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Lake Wylie Real Estate Information

Lake Wylie Lumber Prices More Than Double

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Due to slowdowns at the factories and increase in demand from builders and home improvers alike, lumber prices are up over 200% from pre-pandemic prices. These prices impact the entire industry helping drive already high prices even higher still.

With many people spending more time at home during the pandemic, home improvement stores have seen profits soar as homeowners decided to tackle projects. Many of these ranged from painting to bathroom remodels, to creating home offices, to dedicated school rooms. Most of these didn’t need lumber, but there have been shortages of items, and long lead times for special order items as well.

For the larger jobs, getting a contractor is increasingly difficult with many so busy that they can’t even return calls for potential new clients. Contractors are also having a hard time pricing jobs and accurately predicting completion dates due to lags in supply shipments and scheduling demands of sub-contractors.

New construction is facing lags as well, and is having to pass off increased costs of construction onto the buyers. This is causing cost and timeline overruns on many new construction homes. Most new construction neighborhoods are experiencing long wait lists for homes as there is not much supply, but there is tremendous demand.

These slowdowns don’t just affect people doing renovations on their homes. You also see slowdowns for people trying to get repairs done. This can even affect a typical real estate sale when you are trying to get repairs done. This could lead to sellers offering money towards closing costs instead of making a repair because they can’t get it done in a timely manner. We are also seeing buyers waiving repair negotiations to make strong offers in our competitive market.

If you are ready to buy or sell a home, call us at 803-831-8588 to get started on the process. We can help you get your home ready to sell for top dollar, or help you get the best deal when buying a new home. You can view current listings and create custom searches on our website here.

Sheds can Offer Flexibility

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Many people have felt the lack of space during Covid. With work and school happening at home for many families, they have needed extra space. With contractors booked out for months in advance, custom sheds are an attractive option for many families.

Whether you need a school room for your neighborhood pod, or a quiet office with separation from the rest of the family, a shed can be a good option. It can be much more cost effective when compared to adding on to your house and it is easier to live through construction. If done well, it can significantly add to the value of your home. Larger sheds can even have plumbing and electricity and can be used for an income producing part of your home.

If you are thinking about an elaborate shed, you will still need to follow building codes and get permits for the work. Many homeowner’s associations have rules against separate structures, so make sure to check your covenants and get any approvals necessary before you start your project.

If you are contemplating a home office, she-shed, or man-cave, there are some considerations before you get started. What kind of shed do you need? Do you have space for it in your yard? Can you make it adaptable to serve multiple purposes as the years pass? For instance, right now you might need a school room, but in a couple of years you’d like to turn it into a hangout room for teenage kids. Or maybe you need a home office right now, but when you start going into the office again, you might need a home gym, or craft space, or mother-in-law suite.

Getting started on a project like this can be daunting, but there are some companies that can help make it almost painless. StudioShed and Tuff Shed are just two of the many companies ready to help expand your space. Prices can start at just a few thousand dollars and can climb much steeper if you have electricity and plumbing and luxury options.

If you are interested in buying or selling a home in the Lake Wylie area, call us at 803-831-8588 to get started. You can view current listings and create custom searches on our website here.

January Market Report

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Well, as expected, the market has gotten even tighter before hopefully a spring thaw. There is now just a 0.7 month supply of homes on the market in the entire Charlotte region, or 3,370 homes. Prices are still on the rise as well with the median home price up 12.9% from last year to $285,000. The average price is up 13.6% to just under $340,000. They are selling quickly as well, with the average days on market before a sale at 26. Listing to closing is happening in an average of 83 days, down 17% from 100 days last January.

When you look at the Lake Wylie numbers, you see the same trend. There are only 118 homes on the market representing a 0.8 month supply of homes. This is down 66.9% from the 357 homes on the market last year at this time.

Homes are selling quickly here as well with the average of 31 days on the market before a sale. This includes new construction homes which are hard to come by as well right now.

Prices are climbing in Lake Wylie with the average sale price up to $415,785 in January. Homes are, on average, selling for 99.1% of their list price as well. This means that buyers can’t expect any kind of discount and in many cases we are seeing multiple offers on a home and sales prices above list price.

Closed sales and pending sales are up year over year. 104 sales closed in January 2021, up 48.6% from 70 sales last January. 187 homes were pending this January versus the 117 last January, up 59.8%.

New listings however, are not keeping up with demand. Even being up 3.8% over last January, demand is far outstriping supply. Analysts are predicting a rise in supply when people who have stayed in their homes during the pandemic will list this spring.

If you are considering buying a home, the time to get prepared is now. Getting pre-approved for a loan is a great first step. The time to start looking is also right now. Homes are selling quickly with lots of interest on each listing.

Call us at 803-831-8588 to get started. Even new construction has waitlists so the time to start is now. Visit our website to see current listings and create custom searches.

 

Numbers are from the Canopy Realtor Association monthly report covering 12 counties in North Carolina and 4 counties in South Carolina.

Neighborhood Spotlight: Regency at Palisades

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If you are looking for a low maintenance luxurious existence, Regency at Palisades is perfect for you. This amazing 1,500 acre master planned Toll Brothers neighborhood has everything you are looking for and more. Lakeside living with resort style amenities at their finest, all within 30 minutes of Uptown Charlotte or Charlotte Douglas International Airport.

Amenities are extensive in Regency at Palisades. There is a lifestyle director who can help you take advantage of everything they have to offer. From the clubhouse with a full calendar of activities, to the indoor and outdoor pools, bocce courts, tennis courts, pickleball courts, walking trails, spa, billiards and game room and much more, there is something to entice every resident.

Homes in Regency at Palisades all have owner’s suites on the first floor and there are 8 different floor plans to choose from. Each can be customized to fit your family’s particular needs. Homes have between 2 and 5 bedrooms and 3-5 bathrooms. They start at an easy to care for 1,700 square feet but can be upwards of 3,700 square feet. In the past year, homes sold for a range between $392,000 and $671,000 with the average price coming in at $523,000. There are currently 50 homes on the market with only two of them not already under contract. This popular area has homes going quickly so be sure to act fast.

For more information on a quick move-in home or customizing and building a home in Regency at Palisades or any other neighborhood 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: Woodland Bay Waterfront Community

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Located on the South Point Peninsula of Lake Wylie, Woodland Bay is an exclusive gated  waterfront community perfect for your next home. Woodland Bay is located zoned for highly coveted schools, and is on one of the most tranquil and unspoiled parts of Lake Wylie.

Woodland Bay is located off NC highway 273, just across the road from Daniel Stowe Botanical Gardens. The neighborhood keeps the character and natural beauty of the botanical gardens. It is heavily wooded with rolling terrain and plenty of privacy.

The original developer of Woodland Bay was Crescent Resources, a premium designer of upscale, restricted neighborhoods. There are now many custom builders in the neighborhood ready to help you build your dream house.

Homes have already been built but there are lots available so you can customize a home to suit your particular needs. There are waterfront properties as well as more secluded interior properties and all lots have mature trees and are large enough to have outdoor living spaces and still have privacy from the neighbors.

Homes in Woodland bay have all the bells and whistles. Many homes have home gyms, firepits, gourmet kitchens, fully finished basements, home offices and much more. In the last year just two homes and two lots changed owners. Waterfront lots command a premium but with main channel views for many properties, they are worth it. Lots typically range from ¾ of an acre to almost 2 acres. Homes are typically between 3,000 and 5,000+ square feet of living space. The average home sells for between $800,000 and $2.3 million depending on size and location.

There are currently 4 homes and 4 lots for sale in Woodland Bay with one lot under contract. If you are interested in learning more about one of these great properties in Woodland Bay or any other home in the Lake Wylie area, give us a call at 803-831-8588. You can view current listings and create a custom search on our website here.

November Market Report

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Once again, the trend is continuing that there is not much inventory, and prices are climbing higher. In all of Charlotte, there is just a one month inventory of homes for sale, just 4,554 homes. This is down 52.4% from last year at this time when we thought it was historically low inventory. This year we are really seeing the inventory crunch and when homes are listed, they are practically flying off the market.

The same is holding true when you look just at Lake Wylie. There are just 171 homes on the market in the area, down from 361 at this time last year. This is a reduction of 52.6%. These homes are selling quickly, with just 32 days on average before a sale, down from 55 days last year. This means that homes are selling 41.8% quicker than last year at this time. This is great news for sellers, but is harder on buyers.

Sales prices are climbing as well with the average home selling for $446,518. This is up 10.9% from last year’s average sale price of $402,663. Climbing prices are harder on buyers as well which means if you are in the market to purchase a home right now, you need to be as prepared as possible and could still end up in a bidding war with another buyer.

Realtor.com has ranked the Charlotte area the 3rd best market in the country for 2021 in their predictions. This means that there will probably not be a price correction in the near future, however analysts predict that there will be more homes on the market in the spring as people who delayed listing in 2020 will list in 2021 which could ease some of our inventory woes.

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 a custom search on our website here.

Two New Neighborhoods Could Come to York County

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Two new projects are going before York County planning commission next week. One is for the fourth phase at Sanders Landing, and the other is for a new development called Savana Oaks. Both of them will be great additions to the Clover area.

The fourth phase of Sanders Landing will add 33 additional homes to the neighborhood. These homes will have large lots ranging between one and 3.85 acres. The development began in 2019 and is a project by May Green Properties, a company local to York County.

Many of the homes currently under construction look like modern farmhouses in the style popularized by Chip and Joanna Gaines. There are still a few lots available in the current sections, and a few of the homes currently under construction are available as well if you can’t wait for the new section to be approved and opened.

The new development of Savana Oaks is located on Tart Road on the west side of Clover. The developer is Colttis LLC, based in South Carolina. They want to build 20 homes on a 30-acre site with an average lot size of 1.3 acres. This would leave space for grand homes and plenty of privacy and space for outdoor living. Nothing is known yet about the style of the homes or any potential amenities.

The York County Council will meet on Monday to review both projects and get questions answered before potential approvals. If you are interested in learning more about these communities, give us a call at 803-831-8588. You can view current listings and create a custom search on our website here.

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