Lake Wylie boasts strong real estate market

While Lake Norman is the largest lakefront market in the Carolinas, accounting for $592 million worth of homes and land as well as claiming more than 1,000 current listings, Lake Wylie still holds its own.

Lake Wylie’s real estate market boasts $222 million worth of property with an average list price of homes at $628,755.  Approximately 40% of homes on Lake Wylie on the North Carolina side have a list price between $350,000 and $700,000. 31% of homes cost less than $350,000, 20% of homes range from $700,000 to $1 million,  and only 9% cost more than $1 million.

In comparison, almost 60% of North Carolina’s million dollar homes are located in the Lake Norman region. Lake Norman is also home to North Carolina’s third and fourth most expensive ZIP Codes in the state.

The 28216 ZIP Code in Lake Wylie ranks number nine among North Carolina’s most expensive ZIP Codes. Here, homes average approximately $781,000. There are four ZIP Codes on the South Carolina side of Lake Wylie that rank among the most expensive in the state, including 29745 at number three, 29732 at number four, 29710 at number seven, and 29708 at number eight.

For more details and information on the real estate markets in both Lake Norman and Lake Wylie, be sure to take a look at the full article at bizjournals.com.

Neighborhood spotlight: Clover’s Longlea Estates

Longlea Estates is a beautiful neighborhood of stately homes located in the desirable town of Clover, which features low South Carolina taxes and one of the best school districts around. This neighborhood of custom-built, newer construction single-family homes is great for families and features a variety of floor plans,  and homes are situated on generously sized lots.

There are currently two homes on the market here representing 1.5 months of inventory, which is incredibly low and definitely indicates a seller’s market for this neighborhood. Clover as a whole has 5.1 months of inventory representing a fairly balanced market. Longlea Estates is clearly a desirable neighborhood with homes not staying on the market for long. The current average list price is $219,450.

While there has been a little bit of fluctuation in the average price per square foot, the square footage price hasn’t strayed far from $71 over the last year. There has, however, been a slight increase in the average sales price over the last 12 months.

Clover features a small town vibe but offers easy access to Charlotte’s big city amenities. Furthermore, Clover is conveniently located near all of the recreation of Lake Wylie and also features its own charming shopping, dining and entertainment.

You do not want to miss Longlea Estates, and for more homes available and other great neighborhoods in and around Lake Wylie, be sure to visit LKWRealty.com.

Neighborhood Spotlight: Oaks of Broadway

The Oaks of Broadway is a new construction community of single-family homes conveniently located just minutes from downtown historic York and the great shopping, dining and entertainment that tithe town has to offer. The local elementary school and high school is close by as is the York Recreation Complex, a Walmart Supercenter and more.

Homes in the neighborhood range in size from approximately 1,300 square feet to just over 2,000 square feet, and offer three or four bedrooms and 2 1/2 baths. Many homes feature two-car garages, vaulted ceilings, open floorplans, patio space, tree-lined backyards and more. Brand new construction homes are slated to be completed in the Spring of this year.

There are currently 13 homes on the market in the Oaks of Broadway representing a whopping 39 months of inventory. Thus, we are definitely looking at a buyer’s market here. York overall has only 4.7 months of inventory, indicating that it favors the sellers. In this neighborhood, however, buyers have the upper hand given the level of inventory. Plus, with an average list price of approximately $136,000, this moderately priced neighborhood is a desirable option for buyers actively looking to purchase.

It is worth noting that there has been a steady although slight increase in the average price per square foot over the last nine months, and the average sales price has jumped a bit in the last six months.

If you are looking for a conveniently located neighborhood featuring new construction homes in York with easy access to downtown and all that the town has to offer, you won’t want to miss the Oaks of Broadway.

Neighborhood Spotlight: Retreat at Sunset Ridge

The Retreat at Sunset Ridge is conveniently located in the Lake Wylie/Clover area of South Carolina. This desirable, tucked away neighborhood features beautiful new construction estate homes that are completely customizable.

Homes in the neighborhood range in size from 2,600 square feet to over 4,400 square feet and can feature anywhere from three to six bedrooms, two master suites, gourmet kitchens, media rooms and more. Residents of the community can take advantage of not only the great school district here, but also of the lower York County taxes.

There are currently six homes on the market here representing 14.4 months of inventory. Thus, the Retreat at Sunset Ridge is definitely a buyer’s market. York County and Lake Wylie as a whole have 4.3 months and 5 months of inventory respectively, indicating a slight favor towards the sellers. However the ample inventory in this neighborhood gives buyers the advantage.

That being said, there has been very little change in the average price per square foot over the last year, with only a slight increase. The current average list price is $447,242.

The community offers easy access to the local public library as well as to great healthcare. Plus, it is conveniently located near Carolina Place Mall, Baxter Village, Rivergate Shopping Center and more.

If you are looking for beautiful new construction homes in a highly sought after part of town, you will not want to miss the Retreat at Sunset Ridge in Lake Wylie.

Neighborhood spotlight: Clarabella

Clarabella is a beautiful community located in the growing Southwest Charlotte region in the Lake Wylie/Steele Creek area. It is an intimate, pedestrian-friendly, new-construction community that features beautiful views with innovative ranch and two-story single-family homes. Located just off of Rock Island Road and Shopton Road West, the neighborhood is conveniently located near major corridors, business and office parks, and entertainment. With easy access to I-485, Highway 160 and Highway 49, you can be anywhere you want to be in just minutes. Retail and entertainment options close by include Charlotte Premium Outlets, Carowinds, the US National Whitewater Center, Lake Wylie and Rivergate Shopping Center.

This community features all brand-new construction with many desirable features, including stainless steel appliances, guest suites with full bathrooms, upstairs lofts, and so much more.

There are currently six homes on the market in Clarabella representing 10.3 months of inventory. With inventory in Charlotte overall being historically low, the inventory in this community seems particularly high, indicating that buyers have the advantage here. Other than the drop-off in home sales over the past three months, there has been almost no change in the average price per square foot or the average sales price of homes.

These beautiful new homes feature a variety of floorplans, options and upgrades for a completely customizable house. If you are looking for new construction in the Lake Wylie area with beautiful surroundings and easy access to the big city amenities of Charlotte, Clarabella is not to be missed.

Lake Wylie and Fort Mill boast strong market stats

The housing market in the Charlotte region as a whole is thriving, and that could not be more true for towns like Lake Wylie and Fort Mill. Even with low inventory, there were more than 44,000 homes sales in the overall Charlotte region in 2016, which is up over 8% from 2015.

Local numbers are even better. In York and Lancaster Counties, Lake Wylie had the highest home prices and the largest increase from 2015. pending sales and new listings had the biggest increase in Fort Mill. A big contributing factor to these numbers is the abundance of brand new subdivisions. York County as a whole had the most closed sales, as home sales here outpaced the overall region.

The housing market for the entire Charlotte region is looking good for 2017. Mortgage rates, though on the rise, will still be at historic lows. And, even though low inventory will still mean a seller’s market, buyers will still be looking for properties that sellers have invested in, thus making sellers still having to compete for buyer’s attention.

The market will certainly be competitive, and with such strong market stats for Lake Wylie and Fort Mill, homes will most likely not stay on the market long here. Expect the real estate market to thrive in the coming year, and for more details on what’s on the horizon in 2017, be sure to read the full article at Heraldonline.com.

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Market update: November

screen-shot-2016-12-18-at-6-48-40-pmNovember’s numbers are in from the Charlotte Regional Realtor Association, and Charlotte’s housing market continues to boom with lots of activity. Home sales soared with a jump up 19.7% from November 2015. Inventory continues to struggle to keep up with demand, and prices are on the rise. Furthermore, mortgage rates are also on the rise, so buyers were moving quickly last month to close on their homes to avoid the increasing rates.

The near 20% increase in year-over-year numbers for homes sold in November meant an additional 522 properties closed last month .

In addition to the number of home sales jumping, sales prices also rose by 8.1% as compared with November’s numbers from 2015. Rising home prices can certainly be attributed at least in part to low inventory. November’s inventory for Charlotte as a whole dropped to a 2.6 months supply represented by 9,770 properties for sale. Lake Wylie’s year-over-year months supply of inventory dropped to 3.3 from 5.2, which is a 36.5% drop in inventory. The average sales price of homes in Lake Wylie is up 16.6% for November from 2015. York County’s inventory is also down this year with 2.3 months of inventory in November, and so is Fort Mill’s inventory, down to 2.1 months.

Nationally, mortgage rates are on the rise, and local trends reflect a steady drop in inventory as well as an increase in home prices. Stay tuned for what’s to come in December, when market activity is expected to stay active.

October’s market update

Let’s take a look at the local market update for October 2016, according to the report from the Charlotte Regional Realtor Association. The big news with last month’s numbers is the year-over-year change in the drop in inventory.

For the entire CarolinaMLS area, October 2015 had 13,742 homes on the market representing 4 months supply of inventory. This year’s October numbers show only 10,570 homes on the market representing 2.8 months of inventory. This is a 23.1% drop in the inventory of homes for sale and a 30% drop in the months supply of inventory. With inventory as low as it’s been in a while, as well as an increasing demand among buyers, home prices are on the rise.screen-shot-2016-11-22-at-2-25-10-pm

Lake Wylie, Fort Mill and York County overall have also seen a decrease in inventory, though the drops haven’t been quite as steep as that which we saw with the overall CarolinaMLS stats, and the rise in home prices hasn’t been quite as steep or as steady in these smaller markets.

Furthermore, regarding the entire CarolinaMLS area, new listings are up 2.7% from 2015, and closed sales are up 3.4%. screen-shot-2016-11-22-at-2-30-42-pmHowever, new listings in Lake Wylie are down 9.6%, but closed sales are still up 4.9%. As far as York County is concerned, the numbers here are a bit bigger, with new listings up 15.8% from 2015, and closed sales up 11.3%.

The big takeaways here are that inventory is down creating a definitive seller’s market with rising home prices, and closed sales are up showing signs of plenty of activity in an active and strong housing market across the Carolina region. Stay tuned for next month’s stats!

 

Neighborhood spotlight: York’s Palm Tree Cove

screen-shot-2016-11-20-at-4-17-08-pmPalm Tree Cove, located in York, South Carolina, is a beautiful heavily-wooded Community that borders Lake Wylie and features charming new construction homes on lots that range in size from three quarters of an acre to a massive three acres.

The community features “casual yet sophisticated living” with easy access to nearby shopping and dining, as well as plenty of recreational options. Homes here are not only beautiful, but they are energy-efficient, as well.

There are currently seven homes on the market here representing 5.6 months of screen-shot-2016-11-20-at-4-33-58-pminventory. This indicates that we have a very balanced market in Palm Tree Cove, and the little fluctuation in the average price per square foot of homes indicates that this is a stable market, as well. The months of inventory in Palm Tree Cove is only slightly higher compared with that of the town of York as well as of York County, which both have 4.8 months of inventory.

With the recent dip in the average price per square foot as well as a recent increase in screen-shot-2016-11-20-at-4-33-53-pmthe average seller discount, now may be a good time for buyers to take a look at this beautiful neighborhood that not only has many fantastic community features, but also provides residents the opportunity to take advantage of lake living, lower taxes and a fantastic school district.

Check out Palm Tree Cove today!

Residential development booms in Fort Mill and Tega Cay

screen-shot-2016-11-20-at-4-25-46-pmFort Mill and Tega Cay are soon to be home to, well… more new homes. For starters, a 52-acre site on Fort Mill Parkway will soon be Fort Mill Reserve, which would potentially include up to 120 homes as well as 80,000 square feet of retail, office or municipal use. An acre of the space would also be donated to the town as green space or as a park. And, at least 20% of the residences in Fort Mill Parkway would be targeted toward seniors. Plus, next to Fort Mill Reserve is another new possible site for up to 75 new homes as well as a fire station.

The Cadence subdivision is under review in Tega Cay, where possible plans would allow for up to 125 new homes here. If everything moves forward, Cadence should be completed by 2020 as part of a big surge in development for Tega Cay, which also includes Catawba Park, the Game On sports megaplex, as well as many new residential neighborhoods. With more than a thousand housing units currently in the works in Tega Cay, there are almost just as many housing units in the proposal stage, as well.

Massey is also seeing some residential additions with 47 new homes on nearly 42 acres on the northern side of South Dobys Bridge Road.

For more details and information on the residential development that is booming in the Fort Mill and Tega Cay area, be sure to read the full article at Heraldonline.com.