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.

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