Cornelius NC Real Estate

With the start of the New Year, it’s now time to look back at the 2015 Cornelius real estate market and see what happened over the last 12 months.

The biggest highlight of the year is that 2015 marks the 7th straight year of recovery as the median sales price increased 4.4% from the 2014 median sales price. And the average price per square foot increased for the 6th consecutive year.

Total sales dropped 6.7% to 489 in 2015. Limited inventory was the main reason as interest rates continued to stay near record lows.

The average sales price, $472,718 dropped 6.7% from 2014.

The median sales price, $327,900, increased 4.4% from 2014.

The average price per square foot, $156, increased 3.3% from 2014 and was the 6th straight year with an increase. It was also the highest price per square foot over the last 10 years!

The average days on the market fell to 62, a 15.1% decrease from 2014. It decreased for the 5th year in a row and is the lowest since 2008.

2016 Cornelius Real Estate Market Predictions

• Pricing should have an upward trend.  I’m anticipating price increases of 1-3% for single family homes.
• Mortgage rates will head higher and will be closer to 5% by the end of 2016.
• 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

December 2015 Cornelius Real Estate Market Update

Cornelius Homes
In December 2015 31 homes sold in the Cornelius area, a 28% decrease from the 43 homes sold in November 2015. December 2015 sales figures decreased 34% from December 2014 when 37 homes sold in the Cornelius area.

The average sales price increased 20.6% from $476,102 in November to $574,141 in December. The December 2015 average sales price increased 18.8% from the December 2014 average sales price which was $483,286.

Average days on the market increased 35.8% from 53 days in November to 72 days on the market in December. The December 2014 average days on the market were 64, a 12.5% increase in market time.

Currently there are 197 homes for sale in the Cornelius MLS area, down 11.3% from December. The average list price is $878,899 down .8% from the December average list price of $886,361. 68 Cornelius homes are currently under contract, down 5.5% from December.

It is a great time to sell! Request a free market analysis or keep updated on the Cornelius real estate market for free at LakeNormanHomePrices.com

Cornelius Condos & Townhomes
In December 2015 25 condos/townhomes sold in the Cornelius area, a 66.7% increase from the 15 condos or townhomes sold in November 2015. December 2015 sales figures increased 78.6% from December 2014 when 14 Cornelius condos sold.

The average sales price increased 16.1% from $170,993 in November 2015 to $198,508 in December 2015. December 2015 average sales price increased 28.2% from the December 2014 average sales price which was $154,836.

Average days on the market decreased 21.9% from 64 in November to 50 in December. December 2014 average days on the market were 91, a decrease of 45.1%.

Currently there are 79 condo/townhomes for sale in the Cornelius MLS area, a 14% decrease from the 92 Cornelius condos for sale in December. The average list price is $220,726, up 4% from December’s average list price of $212,287. 18 Cornelius condos/townhomes are currently under contract, a 42% decrease from December.

Cornelius Lots
In December 2015 1 lots sold in the Cornelius area, a 67% decrease from the 3 Cornelius lots sold in November. December 2015 sales figures decreased 80% from December 2014 when 5 Cornelius lots sold.

The average sales price decreased 54.3% from $433,333 in November to $198,000 in December. December 2015 average sales price decreased 50.5% from the December 2014 average sales price which was $400,300.

Average days on the market decreased 97% from 223 in November to 7 in December. December 2014 average days on the market were 139, a 95% decrease in market time versus the same time period last year.

Currently there are 34 lots for sale in the Cornelius MLS area, a decrease of 10.5% from December. The average list price is $720,141, up 2.8% from December’s average list price of $700,497. 9 Cornelius lots are currently under contract, a 12.5% increase from December.

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