This month, we are starting to see some more signs of the Real Estate market slowing down somewhat. For the first time in months, we are starting to see homes sell for a little bit less than list price. The average home sold for 98.5% of list price. These prices are still higher than last year by 16.3% representing $62,315 more this year than last. We are also starting to see homes stay on the market for longer with the average home going under after 19 days on the market. Inventory has also gone up with a 1.5 month supply of homes on the market which is 1,381 more homes than last August.
When you look at this data, from the Canopy Realtor Association, just for the Lake Wylie area, you see that the numbers reflect the same trend that the Charlotte Region shows. The average sales price is up to $613,732, up 17.5% year over year. These homes are selling for an average of 99% of list price and are going under contract in an average of 17 days after listing. Lake Wylie now has a 1.5 month supply of homes or 181 homes on the market, up 7.1% from 169 homes last August.
New listings, pending sales, and closed sales are all down from last August. This is likely a result of inflation and rising interest rates. The full effects of which we will likely see over the next few months. We will likely see inventory rising still higher, but prices could take a long time to come down if they do at all.
If you want to know more about buying and selling homes in the Lake Wylie Area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.
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