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January 2011 Lake Norman Foreclosure Real Estate Market Update

Lake Norman Foreclosure Homes
At the end of January 2011 there were 120 foreclosure, preforeclosure & short-sale properties listed in the Lake Norman area, a 3% decrease from the 116 foreclosure, preforeclosure & short sale properties for sale in December 2010. Prices range from $27,209 for a double-wide to $2,445,000 for a waterfront home in Cornelius.

Fifteen foreclosure/short sale homes closed in January 2011. This was an decrease of 46% from the 28 foreclosure homes sold in December 2011. The average home was a 3 bedroom/3 bath with 3,291 square feet and an average sale price of $393,066. The average sales price increased $47,096 or 14% from the previous month. The average days on the market were 99, a 39 day increase from December 2010.

Fourty-six foreclosure and short sale properties are currently under contract, an 12% increase from December 2010.

Lake Norman Foreclosure Condos & Townhomes
At the end of January 2011 there were 7 foreclosure, preforeclosure & short-sale Lake Norman area condo/townhome properties listed, a 13% decrease from the 8 foreclosure, preforeclosure & short-sale properties listed for sale in December 2010. Foreclosure prices range from $99,900 to $215,000. The average unit is a 2 bed/2 bath with 1,526 square feet and an average list price of $169,685.

Two foreclosure, preforeclosure or short-sale condos/townhomes sold in January 2011. This was an increase of 0% from the 2 foreclosure, preforeclosure or short-sale condos sold in December 2010. The average sales price in January was $70,000, down 39% from the December average sales price of $180,000. Two units are currently under contract.

If you would like to be added to the foreclosure properties notification list and the Lake Norman area “Best Buy” list please visit our Lake Norman foreclosure website LakeNormanForeclosure.com.

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


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The Lake Norman Homes Team at Southern Homes of The Carolinas

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