Lake Norman Foreclosure Real Estate Market Update October 2011

Lake Norman Foreclosure Homes
At the end of October 2011 there were 119 foreclosure, preforeclosure & short-sale properties listed in the Lake Norman area, a 3.5% increase from the 115 foreclosure, preforeclosure & short sale properties for sale in September 2011. Prices range from $62,400 to $8,000,000 for a waterfront home in Mooresville.

15 foreclosure/short sale homes closed in October 2011. This was an increase of 66.7% from the 9 foreclosure homes sold in September 2011. The average home sold was a 3 bedroom/3 bath with 3,112 square feet and an average sale price of $315,244. The average sales price increased 30.6% from the previous months average sale price of $241,421. The average days on the market were 182, a 3 day decrease from September 2011.

37 foreclosure and short sale properties are currently under contract, an 8.8% increase from September 2011.

Lake Norman Foreclosure Condos & Townhomes
At the end of October 2011 there were 11 foreclosure, preforeclosure & short-sale Lake Norman area condo/townhome properties listed, a 21.4% decrease from the 14 foreclosure, preforeclosure & short-sale properties listed for sale in September 2011. Prices range from $92,000 to $295,000. The average unit is a 2 bed/2 bath with 1,134 square feet and an average list price of $161,209, up 3.9% from the September’s average list price of $155,178.

One foreclosure, preforeclosure or short-sale condos/townhomes sold in October 2011. This was an decrease of 50% from the two foreclosure, preforeclosure or short-sale condos sold in September 2011. The average sales price in October was $185,500, up 87.8% from the September average sales price of $98,750. Three foreclosure/preforeclosure units are currently under contract, down 25% from September.

If you would like to be added to the Lake Norman foreclosure properties email notification list and the Lake Norman area “Best Buy” list please fill out our MLS Autonotification Email Alert.

If you need help stopping foreclosure on your Lake Norman property please give us a call at 866-LakeNorman.