Tag Archives: cornelius property values
2016 Cornelius Real Estate Market Review
2016 Cornelius Real Estate Market Review
With the start of the New Year, it’s now time to look back at the 2016 Cornelius real estate market and see what happened over the last 12 months.
The biggest highlight of the year is that 2016 marks the 8th straight year of recovery as the average sales price increased 8.7% from the 2015 average sales price and reached the highest level on record.
Total sales increased 12.7% to 551 in 2015. This is the highest total since 2006.
The average sales price, $513,984 increased 8.7% from 2015. Its the highest average sales price on record for Cornelius.
The median sales price, $350,000, increased 6.7% from 2015. I do not put much stock in median sales price as it is just the middle homes (#276) selling price and does not take into account location, size, etc.
The average price per square foot, $162, increased 3.8% from 2015 and was the 7th straight year with an increase. It was also the highest price per square foot on record!
The average days on the market increased slightly to 65, a 4.8% increase from 2014.
2017 Cornelius Real Estate Market Predictions
- Pricing should continue to have an upward trend but at a lower rate. I’m anticipating price increases of 2-4% for single family homes.
- Mortgage rates will head higher and will be closer to 5.25% by the end of 2017.
- 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 Real Estate Market Update December 2016
Cornelius Real Estate Market Stats for December 2016
Cornelius Homes
In December 2016 55 homes sold in the Cornelius area, a 48.6% increase from the 37 Cornelius homes sold in November. December 2016 sales figures increased 77.4% from December 2015 when 31 homes sold in the Cornelius area.
The average sales price in Cornelius decreased 5.4% from $515,128 in November to $487,502 in December. The December 2016 average sales price decreased 15.1% from the December 2015 average sales price which was $574,141.
Average days on the market decreased 2.6% from 77 days in November to 75 days on the market in December. The December 2015 average days on the market were 72, a 4.2% increase in market time from one year ago.
Currently there are 151 active homes for sale in the Cornelius MLS area, down 5% from December and at the lowest available inventory on record. The average list price is $860,797 down .1% from the December average list price of $862,047. 64 Cornelius homes are currently under contract, down 1.5% from December. Based on these statistics, 2.8 months of inventory, we are currently in a sellers market in Cornelius.
It is a great time to sell Cornelius real estate! Request a free market analysis or keep updated on the Cornelius real estate market for free at LakeNormanHomePrices.com
Cornelius Condos & Townhomes
In December 2016 22 condos/townhomes sold in the Cornelius area, a 0% decrease from the 22 Cornelius condos or townhomes sold in November. December 2016 sales figures decreased 12% from December 2015 when 25 Cornelius condos sold.
The average sales price decreased 4.4% from $192,381 in November 2016 to $183,841 in December 2016. The December 2016 average sales price decreased 7.4% from the December 2015 average sales price which was $198,508.
Average days on the market increased 5.4% from 37 in November to 39 in December. December 2015 average days on the market were 50, an decrease of 22% market time from one year ago.
Currently there are 34 active condo/townhomes for sale in the Cornelius MLS area, a 24.4% decrease from the 45 Cornelius condos for sale in December. The average list price is $262,657, up .9% from December’s average list price of $260,334. 36 Cornelius condos/townhomes are currently under contract, a 33% increase from December. Based on these figures, 1.5 months of inventory, we are currently in a sellers market for Cornelius condos.
Cornelius Lots
In December 2016 3 lots sold in the Cornelius area, a 50% decrease from the 6 Cornelius lots sold in November. December 2016 sales figures increased 200% from December 2015 when 1 Cornelius lots sold.
The average sales price increased 46.1% from $630,833 in November to $921,667 in December. The December 2016 average sales price increased 365.5% from the December 2015 average sales price which was $198,000.
Average days on the market increased 111.7% from 111 in November to 235 in December. The December 2015 average days on the market were 7, a 3257% increase in market time versus the same time period last year.
Currently there are 26 active lot listings in the Cornelius MLS area, a decrease of 7.1% from December. The average list price is $832,762, up 4.5% from December’s average list price of $796,489. 9 Cornelius lots are currently under contract, a 0% decrease from December. Based on these numbers, 8.7 months of inventory, we are in a balanced market for Cornelius lots for sale.
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