The other day I noticed a newly listed waterfront property come up as “under contract” on the hot sheet after only 7 days. Impressive I thought to myself! It is in a neighborhood I know well so I clicked on it and realized this property, now listed at $950,000, was the same property I has shown several times back in 2010 and 2011 that had finally closed at $740,000 on 5/03/11 after being on the market for almost a year. Digging deeper I found that this waterfront property sold back in 2005 for $722,500. So, is this 28% increase in value typical? I sure don’t see this in the overall Lake Norman housing market reports I do.
Being the data geek that I am I decided to look at sales in the past few months, pick random properties, and look at their history to see more examples that might support the above property’s success. Here are some of the more interesting ones I found. I stuck with properties in Mooresville on the Lake Norman side of I-77 to be consistent and I looked at a variety of price ranges and both waterfront and off water.