March 2011 Lake Norman Foreclosure Real Estate Market Update

Lake Norman Foreclosure Homes
At the end of March 2011 there were 124 foreclosure, preforeclosure & short-sale properties listed in the Lake Norman area, a 1.6% increase from the 122 foreclosure, preforeclosure & short sale properties for sale in February 2011. Prices range from $30,000 for a double-wide to $1,499,000 for a waterfront home in Mooresville.

Twenty-four foreclosure/short sale homes closed in March 2011. This was an increase of 4% from the 23 foreclosure homes sold in February 2011. The average home sold was a 4 bedroom/3 bath with 3,525 square feet and an average sale price of $369,088. The average sales price increased $50,832 or 16% from the previous month. The average days on the market were 156, a 39 day increase from February 2011.

Fourty-eight foreclosure and short sale properties are currently under contract, an 9% increase from February 2011.

Lake Norman Foreclosure Condos & Townhomes
At the end of March 2011 there were 11 foreclosure, preforeclosure & short-sale Lake Norman area condo/townhome properties listed, a 10% increase from the 10 foreclosure, preforeclosure & short-sale properties listed for sale in February 2011. Foreclosure prices range from $81,810 to $309,900. The average unit is a 2 bed/2 bath with 1,310 square feet and an average list price of $182,228, up 7% from the February average list price of $169,685.

One foreclosure, preforeclosure or short-sale condos/townhomes sold in March 2011. This was an decrease of 0% from the 1 foreclosure, preforeclosure or short-sale condos sold in February 2011. The average sales price in February was $200,000, up 110% from the February average sales price of $94,900. Two foreclosure/preforeclosure units are currently under contract.

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

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