The 2011 Lake Park NC Real Estate Market—Four Facts
It's time to look at the real estate market in Lake Park NC and to assess how home buyers and home sellers fared in 2011.
Here are four facts about the Lake Park marketplace in 2011.
- The number of single family homes sold in Lake Park increased by 75% in 2011 over 2009 and 2010 and was nearly the same as 2008 sales.
- The median single family home price continued to drop in 2011, off 14% from 2010.
- Only four townhomes or condos sold in Lake Park in 2011.
- The 2011 median sales price for townhomes dropped to the lowest price in four years.
What do these four facts mean for Lake Park buyers and sellers?
- Home prices in Lake Park are more affordable than ever for buyers in the community.
- While there appears to be a good supply of buyers for single family homes, these sellers may have to struggle with the pricing of their homes.
- The market is very difficult for the sellers of townhomes and condos in Lake Park because of the low number of buyers and the resulting declining prices.
Want to learn more about the real estate market in Lake Park and see all the numbers for each of the past four years? Click on the link below.
Lake Park NC Real Estate Market Report—Year 2011
Copyright 2012. Carol Fox. Allen Tate Realtors. *The 2011 Lake Park NC Real Estate Market—Four Facts*
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A variety of housing types was built in Lake Park to accommodate these lifestyles.
It offers a mix of all types of housing, including single family homes and townhomes and condominiums. There were very few closed sales in Lake Park during the first quarter of 2011—only four single family sales and only two townhome sales. Median prices dropped substantially during the quarter from 2010 for single family homes but only slightly for townhomes. Days on market dropped two-thirds or more from 2010 numbers.
Lake Park is a small town with fewer sales than other areas of Union County. 24 single family homes and 12 townhomes closed in Lake Park in 2010. The highest priced single family home sale was $280,000. The highest priced townhome sale was $163,000. Median days on the market jumped for both single family homes and townhomes. The median list to sale ratio in 2010 was 97% for single family homes and 96% for townhomes.
In 2009, average prices for single family homes were down 6% compared with average prices in 2008. Average prices for condos and townhomes in Lake Park were up 17% in 2009. These numbers indicate that Lake Park’s real estate market performed better than most of the other small towns in Union County NC. Sellers in