Market Update: March

Home prices in the entire Carolina MLS area just continue to rise, with housing inventory in the Charlotte region at a low, and a growing demand for property in this super hot real estate market. Home sales increased 11.5% in March 2017 as compared with the same month of 2016. This increase is a whopping 54% jump compared to February 2017. Plus, the average list price was up 9.4% in March as compared with the same month in 2016.
Inventory in Lake Wylie was also down 28.6% in year over year numbers for March, however there was a 9.1% drop in the average sales price of homes. New listings, though, were up 35.8% in March 2017 versus March 2016.
In Fort Mill, inventory is also down, but the average sales price is up 14.5% in year over year numbers, and new listings are surprisingly down 3.5%.

With the low months supply of inventory and few new homes being listed on the market, a rise in sales price is fairly predictable. Across the nation, there has been a steady and constant increase in home sale prices. They are rising the quickest they have in approximately three years, and Charlotte as a whole still has these nationwide numbers beat.

Mortgage rates are also higher now than compared with those of a year ago, and this, coupled with higher home prices, may eventually temper the heightened demand for housing in Charlotte. Currently, homes seem to sell almost as soon as they are listed, so buyers will want to act quickly when they find a home they are interested in.

Charlotte definitely has a seller’s market on its hands, with low inventory, rising home prices, and a surge in home sales. For more details and info on what this means for home buyers and sellers alike, be sure to take a look at the full article at CharlotteObserver.com.

Steele Creek is home to one of nation’s most thriving zip codes

A suburban community in Steele Creek just outside of Lake Wylie has made realtor.com‘s list as one of the countries hottest 50 ZIP Codes for home sales.
Throughout the entire Charlotte region, home sales have been on the rise as have new construction projects. New home construction, however, “is moving at a faster pace in the Steele Creek area compared to the city as a whole, according to Metrostudy, which tracks new home construction.” All of this new development means the booming Steele Creek community is drawing plenty of home buyers.

Current inventory available in this region is at just the right price point to continue to attract those ready to purchase a new home, but potential buyers have to act quickly if they are interested in a property because homes here are not staying on the market long.

The median sales price of homes here in March was $193,475 compared to the $220,950 price point for the overall Charlotte region. The greater affordability os good for buyers, plus, with the speed at which homes are selling, owners are even more tempted to put their homes on the market, with much more confidence that they will sell quickly. Thus, the market is good for sellers, too.

There is a ton of growing potential for this area because there is so much land available for new development projects.

For more details and information on one of the hottest ZIP Codes in the country, be sure to read the full article at CharlotteObserver.com.

Monthly Market Update: February

Let’s take a look at the real estate market stats for February for the entire CarolinaMLS Area, according to the Charlotte Regional Realtor Association.

Inventory for the Charlotte region is still incredibly low, and was down 28.1% last month as compared with February 2016. However, it is worth noting that even though closed sales were only up .5% in year-over-year numbers, pending sales are up 18.4%, indicating that closed sales are going to pick, as well.

Lake Wylie’s inventory numbers are fairly similar, with a 20.6% drop in year-over-year  numbers for the months supply of inventory available. However, closed sales are down 25.4% for the area, and pending sales are only up 7.5%.

There is better news for Fort Mill and York County as a whole, though, in terms of pending sales and market activity, where February saw an increase by 44.4% and 43.3% respectively, as compared with pending sales from February 2016.

Even though sales have been slow, the notable number of pending contracts may mean there are many future sales on the horizon and more potential sellers are listing their homes. The 15% increase in listing activity this month  as compared with January is a strong indicator that sellers are gaining confidence in listing their homes.
Stay tuned for next month’s real estate stats, as the market across the entire Charlotte region continues to thrive.

Neighborhood Spotlight: Bethelfields

Lake Wylie’s community of Bethelfields features a small town atmosphere in a family friendly community that allows residents to not only take advantage of the beautiful Lake Wylie and all of its conveniences and recreational activities, but also of big city amenities. It is ideally situated between Charlotte, Rock Hill and Gastonia and sits in the Clover school district, which boasts some of the best schools in the entire state.

The neighborhood features a swimming pool, playground, picnic tables and sidewalks, as well as storage for boats, trailers and RVs. There are also regular community events for residents to take advantage of throughout the year.

There are currently three homes on the market representing 2.1 months of inventory, making this neighborhood a clear seller’s market. Inventory is much lower here than in York County as a whole, which features 4.3 months of inventory.

There has been almost no change in the average price per square foot or the average sales price of homes in Bethelfields over the last year, indicating that the market here is very stable and steady.

The average list price is currently approximately $218,000 and homes range in size from 1,983 square feet to 2,348 square feet and feature three or four bedrooms and two and a half bathrooms.

This is a great neighborhood on the desirable South Carolina side of Lake Wylie, which features lower taxes and plenty of conveniences. If you are looking for newer construction homes in a neighborhood that offers a great sense of community, you will not want to miss Bethelfields.

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.

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.

Lake Wylie offers both affordability and luxury real estate

screen-shot-2016-11-13-at-2-48-07-pmIf you are looking for waterfront property in the greater Charlotte area, the ever-desirable Lake Wiley is certainly not to be missed. Homes here tend to offer buyers more bang for their buck, particularly when compared with the homes on Lake Norman, where the average sales price tends to be much higher, despite Lake Norman’s greater expanse of shoreline properties.

Although Lake Wylie is smaller than Lake Norman, the North Carolina housing market here is worth $134.6 million, and Lake Wylie’s South Carolina market is worth another $110 million, making Lake Wylie the third largest market in North Carolina and the fourth largest market in South Carolina, with 325 miles of shoreline properties.

The average list price of homes on the North Carolina side of Lake Wylie is $608,070, which is relatively more affordable when compared with Lake Norman where the average list price is $860,890. Even more affordable is the South Carolina side of Lake Wylie where the average list price is $594,059.

While Lake Wylie tends to offer greater affordability than north Charlotte, there is still an active luxury market here featuring stunning lakefront multimillion-dollar homes.

The Lake Wylie real estate market is certainly diverse and dynamic, featuring a range of price points and a range of features. Furthermore, the market here is pretty steady year-round, attracting not only local buyers, but also out-of-state buyers who are relocating for work or who are looking for their dream retirement home. As far as waterfront real estate goes, Lake Wylie certainly features some of the best properties that the greater Charlotte area has to offer.

For more details on Lake Wylie’s housing market, check out the full article at bizjournals.com.

Market Report: August

August’s numbers are in for the local market update from the Charlotte Regional Realtor Association, and inventory is still down while prices climb. There are more new listings, but they can’t keep up with demand.screen-shot-2016-09-24-at-4-39-20-pm

Stats for the entire CarolinaMLS area for August show signs of a very strong and active market. Year over year numbers indicate an increase in new listings, pending sales, closed sales, median sales price and average sales price. Plus, the total time that homes are spending on the market until sale has dropped. Furthermore, the months supply of inventory has dropped as well as the inventory of homes for sale.

The same trends are present in Lake Wylie, where, for example, new listings are up 12.4% from 2015 and the months supply of inventory is down 23.2% from 2015.screen-shot-2016-09-19-at-9-09-48-pm
Fort Mill is seeing similar market trends, however new listings are up a dramatic 41.1%, and pending sales are up a whopping 74.5% from 2015. Furthermore, the months supply of inventory in Fort Mill is down 19.4%, which is not nearly as significant of a drop as what we are seeing in the CarolinaMLS area as a whole, where the percentage change was approximately 30%.screen-shot-2016-09-24-at-4-48-45-pm

In general, the decreasing inventory has created a seller’s market where the average sales price continues to rise and the market is more and more active. Buyers are going to be forced to act more quickly as inventory continues to move and demand continues to grow.

We will keep an eye on the numbers and the trends with the expectation and hope that the region’s real estate market and housing landscape continue to thrive.

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.