I had a friend ask me if I would do a sales analysis of Mooresville’s 28115 zip code because this area is not a part of my Lake Norman market reports. I said sure! Just to clarify, area 28115 is almost entirely the Town of Mooresville and is east of I-77. Almost all of the portion of Mooresville on the Lake Norman side of I-77, which has zip code 28117, is considered Mooresville but is actually in Iredell County and does not receive any services like sewer, water etc. from The Town of Mooresville. The Town of Mooresville even has a separate school system. Confusing? Yep!
First, I took a look at their total annual sales comparing 2016 to 2015:
*All date is from the Charlotte Multiple Listing service
So, as you can see, Mooresville’s number of homes sold in 2016 was 14% higher than 2015, the average sales price was 8% higher than 2015 but the days on the market was just about identical.
Next, let’s take a look at the past 6 months in more detail:
The above chart has today’s numbers for Active, UCS, Pending sales but the Sold number is for the July – December 2016. If you divide 340 by 6 we get the average monthly sales number of 56.7. Using our total of active listings number of 143, that means overall area 28115 has just 2.5 months of supply of homes for sale. In other words, at the current rate of sales we would sell all of the currently active listings in just two and a half months. Given that 6 months of supply is a balanced housing market, Mooresville 28115 is very much is a BUYER’s market! Note that in the past 6 months the average time the properties that sold were on the market was only 54 days.
Here is a breakdown by price-range of all of 2016 closed sales in zip code 28115
- $28,000 – $49,999: 10
- $50,000 – $99,999: 49
- $100,000 – $149,999: 91
- $150,000 – $199,999: 140
(These price ranges represented 38.9% of the total sales)
- $200,000 – $249,999: 167
- $250,000 – $299,999: 143
(These price ranges represented 41.6% of the total sales )
- $300,000 – $349,999: 80
- $350,000 – $399,999: 39
(These price ranges represented 16% of the total sales )
- $400,000 – $499,999: 18
- 500,000 – $599,999: 3
- 600,000 – $699,999: 3
- 700,000+ – 3
(These price ranges represented 3.6% of the total sales)
It is interesting to see these price range percentages. The bulk of the overall sales were in the $150,000 – $300,000 and only a handful above $500,000. No wonder 28115 is such a hot market! Their inventory comprises the most sought after price ranges for homes throughout the country.
So, you can see that homes in the more affordable price ranges are dominating sales which makes Mooresville’s 28115 area particularly popular. While I didn’t do a separate analysis of the east side of Cornelius and the Huntersville off-water markets, the results would be very similar.
If you have any questions regarding zip code 28115 send them my way: firstname.lastname@example.org.