November Market Report

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.

Neighborhood Spotlight: Patrick Place

Just minutes from Lake Wylie, in desirable Clover, South Carolina, you’ll find a gem of a neighborhood called Patrick Place. This beautiful community is comprised of stately, brick, single-family homes in a secluded feeling wooded setting. The neighborhood amenities take advantage of nature with wooded trails, picnic pavilions, ball fields, and a basketball court. There is also a historic building called “The Cabin” available for private resident use.

Homes in Patrick Place are all custom built so have touches built to suit for each resident. Many homes have chef’s kitchens, media rooms, bonus spaces, home offices and more. Lots are large, between ½ and 1 full acre so there is plenty of room for outdoor sports, pools, lawn games, and socially distanced gatherings.

There is currently one lot offered for sale in Patrick Place. This is a perfect opportunity to build your dream home from the ground up. This lot is sloped so it is perfect for a crawl space or basement style home. You can bring your own builder and really create something special here.

In the last year, just six homes sold in Patrick Place for an average sale price of just over $430,000. Patrick Place is currently a seller’s market, especially compared with the 3 month supply of homes in Clover and the 2.9 month supply in York County.

If you are interested in buying or selling a home in Patrick Place or would like to learn about any other neighborhood in the Lake Wylie area, give us a call at 803-831-8588. You can view all current listings and create your own custom home search on our website at lkwrealty.com

New Development on the Horizon

A new development is in the works on Lake Wylie and Little Allison Creek. The proposed project is being put together by Fielding Homes which is a local builder working in the Fort Mill and Lake Wylie areas. Their previous projects include Mason’s Bend and Paddler’s Cove just to name a few.

The new project is called Lakeside Glen and the plans show that it will be a 425-lot single-family residential project. The site sits on 305.7 acres located between Highway 274 and Allison Creek Road.

This project has been in the works for some time, with a preliminary plat originally filed in March of 2015. There have been changes and revisions since the original filing, the most notable has been increasing of minimum lot size.

There are not many more details available at this time so we still don’t know the size or price range of the homes yet. The York County Planning Commission will continue to work with Fielding Homes as this project comes to fruition.

To learn more about this new development, call us at 803-831-8588. Visit our website LKWRealty.com to learn more about Lake Wylie and to view current listings and create custom searches of available homes.

August Market Report

The Covid-19 pandemic has changed the game for the real estate market in recent months. The monthly numbers from the Canopy Realtor Association report on the Canopy Multiple Listing Service is out and we have the details.

If you look at the entire Charlotte Region, which includes 12 counties in North Carolina and 4 counties in South Carolina, you see that prices are up, homes are selling quickly and that there are fewer homes on the market.

When you look just at the Lake Wylie area, you see that prices are up, homes are selling quickly, and that there are fewer homes on the market. This is the same trend that is holding true.

In August of last year, there were 427 homes for sale in the Lake Wylie area. This year there are only 190, a decrease of 55.5%.

Homes are going under contract in an average of 45 days, 12 days quicker than last year. The average home is sold 100 days after it is listed, down 8 days from last year.

Prices are up as well, the average list price of a home in Lake Wylie is $456,073, up 9.1% from last August. Sales prices are also up, 5.4% to an average of $432,606.

There are 23.3% more pending sales this year than last year which means that we should have strong sales figures for next month as many of these sales close. There were also 25% more new listings this August showing that we should see many of those homes go under contract to keep the numbers strong for the next few months. Colder weather usually slows the market down, but we may see that happen later than usual since the spring bump was pushed to the summer.

If you are interested in buying or selling a home in the Lake Wylie area, give us a call at 803-831-8588. For more information and to search available homes, be sure to visit LKWRealty.com.

Custom Build in The Retreat at Sunset Ridge

If you are one of the many people who desire the laid-back lake lifestyle, The Retreat at Sunset Ridge might be the place for you. This desirable neighborhood is tucked away and private, but is still convenient to Lake Wylie, Clover, and Uptown Charlotte. The neighborhood features new construction custom estate homes. There are existing homes that occasionally come on the market, or you can build your dream home from the ground up.

Homes in the neighborhood are typically between 2,600 to over 4,400 square feet. They can have anywhere from three to six bedrooms, owner’s suites, guest suites, gourmet kitchens, media rooms, and many more custom features. Homes typically sell in the $500,000’s and land typically sells for $50,000-$85,000 depending on size, topography, and proximity to the lake.

In the last year, only four homes sold in The Retreat at Sunset Ridge. This means that there is not much turnover in the neighborhood which is great if you already own a home there, but can make things tricky if you are trying to get into the neighborhood. That’s where we can help because we know the moment a home is listed on the market, and in some instances, we know before a home is listed and we can help you to be the first to get a sneak peek.

There are currently two homes on the market in The Retreat at Sunset Ridge and both of them are already under contract. There are also 5 lots currently for sale which are perfect for getting a start on your dream home. If you would like to schedule a private tour of homesites, give us a call at 803-831-8588. We can help you get in contact with approved builders for the neighborhood to start you on your way.

You do not want to miss a home in The Retreat at Sunset Ridge, and for more homes available and other great neighborhoods in and around Lake Wylie, be sure to visit LKWRealty.com.

Join the Lake Life

What better gift can you give your dad this Father’s Day than a new home on Lake Wylie? There are so many to choose from at all different price points. What better way to escape the heat than to join the many people who already enjoy the lake lifestyle?

So, you’ve decided to become a homeowner. What’s the next step? You need a Realtor to help you through the process. They are trained professionals who work just for you to walk you through the largest single investment you will probably make in your lifetime.

The first step they will help you through is to get pre-qualified for a loan. This process can be time consuming as you need to provide documentation of your finances to your loan originator. This will include information about your employment, your bank records, and outstanding debts. This will help you know how much home you can afford.

When you have this information, it is time to circle back with your Realtor to start looking for homes. This will initially be done with a search engine like this one here.  Your Realtor has even more search parameters they can set up for you in a custom search so they can narrow down your prospective homes.

Once you have narrowed your search, it is time to go and see the homes in person. It can be hard to tell from photos what the feel of a home is, be sure to pay particular attention to the neighborhood, the location of amenities, the distance to shops and entertainment. It’s a good idea to view the home at different times of day to see traffic to and from work.

The next step is to choose the home of your dreams and work with your Realtor to craft an offer. There could be a few rounds of negotiations, or it could be a done deal the first time. It all depends on how many other people are vying for the same home.

When you have an accepted offer, you need to schedule to have the home inspected to make sure there are no outstanding maintenance issues. If there are, this is time for another round of negotiations where the seller will either fix issues or give you money to compensate you for repairs you will have to do once you own the home.

The next steps are all about getting your loan in order. You will need to provide further documentation to your loan originator, then once all of the paperwork is done, you head to the closing table. You will sign paperwork and the home is yours. Get ready to jump into Lake Wylie as you become the newest resident.

If you are ready to get the process started, give us a call at 803-831-8588. You can view current listings and create custom searches on our website here.

Neighborhood Spotlight: Clover Meadows

If you are looking for a family friendly neighborhood in Clover, South Carolina, look no further than Clover Meadows. This great spot is one of the largest subdivisions in Clover meaning that there is a great community feel. There have been three builders, Craft Homes USA who built from 2003-2005, CP Morgan between 2005-2009, and True Homes is doing the final building phase that started in 2009 and is almost complete. These homes enjoy lower South Carolina taxes, which also feeding to spectacular Clover schools.

Clover Meadows is located just off Main Street a little bit to the North of the heart of Clover. Residents are close to Lake Wylie, but can also head straight North to Gastonia, or to highway access to connect to Uptown Charlotte, and Charlotte Douglas International Airport. There are many choices for shopping, dining, and entertainment close by.

Homes in Clover Meadows are affordable with the average price hitting just over $200,000 over the last year. There are many homes still in the mid-$100,000’s. Most of the homes are around 1,700 to 2,800 square feet but there are a few homes that are over 4,000 square feet of living space. Homes have a range between 3 and 5 bedrooms and 2 and 2.5 bathrooms. Homes have 1 to 3 car garages, and have low maintenance exteriors, some with stone and brick detailing. Interiors have open floor plans and plenty of storage.

If you are interested in joining the community in Clover Meadows, give us a call at 803-831-8588. We can arrange a private tour of homes, and can advise you further on the local real estate market. You can view all current listings and create custom searches on our website here.

YTD Market Reflections

More than half of the year has already passed us by, and the real estate numbers for Lake Wylie look good. In fact, only three areas, Mt. Holly, Moresville, and Harrisburg, had a larger increase in closings. This is great news for current homeowners in the area as they can expect to see a stable market for equity in their homes as well as for resale values. It can be challenging for buyers as it means that the market is strong so finding a home can be tricky.

Lets dig into the numbers a bit, all numbers we are looking at are Year-to-date from January to June and we are comparing 2018 to 2019. All of these figures come from the Multiple Listings Services, Inc which is owned by the Carolina Regional Realtor Association. In 2018 there were 601 home sales that closed. During the same period of 2019, there have been 656. This increase of 55 closings represents a rise of 9.2%.

New listings and pending sales are indicators of how the market will do for the next few months as those will head towards the closing table. In 2018 there were 954 new listings. In 2019 so far there have been 1,019. This is an increase of 65 listings or 6.8%. Pending listings were 677 in 2018 and are at 826 in 2019. Increasing by a whopping 22%, this represents 149 additional pending sales.

Price is the other big factor when comparing data from year to year. One waterfront sale can make a big difference in numbers as the sample size is smaller and can be skewed. In 2018, the average price for a home sold was $395,023 and in 2019 it is $396,509. This is a modest increase of just $1,486 which is just a 0.4% increase. Homes are selling a little bit quicker as well, in just 121 days from list to close. This is a whole week quicker than 2018 at this time.

It appears that the Lake Wylie area can expect the real estate market to remain strong at least for the near future. If you are interested in buying or selling a home near or on Lake Wylie, give us a call at 803-831-8588. You can view current listings and create your own custom searches on our website here.

Explore Forest Oaks

If you’re looking for a great family friendly neighborhood near Lake Wylie, South Carolina, look no further than Forest Oaks. This great spot is adjacent to River Hills Country Club and just steps away from the shore. Right down the road is the Buster Boyd Bridge with many shopping and dining options, some even within walking distance. About 5 minutes down the road is public boat access so you can take advantage of the full Lake lifestyle. This location is also perfect for anyone with an Uptown Charlotte commute.

Homes in Forest Oaks were built between 1989 and 2009, with most of the homes built in the early 2000’s. Homes range in size from 1,100 to 2,300 square feet. That makes them the perfect starter size for a small family or for downsizing from a larger home. Homes have 3 to 4 bedrooms and 2 to 3 bathrooms. Yards are small and easy to care for, and exteriors are low maintenance.

In the past year, 22 homes sold in Forest Oaks. This is a great neighborhood to watch closely as there are currently six homes on the market. Prices typically range from $155,000 to $231,000 so these homes are much less expensive than many other areas of Lake Wylie. There is currently a 3.4 month supply of inventory which is compared to a 6.4 month supply in the whole of Lake Wylie. This means that Forest Oaks is currently in a seller’s market.

If you would like a private tour of homes in Forest Oaks, call us at 803-831-8588. You can view current listings on our website here and also create custom searches to help find your perfect next home.

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.