I couldn’t resist having a little fun while providing an update of our Lake Norman luxury home sales. Above is a home we locals refer to as the “Taco Bell” house. It is located in The Point on the Brawley Peninsula and serves as a great landmark when out boating on the lake!
So, what is happening with luxury homes in Lake Norman? In general, sales above $750,000 have been quite slow:
Active Listings: As you can see, we have 456 homes priced over $750,000 in Lake Norman and 12 have sold since the beginning of the year (1/1/09 – 3/9/09). This means we have a 76 month supply of homes.
Solds: 12 homes sold since January 1, 2009 versus 29 in the same period of 2008. This is a 59% drop in the number of sales.
Other Interesting Statistics regarding the 12 sales:
- Average Size = 5,421 square feet
- Average listing to selling price differential = 93%
- Average $ per square foot = $195
What happens when we separate out waterfront homes?
- 8 of the 12 sales were waterfront
- Average Size = 5445
- Average Sales Price = $1,130,812
- Average $ per square foot = $208 vs $169 for non-waterfront homes
At the peak of our Lake Norman real estate market waterfront homes were selling, on average, for at least $300 per square foot, waterview homes sold for about $150 per square foot.
While this is just a snapshot of our most recent luxury home sales, it is fascinating to see that waterfront home prices seem to have dropped by almost $100 per square foot. My own observations as I show waterfront properties would substantiate this.
Bottom line? This spring/summer should be a GREAT time to buy waterfront homes on Lake Norman. They have been hit the hardest during this downturn because they went up the most during the strong years and I can only assume that once our market turns around once again the limited supply of waterfront homes will drive the prices back up!