One of the special opportunities for home buyers in Lake Norman are the wonderful waterfront homes along the 550 miles of shoreline. Up until the past year this segment of our real estate market consistently out performed the rest of the Lake Norman housing market. This was most certainly due to the nature of supply and demand as there are a finite number of homes and lots available on the lake itself.
When you look at the statistics for waterfront homes today it becomes clear that this category of Lake Norman real estate has been hit a bit harder than the rest of our market:
- There are currently 537 active waterfront listings
- There are currently 26 conditional, contingent and pending sales of waterfront homes
- 14 waterfront homes sold since April 1st.
- The average sales price during this period was $863,035 and the listing to sales price was -4.5%
- In the same period of 2007, 31 waterfront homes sold.
- The average sales price during the same period in 2007 was $880,331 and the list to sales price was -4.3%
Comparing 2008 to 2007, we can see that the number of sales of waterfront homes has dropped -55% but the average sales price has dropped only 2%. If we were to continue at the rate of 14 sales every four weeks, with 537 active waterfront homes currently for sale we would have 35 months of supply of listings which is about 4 times the amount in a balanced real estate market.
While sales prices have not dropped dramatically, with the amount of inventory of waterfront homes for sale it will be very interesting to watch this segment of the market in the next couple of months.