I wish I had a nickle for every time someone asks me about the Lake Norman real estate market today and how prices compare to our peak in 2006! The only way to truly answer these questions is to compare an entire year of sales. This helps us to eliminate those pesky monthly ups and downs that can be impacted by one or two luxury home sales.
First, let’s look at how our 2015 real estate market of single family homes compared to last year:
2015 Versus 2014
This chart compares the average of the 1594 homes sold in 2015 to the average of the 1484 sold in 2014. As you can see, our volume of sales increased by 7% but our average sales price dropped by 3%. The good news is that it took on average 9% fewer days for a Lake Norman home to sell this year versus last year. A few more fun numbers: The average price per square foot in 2015 was $150.07 compared to 2014’s $149.32. So, did our home values increase this year? Yes, by .5%. And, in 2014 the average sales price to listing price was 96% and in 2015 is rose 1% to 97%. While subtle, these numbers indicate that homes are selling faster, for slightly more money and 1% closer to the listing price than in 2014. Continue reading