Prices in the Charlotte area are on the rise and inventory is shrinking. If it feels like you’ve read this before, you have. This trend has been going on for a while and there appears to be no end in sight. This means that Charlotte is still a popular spot for people to purchase a home, but it can be hard to find the homes of your dreams due to lack of supply. This has led to homes selling above list price and multiple offer situations which can be stressful.
The monthly report from the Charlotte Regional Realtor Association is based on data from their subsidiary the Carolina Multiple Listing Services, Inc. The data is clear, the average sale price of a home in the Charlotte area was up 5.5% over last August. This was an increase from $294,534 to $310,691. This is an increase of $16,157 in just one year.
The supply of homes went down at the same time from 11,413 down to just 9,412. This is a 17.5% decrease and represents a 2.3 month supply of inventory. A balanced market between buyers and sellers is considered to be a 6 month supply.
When you look just at Lake Wylie in the data, you see that the numbers are headed in the same direction. The average sales price of a home in Lake Wylie went from $386,967 last August to $406,428 this August. This $19,461 difference is 5% higher than last year at this time.
The supply of homes in Lake Wylie decreased from 441 to 385. This leaves us with a 3.3 month supply, a decrease of 12.7% from last year.
The most interesting number for Lake Wylie this month is in pending sales. There was a 97.7% increase in pending sales from 88 last August to 174 this August. This bodes well for our sales numbers for next month as many of these additional sales will head to the closing table.
If you are interested in buying or selling a home in the Lake Wylie area, give us a call at 803-831-8588. You can view current listings and create custom searches on our website here.