Real Estate Market Update for
Lake Norman North Carolina, MLS Area 13
Including the cities of Mooresville, Cornelius, Huntersville, Denver, Terrell, Statesville, and Sherrills Ford
Data gathered for May 1- May 10, 2009
New Listings
In May, 278 single family listings were added to the inventory of homes for sale in area 13. This was a 18.71% increase from April and a decrease of 24.04% from the past year.
Pending Sales
83 single family detached homes received a contract in May. This was a 12.63% decrease than were written the year prior and 56.32% fewer than were written in May 2007.
Sold Listings
66 homes closed in Area 13 of Charlotte in May. Closings for May were down 30.53% compared to 2008 and 61.40% compared with 2007.
Days on Market
Of the homes which closed in May in Lake Norman, the average days on market was 155, a 56.57% increase from a year prior. 31 listings sold in less than 100 days while 35 sold in 100 days or greater. 6 properties took over 1 year to sell.
Seller Concessions
17 of the 66 (26%) homes which sold in in May offered the buyer a seller concession. Of those properties, the concessions averaged $5,622.
Tax Value as compared to Sold Price
61 of the homes that closed in Area 13 of Lake Norman in May had a tax value assigned. Those listings sold at 148.46% of their listed tax values. 29 sold below tax value, with the lowest being a property which sold at 43.32% of tax value. There were also 4 properties selling well over tax value (normally new construction or extreme renovations). With these unusual factors removed the average drops to 104.30% as a percentage of tax value.
Original Listing Price to Sold Price
When adjusted for seller concessions, the average sales price in Area 13 of Lake Norman was $417,778. This averages to 87.63% of the original listing price with concessions and 88.17% without concessions. Sellers whose property sold in less than 100 days received 92.67% of their original asking price, while sellers needing more than 100 days received only 83.16%.
Buyer Financing
Of the closings in Lake Norman in May, 49 used conventional financing, 5 FHA, and 8 paid cash and 1 1031 Exchange and 1 VA and 1 Assumed the mortgage of the seller.
Jonathan Osman
Charlotte Real Estate
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