Lake Wylie Real Estate

July Market Report

August 15, 2019 by lkw_df Leave a Comment

The monthly market report has been published by the Charlotte Regional Realtor Association. They compile data about the entire region as well as parsing the data by city, town, and subregion from the Multiple Listing Services, Inc. This month it shows that we are once again seeing a shortage of homes which is driving prices higher yet. When homes do come on the market, they aren’t sitting long before they go under contract.

This trend has been going on for a while, but this month there was a steep rise in home prices from last year at this time. This deepens the crisis for buyers even as mortgage interest rates are now sitting below 4%.

The median home price rose 10.4% from $240,000 up to $260,000. Homes are spending an average of 38 days on the market before a sale meaning homes are on the market 85 days from listing to closing. There are currently 9,416 homes on the market, down 15.3% from the 11,123 at this time last year.

When we look just at Lake Wylie, the numbers can be skewed because of smaller sample size, but they don’t look as dire as the entire Charlotte region. Median home price actually decreased slightly from $345,750 down to $341,500, a decrease of 1.2%. There are fourteen more homes on the market now than last year at this time, an increase of 3.4%. There are also 42 more new listings this year at this time vs. last year at this time, an increase of 28.6%.

This is hopeful for the Lake Wylie area where pending sales and closed sales were also up from last year. This means that buyers may be starting to be more equal to sellers in home purchase negotiations. Experts say a balanced market has around 6 months of inventory and Lake Wylie currently has a 3.8 month supply. This is substantially better than the 2.3 month supply for the entire Charlotte region.

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.

Neighborhood Spotlight: Mill Creek Falls

August 8, 2019 by lkw_df Leave a Comment

If the last bit of summer has you thinking you’d like to live closer to the Lake, Mill Creek Falls could be the place for you. This master-planned community has great amenities, award winning schools, lower South Carolina taxes, and is still close enough to the city for commuting.

Mill Creek Falls was named after Mill Creek, a nearby tributary to Lake Wylie. The neighborhood was initially built between 2005 and 2006, and was completed over the next ten years. There is an active homeowners association which organizes events and activities throughout the year. These range from an annual chili cook-off to an Easter egg hunt. Many of the events are held at the Junior Olympic sized pool, and many at the Clubhouse. In addition, amenities include a children’s pool, tennis courts, gazebo, picnic area with barbecue grill, walking trails, and a six-acre lake for the community to enjoy.

Located off of Highway 274, Mill Creek Falls is just south of the North Carolina state line. This great spot means that you are close to the Lake and public lake access, as well as outlet malls, restaurants, grocery stores, entertainment, and the town of Clover.

Homes in Mill Creek Falls are single-family and semi-custom homes ranging between 2,000 and 4,000 square feet. Most of the homes have 3 to 5 bedrooms and 2.5-4 bathrooms. Average list price of homes is just under $300,000, though there is a pretty wide range depending on features and size of the home.

Currently there are 10 homes for sale in Mill Creek Falls which represents a 4 month supply of inventory. The entire Lake Wylie region now has a 6.1 month supply of inventory. This community has a very stable market with an average of 2.5 homes selling each month. To schedule a private tour of available homes in Mill Creek Falls, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

Tega Cay Named Best City to Live in SC

July 31, 2019 by lkw_df Leave a Comment

Residents of Tega Cay already know, but recently a financial news and opinion company called 24/7 Wall St. chose Tega Cay as the best city to call home in South Carolina. 24/7 Wall St. is a widely published company based in Delaware.

Some of the methodology to determine the winning city included affordability, safe streets, a strong economy and a variety of options for entertainment. They also used data from the U.S. Census Bureau and the FBI to rank cities, towns, villages, and boroughs with at least 8,000 residents. Overall, 26 different factors were weighed in four categories: quality of life, affordability, economy and community.

Tega Cay ranked the highest in part because of population size (9,026), median home value ($301,200) and % of residents that live in poverty (less than 1%). Median household income of $120,346, access to water for swimming, boating, and fishing also help Tega Cay top the list. Proximity to Charlotte helped push Tega Cay up to the top as well with access to high paying jobs.

Access to bars and restaurants make Tega Cay stand out. Education level of the population, access to libraries, museums, and movie theaters were factored in as well. Travel time to work, violent crime rate, property crime rate, unemployment, transit methods, and employment growth were used to rank cities as well.

When all was said and done, Tega Cay topped the list. Locals may not be terribly happy that this list is out because it could cause many more people to know about this amazing spot. If you would like to jump on a chance to own a home in Tega Cay, schedule a personal tour of homes with us by calling 803-831-8588. If you would like to view current listings and create custom searches, click here.

To read more about the ranking, click the link to the article in the Herald here.

Neighborhood Spotlight: The Cottages at The Landing

July 31, 2019 by lkw_df Leave a Comment

If you love The Landing, but don’t quite have the means to get into one of the amazing custom homes here, The Cottages at The Landing may be just the place for you. These homes have all yard work taken care of by the Homeowners Association, so they are perfect for anyone without the time or the green thumb to care for a yard. This means they are perfect for young professionals, empty-nesters, young families or really anyone.

The Cottages at The Landing backs right up to The Landing neighborhood. This location just off Highway 49 near the intersection of Highway 274 means that residents are just 30 minutes from Rock Hill, Uptown Charlotte, Gastonia, or Charlotte-Douglas International Airport. You are also steps away from Lake Wylie and the whole lake lifestyle.

Residents also enjoy the Shoppes at The Landing with retail, restaurants, banking and more. There are also many other options within walking distance for dining, shopping, groceries, and all of your other necessities. Children in The Cottages at The Landing are zoned for award winning Clover schools. Also nearby are Daniel Stowe Botanical Garden, Kings Mountain State Park, and McDowell Nature Preserve.

Homes in The Cottages at The Landing are mostly 3 bedroom and 2 bathroom with between 1,600 to just over 2,100 square feet of living space. These cottage style homes have open floor plans, perfect for entertaining. These homes have amazing details with trey ceilings, wainscotting, mouldings, hardwood flooring, front and rear porches, and two car garages. Some of the homes have guest suites, home offices, walk-in-closets and much more.

Homes in The Cottages at The Landing don’t come on the market often and they don’t stay on the market long before they go under contract. Prices are typically in the $300,000’s and are a great value. If you would like to schedule a personal tour of homes in this or any other Lake Wylie neighborhood, give us a call at 803-831-8588. You can also view current listings on our website here.

New Development Permitting Center Approved

July 24, 2019 by lkw_df Leave a Comment

City council recently voted to approve construction on a new multi-departmental permitting facility. The new permitting facility will reside in the first floor of the Charlotte-Mecklenburg Government Center.

The space is intended to streamline the permitting process and allow all departments to work together more efficiently. City Manager Marcus D Jones said “The CLT Development Center is the product of our efforts to have collaborative partnerships with the development community. We are excited to bring new, innovative ways to work together to create great projects for Charlotte.”

The CLT Development Center space will house service teams from:

Charlotte Department of Transportation (CDOT)

Engineering

Urban Forestry

Construction Inspection

Charlotte Water

Erosion Control

Subdivision

Zoning

Fire

Plan Review Coordination

The new CLT Development Center will provide the same permitting services they do now as well as expedited services for an additional fee. This is great news for anyone doing a large scale remodel or addition to their home. It will also be invaluable for new construction homes as well as custom builds as expedited services can help projects stay on schedule. The CLT Development Center should be open for business in December of 2019.

If you are interested in buying or selling a home in the Lake Wylie area, call us at 803-831-8588. To view current listings and create custom searches, click here.

To read more about the Development Permitting Center, click here.

June Market Report

July 17, 2019 by lkw_df Leave a Comment

Home prices are still on the rise in the Charlotte area. This is in contrast with the rest of the nation where there has been a cool down in prices. This information was published by Case-Shiller from their S&P CoreLogic Report. It’s hard to know how long prices can go up, but they don’t appear to be stopping yet. This can be a boon to sellers, but can spell trouble for buyers who can get priced out of the market.

The Carolina Regional Realtor Association published numbers for June based on data from the Multiple Listing Services, Inc. Based on their data, average sales prices in the Charlotte region were up 7.1% year over year from $302,011 to $323,316. When you look at year to date number, they are also up 4.3% from $287,358 up to $299,703.

The Charlotte region also had a dip in sales, decline in inventory, and a slight decline in new listings. Pending listings were up 16.3% so there is hope that there will be strong sales numbers next month as many of the pending listings head to the closing table.

When you look at the numbers for Lake Wylie, average sales prices were up 3.9% from $382,553 to $397,428. Pending sales and new listings were both up, 25.9% and 14.5% respectively. This indicates that Lake Wylie sales are still strong despite lower inventory, down to just a 3.5 month supply.

Closed sales for homes in Lake Wylie were just about level with last year at the same time. Homes are selling more quickly than last year at this time. In June of 2018, homes were on the market for an average of 113 days from listing to closing. In June of 2019, homes were on the market for an average of 108 days from listing to closing, a decline of 4.4%. These homes spend an average of 58 days on the market before they were under contract.

If you are in the market to buy or sell a home in the Lake Wylie area, give us a call at 803-831-8588. If you would like to view current listings and create custom searches, click here.

Neighborhood Spotlight: Patriots Crossing

July 16, 2019 by lkw_df Leave a Comment

Patriots Crossing is a tiny little spot that should loom large on your radar. Just three streets comprise this neighborhood, but they are full of amazing homes that rarely come on the market.

Homes in Patriots Crossing have large estate sized lots with each lot coming in at or over 1 acre. Homes were built in the early 2000’s and many of them show as brand new. They have large floor plans with plenty of storage as well as flex spaces, home offices, gourmet kitchens, and outdoor living areas.

Another major draw for the neighborhood is the public schools. Homes in Patriots Crossing are currently zoned for highly desirable and award winning Clover Schools. This coupled with lower South Carolina taxes make this a great location for families.

Patriots Crossing is located just north on Highway 274 from Highway 49. This great spot is close to Daniel Stowe Botanical Gardens as well as great spots for shopping and dining. Public boat ramps are close by so you can enjoy the full Lake lifestyle as well. A trip to Uptown Charlotte is a breeze as is one to Charlotte Douglas International Airport.

Just one home sold in the last year in Patriots Crossing. It was only on the market for less than 60 days before going under contract. That home has 4 bedrooms, 4 full bathrooms, and over 3,000 square feet of living space. This stunning home has the flexibility to have either a first floor office, or guest suite with full bathroom, and sold for $365,000.

If you are interested in a home in Patriots Crossing or any other Lake Wylie neighborhood, give us a call at 803-831-8588. You can create custom searches and view current listings on our website here.

Explore Harpers Mill

July 10, 2019 by lkw_df Leave a Comment

If you are interested in a townhome in the Lake Wylie area, Harpers Mill is a great place to explore. There are great amenities, lake proximity, nearby options for shopping, dining, and entertainment. All of this within commuting distance to Uptown Charlotte, yet with lower South Carolina taxes and extraordinary Clover schools. No wonder these homes don’t stay on the market long.

Located right off Highway 49, Harpers Mill is just a few minutes away from the Buster Boyd Bridge. This great location is just down the road from public boat ramps for access to the Lake. Residents can walk to shopping and dining options and are also close to River Hills Country Club.

From Harpers Mill, a trip to Uptown Charlotte is just over 20 miles. A trip to Charlotte Douglas International Airport is just over 17 miles. Fort Mill, SC is just over 12 miles, and McDowell Nature Preserve is just across the bridge.

Homes in Harpers Mill come in groupings of four and six homes. End units typically command a premium as they only have one shared wall. Homes have 2-3 bedrooms and 2-2.5 bathrooms and around 1100 to 2000 square feet of living space.

In the past year, 17 homes sold in Harpers Mill with prices ranging from $135,000 to $215,000. This affordable price point is perfect for a starter home or for downsizing from a larger home. There are currently 6 homes for sale in Harpers Mill ranging in price from $147,000 to $219,900.

If you are interested in touring homes in Harpers Mill, call us at 803-831-8588. You can view current listings and create custom searches on our website here.