Cornelius NC Real Estate

With the start of the New Year, it’s now time to look back at the 2014 Cornelius real estate market and see what happened over the last 12 months.

The biggest highlight of the year is that 2014 marks the 6th straight year of recovery as the median sales price increased 6% from the 2013 median sales price. And the average sales price increased 4.5% from the 2014 average sales price.

Although Cornelius volume was steady in 2014, the average and median single family home prices rose over the course of the year.  This rise in pricing was due to a reduction in the number of distressed sales (foreclosures and short sales) and a slight rise in the number of Cornelius luxury home sales.  In fact, the number of home sales over $1M was up 19.5% which is mostly due to a higher number of  waterfront home sales (luxury segment).  With fewer distressed sales and a high number of luxury home sales it is no surprise to see improvements in the Cornelius real estate market.

2015 Cornelius Real Estate Market Predictions

• Pricing will continue on an upward trend but will rise at a slower pace.  I’m anticipating price increases of 2-5% for single family homes.
• Mortgage rates will head higher and will be closer to 5% by the end of 2015.
• A higher number of millennials (born between 1981 and 2000) will enter the real estate market.
• There will be a rise in new construction starts this year.
• There will be fewer Short Sales and Foreclosures on the market.
• Market rents will increase, especially long term rental rates.

Please feel free to call or email me anytime to discuss market conditions in your neighborhood as I would love to talk and provide you with additional insight, discuss listing your property or talk about purchasing real estate in Cornelius and the Lake Norman area.

Stay up to date on the Cornelius real estate market with our free market snapshot reports: Free Cornelius Real Estate Market Updates

Cornelius Homes
In December 2014 49 homes sold in the Cornelius area, a 48.5% increase from the 33 homes sold in November and the highest December total since 2006! December 2014 sales figures increased 32.4% from December 2013 when 37 homes sold in the Cornelius area.

The average sales price decreased 1.3% from $440,301 in November to $434,741 in December. The December 2014 average sales price decreased 8.4% from the December 2013 average sales price which was $474,473.

Average days on the market increased 13.8% from 58 days in November to 66 days on the market in December. December 2013 average days on the market were 104, a 36.5% decrease in market time.

Currently there are 200 homes for sale in the Cornelius MLS area, down 9.5% from November. The average list price is $757,510 up .8% from the November average list price of $751,799. 44 Cornelius homes are currently under contract, down 31.3% from November.

It is a great time to sell! Request a free market analysis on LakeNormanHomePrices.com

Stay up to date on the Cornelius real estate market with our free market snapshot reports: Free Cornelius Real Estate Market Updates

Cornelius Condos & Townhomes
In December 2014 15 condos/townhomes sold in the Cornelius area, a 6.3% decrease from the 16 condos or townhomes sold in November 2014. December 2014 sales figures decreased 21.1% from December 2013 when 19 Cornelius condos sold.

The average sales price decreased .3% from $185,387 in November 2014 to $184,741 in December 2014. December 2014 average sales price increased 23.5% from the December 2013 average sales price which was $149,598.

Average days on the market increased 4% from 50 in November to 52 in December. December 2013 average days on the market were 103, a decrease of 49.5%.

Currently there are 98 condo/townhomes for sale in the Cornelius MLS area,a 6.7% decrease from the 105 condos for sale in November. The average list price is $204,854, down .5% from November’s average list price of $205,885. 28 Cornelius condos/townhomes are currently under contract, a 15.2% decrease from November.

Stay up to date on the Cornelius real estate market with our free market snapshot reports: Free Cornelius Real Estate Market Updates

Cornelius Lots
In December 2014 2 lots sold in the Cornelius area, a 200% increase from the 0 lots sold in November. December 2014 sales figures increased 200% from December 2013 when 0 Cornelius lots sold.

The average sales price increased 100% from N/A in November to $659,500 in December. December 2014 average sales price increased 100% from the December 2013 average sales price which was N/A.

Average days on the market increased 100% from N/A in November to 66 in December. December 2013 average days on the market were N/A, a 0% increase in market time versus the same time period last year.

Currently there are 38 lots for sale in the Cornelius MLS area, a decrease of 9.5% from November. The average list price is $668,503, up 6.4% from November’s average list price of $628,271. 5 Cornelius lots are currently under contract, a 37.5% decrease from November.

Stay up to date on the Cornelius real estate market with our free market snapshot reports: Free Cornelius Real Estate Market Updates