Neighborhood Spotlight: York’s Clover Meadows

Clover Meadows, located in the charming town of Clover in York County,  features quaint community living in a premier school district, with convenient access to historic attractions, antique shopping, dining, grocery, entertainment and more. The community, which showcases its own playground, is only minutes from Lake Wylie, which boasts fantastic recreation in the way of boating, sailing, skiing, swimming and picnics.

The neighborhood features new construction homes that currently range in size from approximately 1,600 square feet to over 3,600square feet. There are single-story as well as two-story floorplans available with three to five bedrooms and two bathrooms.

There are currently 12 homes on the market which represent 5.1 months of inventory, indicating a fairly balanced market here, given that a significant dip below six months of inventory would signify a seller’s market. York County overall has 4.1 months of inventory available, and therefore slightly favors the sellers. While there has been little fluctuation in the average price per square foot in Clover Meadows, there has been a steady climb in the average sales price of homes here over the last year.

Low South Carolina taxes as well as one of the most desirable school districts in the state make this a very popular neighborhood, especially for young and growing families.  Furthermore, with the average list price at just over $206,000, Clover Meadows is a relatively affordable community in the Lake Wylie area. If you are looking for new construction with easy access to all that the town of Clover and Lake Wylie have to offer, you will not want to miss this fantastic neighborhood.

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.

Major development is happening in York County

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Exciting things are happening in and around the Lake Wylie area, and if you have been thinking about moving to the area, now may be the best time yet.

Development plans are in full swing in York County, with major residential projects on the horizon in Lake Wylie, and plenty of commercial construction happening in Fort Mill, as well. There are currently several hundred acres of land up for review for new construction plans across the region.

The southwest corner of US 21 and Gold Hill Road occupying almost 25 acres is tentatively planned for four commercial 30,000-square-foot buildings, plus another 20,000 square-foot building, as well as plenty of parking.  The property is currently zoned for residential use but rezoning efforts are in the works. This will be big!

There is also a residential subdivision in the planning stages in Lake Wylie on a piece of property owned by Crescent Communities, a very prominent developer. The proposed site is located at SC 49 and Daimler Boulevard, and plans include the development of single family homes.

There are also plans for an apartment complex at the corner of SC 49 and Senator Road, just east on Mill Pond Road. Furthermore, another car wash could also be moving into the Lake Wylie area on a 15 acre lot on SC 49.

So much growth and development throughout York County shows signs of a strong economy here as well as it being a desirable place to live. As the community grows and more residential options become available, the business community will also continue to thrive. For more details on the projects currently underway in Lake Wylie and Fort Mill, read the full article at heraldonline.com.

 

June’s numbers reflect a steady drop in inventory

Screen Shot 2016-07-24 at 8.05.27 PMA sellers market continues to prevail in Lake Wylie as well as in the entire Carolina MLS area.  June’s market update from the Charlotte Regional Realtor Association indicates a massive drop in the month’s supply of inventory, down 31.8 percent  from the 2015 June numbers. There was also an 8 percent  increase in the average sales price of homes, and an increase in sales price is a typical result of low inventory. Furthermore, the median sales price of homes has been steadily on the rise since 2012 and the trend is continuing.Screen Shot 2016-07-24 at 8.04.04 PM

Fort Mill’s inventory is also down from June of the previous year, however only by 13 percent. Lake Wylie’s inventory is down 29 percent, and York County’s inventory as a whole is down 28.9 percent.

Closed sales in York County, Lake Wylie, Fort Mill and the entire Carolina MLS area were down for June. However, Lake Wylie saw a lot of activity last month, with pending sales up over 52 percent from the year prior.  Fort Mill’s pending sales were up over 34 percent , and York County’s pending sales were up 32 percent. There was definitely a lot more action in June 2016 than there was in June 2015, also indicating a strong seller’s market.

With strong sales as well as a steady drop in inventory in the region, the average sales price continues to rise and sellers are seeming to have the upper hand.

June’s regional stats are fairly indicative of national real estate numbers. Inventory is low in many major markets across the country and housing prices are climbing.

Stay tuned for next month’s market update and a look at the region’s trends.

Lake Wylie sales prices up, inventory down

The year-over-year average sales prices of Lake Wylie homes was up for February, as the housing inventory dipshomesales.

According to data from Carolina Multiple Listing Services (CMLS), the average sales price of a Lake Wylie home rose 12.7% to $364,108 from $323,195 a year ago. Median home sales prices were also up to $320,548, a 10.4% increase from year-ago figures.

The Lake Wylie area has just 4.5 months of market inventory. That is a drop of more than 10% from February 2015 but actually up slightly from 4.4 months inventory in January 2016. Inventory of 6 months represents a balanced market that neither favors the buyer or seller. Less than 6 months inventory is considered a seller’s market.

In February 2016, there were 369 homes actively listed for sale, down from 404 a year ago.

The percent of original list price received dropped slightly from February 2015 to 94.4% from 95.2%. Typically, low inventory drives demand and higher closing prices. Theoretically, the percent of list price should come up if inventory continues downward. However, the market does tend to pick up in the Spring months, which may tip the scales toward more of a balanced market.

Days on the market, which is measured from date listed to under contract, for Lake Wylie homes was unchanged at 107 from February 2015.

As a whole, York County year-over-year figures for February were as follows: Average sales price: $231,877, up +0.9%; Median sales price: $190,500, -5.9%; Months inventory, 2.7, -28.9%; Inventory of homes for sale: 940, -21.4%; Days on the market, 69, -9.2%.

February inventory dropped for the entire CMLS region, which includes 8 counties around the Charlotte metro area. There was just 2.8 months of inventory, a dip of nearly 35% from last year.

LAKE WYLIE PROPOSED LAND USE PLAN AMENMENTS

JOIN IN THE DISCUSSION: Call for Action on proposed changes to Land Planning and Land Development Ordinances, Please read and attend the Council Meetings. Follow the link for more information. WE MUST MAKE CHAGES BEFORE IT PASSES TO LOWER DENSITIES AND TRAFFIC IMPACT

Proposed Draft Ordinance Amendment’s

Planning & Development Services has been working to improve our ordinances and appreciate your assistance as we work through these important items. We will be continuing to identify deficiencies within our ordinances and listening to feedback from elected and appointed officials, members of the development community, residents, and other stakeholders to continue to improve our ordinances to better address the needs of the County.

The following is a tentative adoption schedule:

  • August 10, 2015:           Planning Commission Recommendation
  • August 17, 2015:           Council First Reading
  • September 8, 2015:       Council Second Reading with Public Hearing
  • September 21, 2015:     Council Third Reading

Broker in Charge David McCorkle and former Planning Commission Member has been working on an advisory Committee along with other Residence and Stakeholder to advise Council on proposed changes to the Ordinances to reduce Traffic and Development impact in the greater Lake Wylie area. We will be proposing changes and our own overlay to the Ordinance before it’s passed like lot sizes and erosion control

 

Real Estate

Lake Wylie Realty sells Properties in North Carolina and South Carolina both Residential and Commercial. Waterfront Homes along with Properties in all neighborhoods. Our Office is conveniently located near the NC- SC border at the River Hills Community entrance on Highway #49 at 1 Executive Court, Lake Wylie SC 29710.  Our Professionals are the best in the Business, search our site, set up notifications, see everything on the Market and visit our virtual showroom or contact us at 803-831-8588.

 

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HOUSING MARKET MAKING A COMEBACK?

Evidence continues to show that the housing market is making a comeback. Here are just some of the positive reports that came in over the last few weeks:

  • Housing starts spiked by 7 percent in March to come in at the highest rate since June 2008. In addition, housing starts were up 47 percent since the same period last year.
  • The number of mortgages behind on payments or in foreclosure fell in March to the lowest mark since 2008.
  • New Home Sales for March increased to come in slightly better than estimates.
  • The Mortgage Bankers Association reported small gains in the numbers of loan applications, refinances and purchases.

Not all of the housing news was good last month. Building permits, which are a sign of future construction, did decline slightly. And Existing Home Sales for March came in slightly below expectations. But overall, the housing-related reports were strong and provided further evidence of improvements in the housing sector.

Other economic news wasn’t as positive. Retail Sales for March came in below expectations and marked the largest decline in nine months. However, the rise in payroll taxes, which began in January, is likely a big part of the decline in spending. Consumer Sentiment also fell to its lowest level since July of 2012. And in the manufacturing sector, the Empire Manufacturing Index was much weaker than expected and below the previous month. Those reports indicate that we may see another economic malaise this spring, like we have seen the last couple of years.

What does this mean for home loan rates?

The uncertainty of the economy and continuation of the Fed’s bond purchase program (known as Quantitative Easing) should continue to benefit bonds and home loan rates. That makes now an ideal time to consider purchasing a home or refinancing