or townhomes sold in April 2011. May 2011 sales figures increased 36% from Mayu 2010 when 11 condos sold.

The average sales price increased 15% from $208,732 in April 2011 to $240,264 in May 2011. May 2011 average sales price increased 28% from the May 2010 average sales price which was $188,354.

Average days on the market increased 56% from 120 in April to 187 in May. May 2010 average days on the market were 80.

Currently there are 197 condo/townhomes for sale in the Lake Norman MLS area. The average unit is a 2 bed/2 bath home with 1,378 square feeet and an average list price of $217,053, up 2% from April’s average list price of $212,442. The average days on the market are 156. 11 Lake Norman condos/townhomes are currently under contract, a 21% decrease from April.

Lake Norman Lots
In May 2011 20 lots sold in the Lake Norman area, an 82% increase from the 11 lots sold in April 2011. May 2011 sales figures increased 43% from May 2010 when 14 lots sold.

The average sales price increased 57% from $178,318 in April 2011 to $279,200 in May 2011. May 2011 average sales price increased 96% from the May 2010 average sales price which was $142,642.

Average days on the market decreased 33% from 348 in April 2011 to 232 in May 2011. May 2010 average days on the market were 148, a 57% increase in market time vesus the same time period last year.

Currently there are 1306 lots for sale in the Lake Norman MLS area. The average list price is $170,062, up 3.6% from April’s average list price of $163,895. The average days on the market are 416. 24 Lake Norman area lots are currently under contract, a 17% decrease from April.

Search Lake Norman Real Estate Listings

The Lake Norman Homes Team
Realtors®/Brokers
Keller Williams Realty
www.LakeNormanHomes.com

Thursday, June 2, 2011

Buyers Better Hurry: Rates Reach New Lows

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)


The Lake Norman Homes Team Realtors®/Brokers Keller Williams Realty www.LakeNormanHomes.com

Friday, May 13, 2011

April 2011 Lake Norman Real Estate Market Update

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 increased 20% 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.

Lake Norman Condos & Townhomes
In April 2011 12 condos/townhomes sold in the Lake Norman area, a 20% decrease from the 15 condos or townhomes sold in March 2011. April 2011 sales figures decreased 14% from April 2010 when 14 condos sold.

The average sales price increased 10% from $188,986 in March 2011 to $208,732 in April 2011. April 2011 average sales price increased 16% from the April 2010 average sales price which was $179,278.

Average days on the market decreased 4% from 125 in March to 120 in April. April 2010 average days on the market were 164.

Currently there are 201 condo/townhomes for sale in the Lake Norman MLS area. The average unit is a 2 bed/2 bath home with 1,362 square feeet and an average list price of $212,442, down 2.5% from March’s average list price of $218,048. The average days on the market are 148. 14 Lake Norman condos/townhomes are currently under contract, a 30% decrease from March.

Lake Norman Lots
In April 2011 11 lots sold in the Lake Norman area, a 31% decrease from the 16 lots sold in March 2011. April 2011 sales figures decreased 15% from April 2010 when 13 lots sold.

The average sales price increased 5% from $169,711 in March 2011 to $178,318 in April 2011. April 2011 average sales price increased 126% from the April 2010 average sales price which was $78,887.

Average days on the market decreased 13% from 398 in March 2011 to 348 in April 2011. April 2010 average days on the market were 373, a 6% decrease in market time vesus the same time period last year.

Currently there are 1335 lots for sale in the Lake Norman MLS area. The average list price is $163,895, down .6% from March’s average list price of $164,910. The average days on the market are 374. 29 Lake Norman area lots are currently under contract, a 3% decrease from March.

If you would like to search for Lake Norman properties for sale please visit our website: Search Lake Norman Real Estate Listings

The Lake Norman Homes Team
Realtors®/Brokers
Keller Williams Realty
www.LakeNormanHomes.com

Wednesday, March 9, 2011

February 2011 Lake Norman Real Estate Market Update

Lake Norman Homes
In February 2011 46 homes sold in the Lake Norman area, a 15% decrease from the 54 homes sold in January 2011. February 2011 sales figures increased 4.5% from February 2010 when 44 homes sold in the Lake Norman area.

The average sales price decreased 18% from $432,987 in January 2011 to $354,665 in February 2011. The February 2011 average sales price decreased 10% from the February 2010 average sales price which was $394,010.

Average days on the market increased 6% from 139 days in January 2011 to 148 days on the market in February 2011. February 2010 average days on the market were 165, a 10% decrease in market time.

Currently there are 1146 homes for sale in the Lake Norman MLS area. The average home is a 3 bed/3 bath with 3,364 square feeet and an average list price of $633,987 up 1% from the January average list price of $628,605. The average days on the market are 166. 130 homes are currently under contract, up 2% from January.

Lake Norman Condos & Townhomes
In February 2011 9 condos/townhomes sold in the Lake Norman area, a 50% increase from the 6 condos or townhomes sold in January 2011. February 2011 sales figures decreased 0% from February 2010 when 9 condos sold.

The average sales price decreased 5% from $166,498 in January 2011 to $157,946 in February 2011. February 2011 average sales price decreased 25% from the February 2010 average sales price which was $209,333.

Average days on the market increased 26% from 147 in January to 185 in February. February 2010 average days on the market were 202.

Currently there are 200 condo/townhomes for sale in the Lake Norman MLS area. The average unit is a 2 bed/2 bath home with 1,385 square feeet and an average list price of $209,850, down 1% from January's average list price of $212,100. The average days on the market are 136. 20 Lake Norman condos/townhomes are currently under contract, a 13% decrease from January.

Lake Norman Lots
In February 2011 11 lots sold in the Lake Norman area, a 83% increase from the 6 lots sold in January 2011. February 2011 sales figures increased 57% from February 2010 when 7 lots sold.

The average sales price decreased 30% from $185,833 in January 2011 to $130,336 in February 2011. February 2011 average sales price increased 10% from the February 2010 average sales price which was $118,785.

Average days on the market increased 31% from 152 in January 2011 to 199 in February 2011. February 2010 average days on the market were 190, a 5% increase in market time vesus the same time period last year.

Currently there are 1401 lots for sale in the Lake Norman MLS area. The average list price is $159,546, down 3% from January's average list price of $165,315. The average days on the market are 378. 30 Lake Norman area lots are currently under contract, a 30% increase from December.

If you would like to search for Lake Norman properties for sale please visit our website: Search Lake Norman Real Estate Listings

The Lake Norman Homes Team
Realtors®/Brokers
Keller Williams Realty
www.LakeNormanHomes.com

Thursday, February 10, 2011

Mecklenburg County Residents To Begin Receiving Revaluations

Mecklenburg County residents will begin to receive their 2011 home revaluations this week.

Revaluation is the process of reappraising all properties within the county for tax assessment purposes. It is required at least once every eight years by North Carolina statute. The process has two objectives: value properties at current market prices, and equitably distribute the cost of local government among the property owners.

Your properties tax value is set by the revaluation & determines the amout of property tax you will pay each year until the next revaluation.

Mecklenburg County residents will have 30 days from February 7th to appeal to the Mecklenburg County Assessor’s Office. Every resident will receive an appeal form along with their revaluation.

For more information visit the Mecklenburg County Accessor’s webpage: Mecklenburg County Revaluation

If you need any information on home sales in your area to use in your appeal please don’t hesitate to contact us.

The Lake Norman Homes Team
Realtors®/Brokers
Keller Williams Realty
www.LakeNormanHomes.com

Tuesday, February 8, 2011

January 2011 Lake Norman Real Estate Market Update

Lake Norman Homes
In January 2011 54 homes sold in the Lake Norman area, a 43% decrease from the 95 homes sold in December 2010. January 2011 sales figures decreased 16% from January 2010 when 64 homes sold in the Lake Norman area.

The average sales price decreased .5% from $435,193 in December 2010 to $432,987 in January 2011. The January 2011 average sales price decreased 6% from the January 2010 average sales price which was $460,207.

Average days on the market decreased 16% from 165 days in December 2010 to 139 days on the market in January 2011. January 2010 average days on the market were 196, a 29% decrease in market time.

Currently there are 1122 homes for sale in the Lake Norman MLS area. The average home is a 3 bed/3 bath with 3,356 square feeet and an average list price of $628,605. The average days on the market are 170. 127 homes are currently under contract, down 10% from December.

Lake Norman Condos & Townhomes
In January 2011 6 condos/townhomes sold in the Lake Norman area, a 33% decrease from the 9 condos or townhomes sold in December 2010. January 2011 sales figures decreased 25% from January 2010 when 8 condos sold.

The average sales price decreased 23% from $215,276 in December 2010 to $166,498 in January 2011. January 2011 average sales price increased 7% from the January 2010 average sales price which was $155,812.

Average days on the market decreased 1% from 149 in December to 147 in January. January 2010 average days on the market were 176.

Currently there are 191 condo/townhomes for sale in the Lake Norman MLS area. The average unit is a 2 bed/2 bath home with 1,431 square feeet and an average list price of $212,100. The average days on the market are 150. 23 Lake Norman condos/townhomes are currently under contract, an 35% increase from December.

Lake Norman Lots
In January 2011 6 lots sold in the Lake Norman area, a 200% decrease from the 18 lots sold in December 2010. January 2011 sales figures increased 0% from January 2010 when 6 lots sold.

The average sales price increased 30% from $142,466 in December 2010 to $185,833 in January 2011. January 2011 average sales price increased 72% from the January 2010 average sales price which was $107,950.

Average days on the market decreased 36% from 238 in December 2010 to 152 in January 2011. January 2010 average days on the market were 515, a 70% decrease in market time vesus the same time period last year.

Currently there are 1409 lots for sale in the Lake Norman MLS area. The average list price is $165,315. The average days on the market are 379. 23 Lake Norman area lots are currently under contract, a 15% increase from December.

If you would like to search for Lake Norman properties for sale please visit our website: Search Lake Norman Real Estate Listings

The Lake Norman Homes Team
Realtors®/Brokers
Keller Williams Realty
www.LakeNormanHomes.com