Though housing inventory across the board remains low, and overall Charlotte-area sales were down for June, it is not bad news at all for the Lake Norman region.
Closed sales for the Lake Norman area actually rose by 3.7% to 227 sales closed in June 2016 compared to June 2015, according to the most recent report from the Charlotte Regional Realtor Association.
The average sales price for a Lake Norman home ticked up 8.5% to $508,881 from year-ago figures.
Year-over-year inventory levels were down to 7 months, a dip of 2.8%, but were actually up compared with May 2016.
Figures show that closed sales for the entire Charlotte MLS region dropped 3.3% for June over year-ago figures. Though year-over-year sales were down, monthly sales rose 9.9% for the entire Charlotte area compared to May 2016.
The average sales price of a Charlotte home increased 8.2% to $280,499 from $250,137 in June 2015. Median sales prices also were up more than 8% to $225,000 from $208,125 a year ago.
The average list price was up 10.1% to $302,371, bringing the percent of original list price received to nearly 97%, a jump of 1.1% over June 2015.
Though inventory is still low for the area and was down more than 23% from year-ago figures, new residential listings rose 7.7% in June 2016 over June 2015.
According to CarolinaMLS President Maren Brisson-Kuester, lowered sales were to be expected.
“With the prolonged low inventory the region has faced, some cooling in sales was to be expected. However, the June report is still mostly positive, and with new listings continuing to increase and strong pending sales counts, the outlook for future sales is still favorable,” she said.
The entire CMLS area closed out June with 3 months of market inventory, a drop of nearly 32% from the same period in 2015. The City of Charlotte closed June with 1.9 months of inventory, and Mecklenburg Co. had just 2.1 months of inventory for June.
