Lake Wylie and and US Real Estate Market Report

The steadily improving US economy, sustained job growth and rising confidence that now is a good time to buy a Home should pave the way for an increase in existing Homes sales in 2018 according to forecasts by the National Association of Realtors.

Nationally existing Home sales will finish at a pace of 5.47 million the best since 2006 but still about 1.1 million less than that all-time best mark.

The lack of inventory has pushed prices up 48% from the low point of 2011, locally the Steele Creek area remains one of the hottest markets in the Country, the population is expected to jump 20-25% over the next 5 years, and for most of us originally from the area this is both a blessing and a curse.

Closings in the past 6 months are at 834 with 211 under contract and currently 221 listed for sale.

Prices on Waterfront Homes have steadily gone up and finding anything under $600,000 is tough sailing. Homes for sale are at an all-time low at this writing of only 78.  Median price is over $750,000 all record breakers.

Enough of the boring stats, if you’re planning to buy a Home or Condo now should be it, sitting on the fence so to speak is going to price you out of that dream Home. Quarterly prices have been increasing in some areas by 8% in the Charlotte area.

Buyers in the region are flocking to areas closer to Uptown Charlotte and prices are skyrocketing. Commute times and just being closer to the action seem to be the driving force. As traffic worsens that trend will surely continue and speaking of traffic it seems that it increases daily.

As a former member of the York County Planning Commission I always said the reason people left their former Cities and Towns and moved to this area will be the same reason they leave this area, Taxes, traffic, crime and poor planning.

David has been a Real Estate Broker, Developer and Contractor in the Charlotte area for 40 years and is currently Principle Broker and Partner of Lake Wylie Realty, David and his wife Karen live on Lake Wylie and are both Charlotte natives.

Copyright 2017 David McCorkle

Market report: Waterfront sales

screen-shot-2016-10-02-at-4-47-13-pmLet’s take a look at the year-to-date numbers for waterfront properties in and around the Lake Wylie area.

With the first three quarters of the year under our belt, the housing market, and particularly waterfront sales, are looking good for Lake Wylie and the surrounding region.

Year-over-year numbers indicate that the average number of homes sold per month are up, with 105 homes sold so far in 2016 (approximately 12 homes sold per month) as compared with only 91 homes sold through the third quarter in 2015 (approximately 10 homes sold per month).

Furthermore, the average list price has increased from $548,000 in 2015 to $608,000 in 2016, the average sales price has increased from $525,000 in 2015 to $580,000 in 2016, and the average price per square foot has increased from $172 in 2015 to $190 in 2016.

Even though the current number of waterfront homes on the market, 130 to be exact, represents 10.8 months of inventory which would be considered a buyer’s market, the year-over-year numbers reveal positive trends for sellers. Plus, based on what is on the market now in Lake Wylie and the surrounding region, the average price per square foot is $221 and the average list price is $875,000, and both of these numbers are notably higher than last year’s numbers at this time.

In the first three quarters of 2015, homes spent an average of 124 days on the market, and in 2016 homes spent an average of 142 days on the market, indicating slightly less activity this year and a sign that buyers may have the upper hand now.

So, while, inventory points to favoring the buyers, other stats are looking favorable for sellers. It’s a win-win!

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.

Sellers Market Appears to Stay Strong in Lake Wylie

Toronto-Real-Estate-Stock-MarketYear over year, homes in Lake Wylie are selling in less time, 117 days down from 153 days. This is 23.5% faster than a year ago per the May monthly report released by the Carolina Regional Realtor Association.

Inventory is smaller by 20.2% over the same time last year, down to 376 homes from 471. This appears to bear out the trend we have been following showing the seller’s market staying strong at the current time.

The average sales price in Lake Wylie is $368,003 with the median sales price at $329,172. However, new listings are up by 9.3% year over year with 153 new listings in May. Year-to-date 376 homes have already sold in Lake Wylie up 14% from last year when only 347 homes had been sold by the end of May.

The number of new listings was up again this month from 140 to 153, an increase of 9.3%, as more sellers are listing their homes. The number of homes sold was also up from 91 last year to 109 this year. This represents a 19.8% increase. The continuing trend is significant for both buyers and sellers.

In the City of Charlotte, the trend is still dramatic. Year over year, homes are selling in 86 days down from 97 days last year. Homes within the City are selling for an average of 97.8% of list price up from 96.5% in 2015. There are 1.9 months of inventory down from 3.1 months. There has been a 4.8% increase in new listings as more sellers are taking advantage of the seller’s market. This means there is more demand for less supply driving prices higher.

The entire Carolina MLS Region, which includes parts of South Carolina, the trend is less dramatic, but is showing the same pattern. Year over year, the inventory supply is down while sales price is up, days to close are down and new listings are up. We will have to wait and see how the market changes as the hotter months usually lead to a slow down in the cooler months. Will the sellers continue to have a great market or will the buyers begin to have the advantage? We will have to see what next month’s report has to tell us.

Lake Wylie, Charlotte inventory continues to drop in March

Inventory is low across the entire Carolina Multiple Listing Service area. This includes the Lake Wylie area, which saw inventory levels drop by 20% in March from year-ago figures.  low-inventory

Homes for sale in March dropped to 361 from 451, according to monthly statistics released by the Carolina Regional Realtor Association.

The lowered inventory and rising demand also reduced time on market for Lake Wylie-area homes, which dropped 36% to 76 days. Year-to-date days on market also dropped by 16% to 89 days from 106 days for the same period in 2015.

The average price of Lake Wylie-area homes remained largely unchanged at $350,787 for year-over-year, while the year-to-date average sales price rose 15% to $361,960.

This is a sign of increased demand in a time where there is not enough on the market to satisfy buyer needs. There was only 4.4 months inventory in March, which is a drop of 2 months from March 2015.

The reality is most sellers are also buyers, which makes listing a house a scary prospect if you are not sure you can find the ideal home to move into. That could be one factor in the 30% drop in new listing for March. Year-to-date new listings were down 15% to 338 from 2015.

In Mecklenburg County as a whole, the number of new listings was nearly unchanged from a year ago at 2,435, and the average sales price jumped 4.3% to $280,665. Where Mecklenburg Co. took the biggest hit was in inventory, which fell nearly 42% in March to 1.8 months. Days on the market dropped to 51.

The City of Charlotte saw inventory fall to below 2 months as well (1.7 months), while the average sales price jumped 2.2% to $271,386. New listings dropped by almost 5% to 1,891 for March.

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.

Catawba Park revision presented, vote soon

catawbaparkA Rock Hill-based engineering company presented Tega Cay City Council with its latest plans for a proposed recreational park facility that potentially will span 62 acres below New Gray Rock Road, across the river from Westminster Park.

Campco Engineering presented its revised plan Dec 21. A vote is expected in January, according to a Rock Hill Herald report.

Tega Cay owns 10 acres. The city is in talks with Duke Energy and Clear Springs Baxter for an additional 52 acres.

The site along the river would add sports fields, picnic shelters, a canoe/kayak launch, playgrounds and restrooms, among other amenities. The site already has a boat ramp and fishing areas, according to the report.

The final design planning could take six months. Design approval for the city’s 10 acres means work could start on that parcel of land sooner while agreements with the other land owners are negotiated.

Lake Wylie Realty welcomes Patti Elam

Patti PhotoLake Wylie Realty is pleased to announce the addition of North Carolina, South Carolina Broker/Realtor to the Team Patti brings over 30 years of experience to the Company and will specialize in all phases of the Industry. Contact Patti at 704-309-6912 or email at http://www.patti@lkwrealty.com

 

Lake Wylie Realty’s BIC David McCorkle talks improvements in the Charlotte Obser

The June 7th Home Design section in the Charlotte Observer featured an article by Broker in Charge of Lake Wylie Realty David McCorkle on Home improvements as they relate to decks, porches, patios and outdoor living spaces read the article click on the link  Home Design

Click to View the New Lake Wylie Today Magazine 2015