Lake Park NC Real Estate Market Report—July-September 2011
After a big increase in single family home sales during the second quarter of 2011, Lake Park NC home sales dropped back to five homes, a number similar to the first quarter. The median sales price in the third quarter, however, increased to a high of $150,000 for the year. Days on market increased over the first half of 2011 to 78 days.
Townhome sales continued to be slow with only one unit sold during the period. The price was $72,500, below previous quarters and below 2010 numbers.
What do the third quarter 2011 numbers mean for Lake Park NC buyers and sellers?
- Single family home sellers in Lake Park have seen stable to improving median prices over the spring and summer of 2011. Median prices remain below 2010 numbers, however. Townhome sellers face a very difficult market with few sales and declining prices.
- Housing, both single family and townhomes, remains more affordable for buyers in Lake Park than recent years.
Single Family Homes
| Lake Park Single Family Homes | Year 2008 | Year 2009 | Year 2010 | Quarter 1 Year 2011 | Quarter 2 Year 2011 | Quarter 3 Year 2011 |
| Median Sales Price | $175,000 | $172,000 | $165,692 | $144,750 | $135,000 | $150,000 |
| Number of Homes Sold | 45 | 23 | 24 | 4 | 15 | 5 |
| Median Days on Market | 37 | 60 | 143 | 53 | 50 | 78 |
Source: Carolina Multiple Listing Service
Townhomes
| Lake Park Townhomes and Condos | Year 2008 | Year 2009 | Year 2010 | Quarter 1 Year 2011 | Quarter 2 Year 2011 | Quarter 3 Year 2011 |
| Median Sales Price | $141,500 | $133,450 | $117,000 | $114,600 | $85,000 | $72,500 |
| Number of Homes Sold | 13 | 10 | 12 | 2 | 1 | 1 |
| Median Days on Market | 52 | 118 | 184 | 53 | 611 | 150 |
Source: Carolina Multiple Listing Service
Copyright 2011. Carol Fox. Allen Tate Realtors. *Lake Park NC Real Estate Market Report—July-September 2011*
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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.
This transitional home has an open floorplan with tall windows and high ceilings. A split bedroom floorplan allows for privacy.
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.
It’s a great place to find a ranch home. Some of Lake Park’s ranches are on lots of a quarter to one third acre and the homeowner takes care of the yard maintenance. Other single level homes in Lake Park are the patio homes in the Garden District where the lots are smaller and lawn care is provided for the residents.
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