Tag Archives: home prices
Cornelius Real Estate Market Update January 2017
Cornelius Real Estate Market Stats for January 2017
Cornelius Homes
In January 2017 33 homes sold in the Cornelius area, a 41.1% decrease from the 56 Cornelius homes sold in December 2016. January 2017 sales figures increased 26.9% from January 2016 when 26 homes sold in the Cornelius area.
The average sales price in Cornelius increased 31% from $482,544 in December to $632,049 in January. The January 2017 average sales price increased 46.5% from the January 2016 average sales price which was $431,387.
Average days on the market decreased 36.5% from 74 days in December to 47 days on the market in January. The January 2016 average days on the market were 71, a 33.8% decrease in market time from one year ago.
Currently there are 152 active homes for sale in the Cornelius MLS area, up .7% from January. The average list price is $976,002 up 13.4% from the January average list price of $860,797. 76 Cornelius homes are currently under contract, up 18.75% from January. Based on these statistics, 4.6 months of inventory, we are currently in a sellers market in Cornelius.
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Cornelius Condos & Townhomes
In January 2017 19 condos/townhomes sold in the Cornelius area, a 17.4% decrease from the 23 Cornelius condos or townhomes sold in December. January 2017 sales figures increased 90% from January 2016 when 10 Cornelius condos sold.
The average sales price increased 7.2% from $185,674 in December 2016 to $199,092 in January 2017. The January 2017 average sales price increased 13.4% from the January 2016 average sales price which was $175,576.
Average days on the market increased 23.1% from 39 in December to 48 in January. January 2016 average days on the market were 38, an increase of 26.3% market time from one year ago.
Currently there are 42 active condo/townhomes for sale in the Cornelius MLS area, a 23.5% increase from the 34 Cornelius condos for sale in January. The average list price is $247,313, down 5.8% from January’s average list price of $262,657. 45 Cornelius condos/townhomes are currently under contract, a 25% increase from January. Based on these figures, 2.2 months of inventory, we are currently in a sellers market for Cornelius condos.
Cornelius Lots
In January 2017 2 lots sold in the Cornelius area, a 33% decrease from the 3 Cornelius lots sold in December 2016. January 2017 sales figures increased 200% from January 2016 when 0 Cornelius lots sold.
The average sales price decreased 61.8% from $921,667 in December to $352,500 in January. The January 2017 average sales price increased NA% from the January 2016 average sales price which was $NA.
Average days on the market decreased 22.1% from 235 in December to 183 in January. The January 2016 average days on the market were NA, a NA% 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 0% from January. The average list price is $787,723, down 5.4% from January’s average list price of $832,762. 8 Cornelius lots are currently under contract, a 11.1% decrease from January. Based on these numbers, 13 months of inventory, we are in a buyers market for Cornelius lots for sale.
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2016 Cornelius Waterfront Real Estate Market Review
2016 Cornelius Waterfront Real Estate Market Review
With the start of the New Year, it’s now time to look back at the 2016 Cornelius waterfront 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 16.5% from the 2015 average sales price and reached the highest level on record.
Total sales increased 23.4% to 79 Cornelius waterfront homes sold in 2016. Limited inventory kept this figure down for the year.
The average sales price, $1,365,132 increased 16.5% from 2015. Its the highest average sales price on record for Cornelius waterfront homes.
The median sales price, $1,175,000, increased 20% from 2015. I do not put much stock in median sales price as it is just the middle homes (#40) selling price and does not take into account location, size, etc.
The average price per square foot, $290, decreased 3% from 2015 and was the first decrease after 7 straight years with an increase. Limited inventory affected this as well as the trend towards smaller size homes!
The average days on the market increased from 114 to 147, a 29% increase from 2015.
2017 Cornelius Waterfront Real Estate Market Predictions
- Pricing should continue to have an upward trend but at a significantly 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 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.
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