Lake Norman’s 520 miles of shoreline offer an amazing variety of waterfront homes and lifestyles. From flat lots with beaches like the one pictured above to steeper lots with walk-out basements, from heavily wooded to almost treeless lots, from grand estates to tiny cabins, and from main channel views to small coves that remind one of Huckleberry Finn, there truly is a dream home and lifestyle available for just about every waterfront home buyer!
The Lake Norman waterfront housing market was hit particularly hard during the recession; bottoming out in 2011. With our distressed sales (foreclosures and short sales) now down to less than 3% of our entire Lake Norman housing inventory of active listings, waterfront homes sales prices have not just stabilized but are now increasing annually:
As you can see above, the average prices of Lake Norman waterfront homes have increased since 2011. The average price so far this year is 1.7% higher than in all of 2012 and 3% higher than 2011. And, the average price per square foot has increased 4.5% since 2012 and a healthy 8.7% since 2011.
With 64 waterfront homes under contract as of today added to the 352 sold so far in 2013 it looks like we will have at least 416 total waterfront home sales in 2013 which would be the strongest year of waterfront sales since 2005!
Clearly, the last segment of our Lake Norman real estate market to fully recover is our high-end luxury housing market. This has contributed to our lower average sales than our strong sales volume might indicate. That said, in the past 6 months our waterfront homes sold for an average of $220 per square foot taking us back to our 2009 numbers. Clearly, once our larger home sales pick up our average sales price will also increase bringing us ever closer to our peak in 2008.
With 357 waterfront homes currently on the market in Lake Norman, now is a good time to consider a purchase because I have a feeling in the spring of 2014 not only will sales be even stronger but higher-end home buyers will return to the market in higher numbers as well. Carpe Diem!