So far, 2014 has been an odd year for our Lake Norman waterfront home sales. There have been no obvious trends or “hot” price ranges or locations. Overall waterfront home sales have represented only 29% of all Lake Norman home sales year-to-date.
Now that distressed homes (foreclosures and short sales) are, for all intents and purposes, gone and prices are on the rise, waterfront buyers this year seem to be taking longer to buy and seem to have higher expectations and are willing to hold out for their perfect home. There is also a good segment of waterfront buyers who are focused more than ever on tear-downs or lots. If you drive around the Brawley School Road peninsula in Mooresville you will see an impressive number of new construction homes on the water. There are 3 waterfront homes alone being built on my tiny street!
Yet despite the seemingly slower sales of existing waterfront homes 2014 has actually been a strong year so far if you compare our waterfront homes’ average sales price and sales price per square foot:
Lake Norman Waterfront Homes Sales
*All date is compiled using the Charlotte Multiple Listing Service
As you can see, our average sales price and price per square foot bottomed out in 2011 and have been on the rise ever since. So, what about the future?
Because there is a finite supply of shoreline there is also a finite number of Lake Norman’s waterfront homes and lots. Until the recession hit Lake Norman waterfront home prices were appreciating at a much faster pace than off-water homes. (And, they dropped at a much larger percentage). I believe that this finite supply and consistent demand will continue to drive Lake Norman’s waterfront prices up in the years to come. Lake Norman home buyers who are looking at long-term appreciation and can afford a waterfront home should seriously consider waterfront over off water. The most important considerations as always are location, quality of the water and shoreline and the topography of the lot.
Seriously, how would you like to see this every evening?