Owning a waterfront home on Lake Norman is certainly the goal of many of the people planning a move to the greater Lake Norman area. The sales prices of waterfront homes here have certainly been dramatically impacted by the national and regional housing market decline since 2007. At our peak it was almost impossible to even find a decent waterfront lot on Lake Norman for under $500,000. In the past 60 days, as you will see below, nearly half of our sales of single family waterfront homes were below $635,000:
Above is a snapshot of waterfront home sales by price range for the past 60 days. Here are some additional statistics about our current waterfront real estate market:
- 39% of our total Active listings in Lake Norman (Area 13-1 – 13-5) are waterfront properties
- 35% of our total Closed sales in Lake Norman in the past 60 days were waterfront properties
- 24% of our currently Pending home sales are waterfront properties
- 32% of our currently Conditional/Active Due Diligence home sales are waterfront properties
- The median price of our Pending waterfront listings is $990,000 and the average price is $1,029,345. Of the 20 currently pending waterfront sales HALF are over $1 million!
- The median price of our Closed waterfront sales in the past 60 days was $635,000 and our average price was $795,975.
Based upon my own clients and my observations of the market, there are several kinds of buyers currently searching for waterfront homes on Lake Norman:
Firstly, there are those who are snapping up the lowest priced homes, many of which are older and future tear-downs, if they have good lots. They are looking at their purchases as either an investment or an opportunity to own a waterfront home that would have been impossible in 2006-2007. These buyers are fueling the activity up to the $600,000s.
Next , there are buyers who want a lovely, newer waterfront home up to about 5000 sq ft with good water, a private dock and in a well-maintained neighborhood. These buyers are looking from the $700,000’s up to the low $1 millions.
Finally, there is the truly luxury home buyer who wants to buy one of the stunning Lake Norman waterfront estates. These sales are primarily $2 million+.
The dynamics of the Lake Norman waterfront market are continually evolving and changing. I honestly think some of the best bargains I have sold to buyers in the middle category were in the winter of 2009 and they were in the $600,000s-$700,000s. Right now it is more likely that the best homes in this category are in the mid to high $700,000’s to $800,000’s or in the low $1 million. The key is to watch the activity closely so that when a good property is listed at a good price or reduced to a good price you can act quickly because it is not uncommon to see multiple offers once a property is priced competitively.
Questions? Send them my way!