Our Lake Norman Luxury Real Estate Market Report measures activity in the Lake Norman luxury home market (single-family homes priced $750,000 and above). This report covers the following cities: Catawba, Cornelius, Davidson, Denver, Huntersville, Mooresville, Sherrills Ford, Statesville, Terrell, and Troutman.
23% Increase in the Number of Luxury Homes Sold in the Lake Norman Area
In February 2016, 16 luxury homes sold compared to 13 luxury homes sold in February 2015, a 23% increase in year over year numbers.
Lake Norman Luxury Housing Inventory Down 43%
In February 2016, there were 10.3 months of inventory in the Lake Norman luxury real estate market compared to 18.1 months in February 2015.
Average Time to Sell a Luxury Home in the Lake Norman Area is 110 Days
In February 2016, it took 110 days, on average, to sell a luxury home in the Lake Norman area.
28 Lake Norman Luxury Homes Went Under Contract in February
Median Sales Price of a Luxury Home in the Lake Norman Area Down 15%
This month, we saw a 15% decrease in the median sales price of a luxury home in the Lake Norman area. The median home price in February 2016, when considering homes that sold for $750,000 or more, was $998,750 compared to $1,170,000 in February 2015.
Median home price helps us see the distribution of homes sold and does not really give us an indication of the increase or decrease in a particular home’s market value. Please visit LakeNormanHomeValuation.com or contact us at 704-305-9148 for a no obligation home valuation.
12% More Luxury Homes on the Market in the Lake Norman Area
In February 2016, there were 339 luxury homes for sale in the Lake Norman area compared to 304 in February 2015, marking a 12% increase in year over year numbers.
Luxury Supply is Up 12%, Demand is Up 23%
This month we saw a 12% increase in luxury housing supply (number of properties for sale) and a 23% increase in demand (number of sold properties).
Median For Sale Price Up 10% vs Median Sold Price Down 15%
In February, we saw a 10% increase in the median for sale price of a luxury home in the Lake Norman area and a 15% decrease in the median sold price in year over year numbers.
Lake Norman Luxury Homes Sold February 2016
- The most expensive home sold in the Lake Norman area in February 2016 was a 9,077 square foot home in The Enclave in Cornelius; sold for $2,650,000
- 8 homes sold for $1 million or more
- None of the homes that sold were a Short Sale or Foreclosure
- 10 of the homes sold were Waterfront
- 6 of the homes sold were in The Point
- 3 of the homes sold were in The Peninsula
- Lake Norman luxury homes sold in February 2016 ranged in size from 2,422 sq. ft. to 9,077 sq. ft. with an average size of 5,265 sq. ft.
- The average price per sq. ft. for a luxury home that sold in the Lake Norman area in February 2016 was $243.49/sq. ft.
- Sellers received on average 96.27% of their list price
If you are looking to buy or sell luxury real estate in the Lake Norman area call Aaron at 704-305-9148 or email us at email@example.com.