Lake Wylie/Steele Creek/ Charlotte Real Estate report

The yearly numbers are in for 2018 for the Lake Wylie/Steele Creek Real Estate Market. The Carolina Realtors Association compiles data from the Carolina Multiple Listing Services to get a portrait of the local real estate market and provide us with data to analyze for our readers interested in Real Estate. This is what they show.

The Charlotte Region:

When you start digging into the numbers, for the entire Charlotte region sales were down 14% from December of 2017. Prices were up slightly, with the average sales price up 1.1% to $282,894. Inventory was down yet again from a 2.3 month supply to a 2.2 month supply, a decline of 550 homes. This leaves sellers again in the best position in real estate deals with a balanced market considered to be a 4-6 month supply of inventory. Pending sales were dead even and new listings were down 4.4% from this time last year.

In the Steele Creek area zip codes 28278 and 28273 the Market is extremely tight,

1325 Homes were sold compared to around 2000 in 2017. Currently there were only 15 Homes priced under $300,000 in the entire 28273 area, most sell within 10 days of entering the market and the overwhelming majority of those were priced under $350,000.

York, Clover and Lake Wylie: Zip Codes 29710 and 29745

A similar pattern continues in the South Carolina Market, sales were down from 2017 from a high mark of 1300 to 1135 in 2018, the majority of those 848 were priced under $350,000. Current active inventory is 221 Homes.

When you look just at Lake Wylie, South Carolina non waterfront resale Homes the story is a little bit different. Closed sales were indeed down year over year 15.3% from 98 to 83. Due to the small sample size, the percentages can look extreme so please keep that in mind. Average price was up year over year to $409,539, an increase of 16.2%. Inventory was dead even from last year in terms of months of supply at 3.3, but remember about that extreme note from earlier, there were actually 26 more homes on the market.

This means that sellers are still in a slightly better position in the Lake Wylie area. New listings are on the rise in the area with many new construction projects helping to boost the supply. The new listings were up 23.9% from 67 to 83. Pending listings were down year over year from 75 to 62, down 17.3%. Homes spent longer on the market in 2018 with days on market up 102% from 51 to 103, but this probably reflects new construction homes which typically stay on the market substantially longer than existing Homes.

In River Hills there is an extreme shortage of Homes on the Market the lowest in recent memory 52 closed last year with currently only 9 on the Market. New Homes accounted for an amazing 245 sales with strong sales in the Paddlers Cove Community

WATERFONT MARKET UPDATE

Median prices continue to rise in the waterfront market due to low inventory and high demand, as of this writing there were just 91 active listings in both Carolinas down from the 120 to 140 we experienced over the last decade with a median asking price of $839,000 which is over $100,000 more than last year with only 5 priced below $600,000.

The 1 Million plus market was very active with 11 Million Dollar plus Homes closed in 2018 and currently 14 are on the market, both numbers are about the same as 2017. A total of about 120 legitimately waterfront Homes sold down from about 160 from the year before due to a shortage in inventory with a median price pushing close to $725,000 up from the low $600,000’s a number that stayed steady for some time.

TIPS FOR BUYERS AND SELLERS:

In this unusual Housing market it is still important to discuss Home staging, photography, drone shots, brochures, marketing, Web presence and most of all pricing strategy. Here are a few other tips to guide the process.

The Real Estate transaction is a complicated and emotional process. Contracts and addendums are extensive sometimes reaching 20 to 30 pages.

Make sure you review all the documents prior to listing or purchasing a property, that way there will be no surprises when time comes to make an offer or negotiate an offer..

Understand the hard deadlines for Loans to be approved, Inspections to take place and negotiations on any repairs, speaking of repairs this is the biggest deal killer of them all as Inspectors are paid to find out everything that is not perfect with the Property, that offends most all Sellers.

The best tip of all is always hire an experienced professional Agent not a friend of a friend that just got Licensed or the former Barber or Hair Stylist. Transactional experience is key to a successful and Happy Purchase or Sale.

 

David McCorkle

David lives on Lake Wylie and is the Principle Broker of Lake Wylie Realty. David has been a Licensed Broker for 40 Years.

 

Don Stephens longtime Lake Wylie Realtor passes away

 

Don Stephens longtime Lake Wylie Realtor and Partner in Lake Wylie Realty passed away unexpectedly at Home last week. Don was recently awarded the Realtor Emeritus designation from the National Association of Realtors for 40 years of service to the Community and the Industry, no one in this area has ever achieved that status.  We used to laugh about the fact that Don probable sold every Home on the Lake at one time or another and some twice. Don knew the Lake like the back of his hand and was the real “MISTER LAKE WYLIE”

Don was a native of Charlotte a true Gentleman and Scholar and will be greatly missed, He is survived by his Daughter Natalie and her Husband  Andy Adams of Clover, three Grandchildren and of course  all his friends and Business associates over the years. So long Don.

Steele Creek and Lake Wylie Housing Market Report 2017-2018

The Steele Creek Real Estate market continues to be one of the top markets in the Country and is estimated to be one of the top 5 in the entire Country by the end of 2018.

On the National scene existing Home sales will finish at a pace not seen since the bubble bursting run up to 2006 clocking in at about 5.5 Million but amazingly still approximately 1.1 Million less than that all time high.

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

Back to Steele Creek, the availability of land, proximity to Charlotte’s 485 outer loop, Downtown and the Airport along with a widely diverse Housing Market are driving increases in prices and sales. A new master planned Development is in the final planning stages for the large mainly undeveloped area west and south of the Airport which will include the proposed River District slated to be larger than the Ballantyne area in South Charlotte. The area is expected to increase in population by 20-25% over the next 5 years.

Sales of new and existing Homes in the Steele Creek area over the past 12 Months for the zip codes of 28278 and 28273 were at a staggering pace of close to 2000 sold, leading the way the Community of Berewick with sales up 33% to 356, the Palisades with 131 sales was a distant second.

Another large Master planned Community is rising in Gaston County near Lake Wylie and Belmont called McLean, while just getting started sales were up to 40 in 2017.

Over on the South Carolina side of the Lake new Developments are popping up like spring flowers, national production Home Builders like Mattamy Homes and DR Horton along with local Builders, Fielding and Bonterra Homes are building a potpourri of styles and myriad of prices. New Home sales in the Lake Wylie SC area have increased from 75 in 2014 to around 200 per year at the end of 2017.

Sales of existing Homes in the Clover-Lake Wylie-York area zip codes of 29710 and 29745 although not quite as strong as its counterpart Steele Creek were close to 1300 over the past year. The top seller in that area is the well-seasoned “Jewell” of them all, the magnificently well planned Community of River Hills with close to 80 closings and an average sales price up 15% to $354,000.

WATERFONT MARKET UPDATE

Median prices continue to rise in the waterfront market due to low inventory and high demand, as of this writing there were just 57 active listings in both Carolinas down from the 120-140 we experienced for a few years with only 6 priced below $500,000. The 1 Million plus market was very active with 16- 1 Million Dollar plus Homes closed in 2017 and currently 12 were on the market. A total of 169 waterfront Homes sold down slightly from the year before with a median price pushing close to $700.000 up from the low $600,000’s that were steady for some time.

As urbanized Charlotte continues to gobble up large tracks of land for high density development the demand from those looking for the serenity and peace of Lake living along the shores of Lake Wylie will find it more and more difficult to afford.

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

LAKE WYLIE/CLOVER MAYDAY PROJECT FUNDRAISER

SIGN UP TO PLAY IN THE 7 th ANNUAL CHARITY GOLF TOURNAMENT TO BE HELD AT THE RIVER HILLS COUNTRY CLUB MONDAY, OCTOBER THE 9th:

For information  log onto maydayproject.org  and for those not wishing to play you can donate to the 501 (c) (3) Project through the website and see all the great things where  the money will go : Help our local underprivileged kids, local teachers, counselors and school nurses to by supply’s for the Homeless kids

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

 

3RD QUARTER MARKET REPORT

 

CLICK TO VIEW 3RD QUARTER MARKET REPORT MAILER

Waterfront market report 10-15 mailer

THE WATERS UP SO ARE AREA SALES IN SEPTEMBER BY 6%

  • OTHER GOOD NEWS IS THAT INVENTORY IS DECREASING FROM 166 HOMES LAST SEPTEMBER TO 127 THIS YEAR.
  • AVERAGE DAYS ON THE MARKET FOR ALL HOMES FOR SALE IS AT 219.
  • AVERAGE DAYS ON THE MARKET FOR ALL SOLD HOME IS CURRENTLY AT 126.
  • LAST YEARS CLOSED SALE PRICE WAS ABOUT THE SAME AS THIS YEARS AT AROUND $550,000.
  • THIS YEARS AVERAGE ASKING PRICE COMES IN AT ABOUT $ 800,000.00 CLOSE TO THE SAME AS LAST YEAR WHICH MEANS THE LOWER PRICES ARE SELLING MUCH BETTER.
  • ONLY 5 HOMES HAVE SOLD THIS YEAR OVER ONE MILLION DOLLARS

NOW THAT THE WATER BACK UP WE CAN ALL ENJOY SOME BOATING ACTIVITY WHICH DEPENDING ON YOUR DOCK LOCATION HAS BEEN QUITE LIMITED.

YORK COUNTY IS WORKING ON A NEW WATERSHED ORDINANCE TO HELP PROTECT THE LAKE AND CHANGES TO THE LAND USE PLAN SO STAY TUNED TO OUR WEBSITE FOR MORE DETAILS ABOUT UPCOMONG EVENTS AND HEARINGS IF YOU LIVE ON THE SC SIDE OF THE LAKE.

LAKE WYLIE REALTY BROKER DAVID MCCORKLE, FORMER PLANNING COMMISSIONER IS ON ONE OF THE COMMITEES TO HELP PROTECT OUR PRECIOUS LAKE.

VISIT THE MOST COMPREHENSIVE LAKE WYLIE WEBSITE ON THE NET VISIT: LKWREALTY.COM

GIVE US A CALL AT 803-831-8588 OR STOP BY OUR OFFICE LOCATED AT THE RIVER HILLS

REDLIGHT AND HIGHWAY 49. OR CALL US ON OUT CELL PHONES

DAVID MCCORKLE 704-309-1549, QUINN JOHNSON 704-906-6636, DON STEPHENS 704-562-3646

Lake Wylie Music Fest

Everyone had a great time at the Music Fest this year the weather was gorgeous, we had a big crowd, it could not have been any better. Be sure to contact us for all you Lake Wylie Real Estate needs as we are the only true Waterfront Realtors. Our Office is conveniently located at the River Hills red light.

Lake Wylie music fest

3 Little-Known Tips for Buying a Home

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Buying a home is no small feat. When looking to purchase a home, there are endless factors to consider. Here are a few quick tips on searching for the perfect home.

Pre-Approval Means A Lot: If you get preapproved from a lender, it can mean a lot to your budget and your realtor! All of the contributors will feel more invested in you if you are pre-approved for a mortgage. Try to stay friendly with the people at your bank so you can ask friendly questions (like the best interest rates and hidden fees that might be associated with the loan).

Stick to the Facts: Buying a home can be difficult, but try not to get too emotionally invested in your hom- buying experience. It will help you stay strong if your bid is not accepted on a house,or if the deal just doesn’t fit with your budget.

You’re Moving Into Your New Neighborhood: Remember, you’re not just moving into a new house – You’re moving into a whole neighborhood! Take into consideration how your neighbors live, where the grocery store is, and where you can get a good slice of pizza.

If you’ve determined that now is the right time to buy a new home, we’re here to help you get started. For information on homes for sale in Lake Wylie, SC, visit LKWRealty.com!

Top 3 Things to Do on Lake Wylie

lake-clubhouseLake Wylie is the perfect place to take a vacation or day trip. Here are just a few activities to do during your stay:

Hike the Trails: Take a hike over the McDowell Nature Preserve. Over 7 miles of hiking trails are available for you to explore the beauty of Lake Wylie. You can also camp, fish and boat along Copperhead Island. Finally, wrap up your day with a picnic in one of the designated areas.

Splash Dash: Participate in the annual Lake Wylie Splash Dash! Get your running shoes on for a 5K or 10K. Donate just $10 to the Camp Thunderbird Scholarship Fund to walk the course and receive a free t-shirt.

Lake Wylie Music Fest: Visit the Lake Wylie Music Fest and Craft Beer Extravaganza! Admission includes beer samplings, a commemorative glass, backstage enjoyment of Music Fest and a variety of vendors.

Although Lake Wylie is a great place to vacation, it’s even a better place to live! Among our 325 miles of shoreline, there are countless waterfront homes currently available. During your visit, we invite you to tour some of our Lake Wylie waterfront homes. Visit LKWRealty.com for current listings, additional information on neighborhoods, and more.