Tag Archive: property values

Housing Affordability Index Hits Record High

Housing affordability conditions have reached the highest level since record keeping began in 1970, according to the National Association of REALTORS®.

NAR’s Housing Affordability Index rose to a record high 206.1 in January, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power.

An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent downpayment and 25 percent of gross income devoted to mortgage principal and interest payments. For first-time buyers making small downpayments, the affordability levels are relatively lower.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, says this latest data underscores buyer opportunities in today’s market. “This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home,” he said. “For buyers who can qualify for a mortgage, now is a very good time to become a homeowner.”

NAR projects the affordability index for all of 2012 will be at an annual high, with little movement in mortgage interest rates or home prices during the year. “Housing inventory levels have declined to a point where conditions are becoming much more balanced in much of the country,” Veissi said. “If access to credit improves, we could see a much more meaningful increase in home sales and broader stabilization in home prices with modest gains in areas with stronger job growth.”

For more information, visit www.realtor.org.

Mike Spruell
Realtor®/Broker/ePRO
The Lake Norman Homes Team
Keller Williams Realty
www.LakeNormanRealEstate.pro
866-LakeNorman
704-907-7907

Lake Norman Real Estate Market Update January 2012

Lake Norman Homes
In January 2012 48 homes sold in the Lake Norman area, a 29.4% decrease from the 68 homes sold in December 2011. January 2012 sales figures decreased 11.1% from January 2011 when 54 homes sold in the Lake Norman area.
The average sales price decreased 10.1% from $434,857 in December 2011 to $391,015 in January 2011. The January 2012 average sales price decreased 9.7% from the January 2011 average sales price which was $432,988.
Average days on the market decreased 10.8% from 204 days in December 2011 to 182 days on the market in January 2012. January 2011 average days on the market were 168, an 8.5% increase in market time.
Currently there are 826 homes for sale in the Lake Norman MLS area. The average home is a 3 bed/3 bath with 3,408 square feeet and an average list price of $639,981 down 1.6% from the December average list price of $650,120. The average days on the market are 170. 101 Lake Norman homes are currently under contract, up 53% from December! (more…)

Lake Norman Waterfront Real Estate Market Update January 2012

Lake Norman Waterfront Homes
In January 2012 13 waterfront homes sold in the Lake Norman area, a 38.1% decrease from the 21 waterfront homes sold in December 2011. January 2012 waterfront sales figures decreased 18.75% from January 2011 when 16 waterfront homes sold in the Lake Norman area.

The average sales price decreased 3.5% from $659,457 in December 2011 to $636,245 in January 2012. January 2012 average sales price decreased 13.8% from the January 2011 average sales price which was $737,968.

Average days on the market decreased from 223 in December 2011 to 180 in January 2012, a 19.3% decrease in market time. January 2011 average days on the market were 184, a 2.1% decrease in market time.

Currently there are 287 Lake Norman waterfront homes listed in the MLS with 16 of those under contract, up 6.7% from December. The average list price is $1,013,313, down 2.9% from December. The lowest priced Lake Norman waterfront home is listed at $190,000 and the highest priced Lake Norman waterfront home is listed at $5,900,000.

Use our free listing service to see the current Lake Norman waterfront homes for sale: Lake Norman waterfront homes for sale (more…)

Lake Norman Foreclosure Real Estate Market Update January 2012

Lake Norman Foreclosure Homes
At the end of January 2012 there were 65 foreclosure, preforeclosure & short-sale properties listed in the Lake Norman area, a 7.5% decrease from the 75 foreclosure, preforeclosure & short sale properties for sale in December 2011. Prices range from $75,000 to $5,900,000 for a waterfront home in Mooresville.

15 foreclosure/short sale homes closed in January 2012. This was an decrease of 37.5% from the 24 foreclosure and preforeclosure homes sold in December 2011. The average home sold was a 3 bedroom/2 bath with 2,338 square feet and an average sale price of $227,726. The average sales price decreased 37.5% from the previous months average sale price of $364,454. The average days on the market were 112, a 67 day decrease from December 2011.

20 foreclosure and short sale properties are currently under contract, a 4.8% decrease from December 2011. (more…)

Lake Norman Waterfront Real Estate Market Update December 2011

Lake Norman Waterfront Homes
In December 2011 21 waterfront homes sold in the Lake Norman area, a 61.5% increase from the 13 waterfront homes sold in November 2011. December 2011 waterfront sales figures decreased 30% from December 2010 when 30 waterfront homes sold in the Lake Norman area.

The average sales price increased 18.3% from $557,269 in November 2011 to $659,457 in December 2011. December 2011 average sales price increased 5.2% from the December 2010 average sales price which was $627,050.

Average days on the market increased from 193 in November 2011 to 223 in December 2011, a 15.5% increase in market time. December 2010 average days on the market were 180, a 7.2% increase in market time.

Currently there are 261 Lake Norman waterfront homes listed in the MLS with 15 of those under contract, down 28.6% from November. The average list price is $1,043,065, down 2.2% from November. The lowest priced Lake Norman waterfront home is listed at $139,900 and the highest priced Lake Norman waterfront home is listed at $5,900,000.

Use our free listing service to see the current Lake Norman waterfront homes for sale: Lake Norman waterfront homes for sale (more…)