2010 Lake Norman Real Estate Market Update

Lake Norman Homes
In 2010 937 homes sold in the Lake Norman area, a 20% increase from the 778 homes sold in 2009. 2010 sales figures decreased 46% from 2006, the heighth of the sellers market, when 1743 homes sold in the Lake Norman area.

The average sales price increased 2.5% from $461,942 in 2009 to $473,291 in 2010. The 2010 average sales price decreased 4.4% from the 2006 average sales price which was $494,949.

Average days on the market increased 90% from 79 days in 2009 to 150 days on the market in 2010. 2006 average days on the market were 56, a 168% increase in market time.

Currently there are 1092 homes for sale in the Lake Norman MLS area. The average home is a 3 bed/3 bath with 3,379 square feeet and an average list price of $641,355. The average days on the market are 173. 141 homes are currently under contract.

Lake Norman Condos & Townhomes
In 2010 144 condos/townhomes sold in the Lake Norman area, a 6% increase from the 136 condos or townhomes sold in 2009. 2010 sales figures decreased 61% from 2006, the heighth of the sellers market, when 370 condos sold.

The average sales price decreased 6% from $210,400 in 2009 to $197,123 in 2010. The 2010 average sales price decreased 3.7% from the 2006 average sales price which was $204,753.

Average days on the market increased 109% from 77 in 2009 to 161 in 2010. 2006 average days on the market were 36.

Currently there are 178 condo/townhomes for sale in the Lake Norman MLS area. The average unit is a 2 bed/2 bath home with 1,430 square feeet and an average list price of $225,370. The average days on the market are 158. 17 Lake Norman condos/townhomes are currently under contract.

Lake Norman Lots
In 2010 116 lots sold in the Lake Norman area, a 32% increase from the 88 lots sold in 2009. The average sales price decreased 34% from $188,683 in 2009 to $124,432 in 2010. In 2006, the heighth of the sellers market, 589 Lake Norman lots sold for an average price of $171,355.

Average days on the market increased 135% from 107 in 2009 to 251 in 2010. 2006 average days on the market were 75.

Currently there are 1373 lots for sale in the Lake Norman MLS area. The average list price is $164,105. The average days on the market are 362. 20 Lake Norman area lots are currently under contract, a 31% decrease from November.

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