May Market Report

This month, though the supply of homes on the market has declined in the Charlotte region, there are many other market indicators that have increased. Closed sales, pending sales, and new listings were all up, .5%, 17.3%, and 2.8% respectively. Prices are also up over last year, with the average sales price up 3.4% from $299,723 to $309,859. The total inventory for the region is down 10.1% from 10,506 to 9,443. This means that buyers are competing for just 2.3 months of inventory giving sellers more of the power in transactions. (A balanced market between buyers and sellers is generally a 4-6 month supply of homes.)

When you look at just Lake Wylie, the numbers are a little bit different, however you need to know that the numbers could look skewed due to the small sample size. For instance, the average sales price was down 1.8% year over year, but that could be due to just one waterfront home as they typically command a premium.

Closed sales were up 18.8% over last year, from 112 to 133, a difference of 21 additional sales. New listings were up 2.6%, and pending sales were up a whopping 42.5% from 113 to 161. This is a great indicator that the market is still strong as many of these pending homes will head to the closing table to boost next months closed sales number.

Homes are selling quicker than last year as well with the days from listing to closing down to 103 from 121, a decline of 14.9%. Homes are on the market for an average of 60 days until sale, down from 65 days last May.

These trends are showing no end in sight yet for the current lack of supply and price increases. All of these trends are taken from the monthly report published by the Carolina Regional Realtor Association. The numbers are from the Multiple Listing Services, Inc.

If you are looking to buy or sell 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.

Lake Wylie Confirmed Attractive for Retirees

Niche, a Pittsburgh-based research and review site, just released their rankings for the top spots in the Charlotte area for retirees and those soon to reach retirement. Lake Wylie and surrounding communities rank high on the list and it’s not hard to see why. The Lake lifestyle and abundance of great homes are attractive all on their own, but Niche also measured many other factors to come up with a score for each area. Some of those included share of residents 65 or older, proximity to amenities such as restaurants, golf courses, exercise facilities, and health care. The categories were weighted with percentage of residents 65 years or older getting the most at 15%.

Belmont came in at #18 in the Charlotte area and nationally in at number 3,984. The area gets an A grade for Public Schools, Housing, Good for Families, and Jobs. B grades were earned for Cost of Living, Outdoor Activities, Crime and Safety, Nightlife, Weather, Health and Fitness, and Commute.

Lake Wylie as a whole came in at #12 in the Charlotte area and nationally in at number 2,977. Lake Wylie gets A grades for Public Schools, Housing, Good for Families and Jobs. B grades were given out for Cost of Living, Outdoor Activities, Crime and Safety, Nightlife, Diversity, Weather, and Health and Fitness. The only C given here was for Commute.

Tega Cay came in at #4 in the entire Charlotte area and 1,411 nationally. This great area received A grades for Public Schools, Housing, Good for Families, and Jobs. B grades were awarded for Cost of Living, Outdoor Activities, Crime and Safety, Nightlife, Diversity, Weather, and Health and Fitness. They did however receive a C for commute.

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

To read more about the Niche rankings, see the full story in the Charlotte Business Journal.

April Market Report

Analysts are optimistic about a slow-down in the rapid pace of home price increases in the Charlotte area. There also appears to be a halt to the decline in the number of homes sold, bucking an 11-month trend. It remains to be seen if the halt is temporary, or the beginning of a longer trend. Homebuyers could use a break as they have not had equal footing in real estate transactions with sellers for a long time with the persisting low inventory and rising prices.

When you look at just Lake Wylie, you see that homes are selling quicker than at this time last year. In fact, cumulative days on market before sale went from 96 days down to 69 days, down 28.1%. Days from listing to closing also reduced from 128 to 103, a reduction of 19.5%.

Inventory is down slightly in the area, from 3.9 to 3.8 months of supply, but not nearly as low as the entire Charlotte area at 2.2 months. New listings are up slightly year over year from 176 to 178, a rise of 1.1%. Closed sales are up 7.1% from 113 to 121. But the big story in Lake Wylie is that pending sales were up a whopping 30.4% from 115 to 150! This is great news for the next few months as we should see strong sales numbers when these pending sales head to the closing table.

Prices in Lake Wylie are headed down per the report, but remember due to small sample size, a few large transactions, or lack of them, can skew numbers so we need to wait and see if this is part of a larger trend. Average sales price was down 5.3% from $395,080 to $374,062. Median sales price was also lower by 8.4%, from $360,426 down to $330,000.

If you are looking to buy or sell 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.

 

March Market Report

Things are looking up in the Real Estate Market this spring. National Homebuilder stocks are rising as the outlook is that the market is recovering from the slow-down. This has been fueled by wage growth and a drop in borrowing costs injected into the typically busy spring season.

When you look at local numbers, we are not quite seeing the uptick in the Charlotte area yet. The Charlotte Regional Realtor Association has published their March report based on data from the Multiple Listing Services. They show that while pending sales are up 13.8% and average prices are up 3.3%, closed sales are down 6%, new listings are down 3.9%. Inventory is once again lower than this time last year at just 2.2 months of supply, down 4.3%.

When looking just at the Lake Wylie area, the numbers are a little bit different. The supply of homes is holding steady from last year with 3.6 months of inventory. New listings were up 3.5%, pending sales were up 12.3% and closed sales were up 3.1% year over year. Average price of a home that sold went down slightly, by 6.8%, but that could be due to just a few waterfront homes which command a premium and can skew the data due to smaller sample size.

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. You can view current listings and create custom searches on our website here.

In Charlotte, Prices Going Up, Sales going down

The Charlotte Business Journal has reported on the newest S&P CoreLogic Case-Shiller Index. Based on the results, home prices are starting to slow down in the metro Charlotte area. Prices rose at an increase of 5.103% which is still higher than most of the 20 metro areas covered by the Case-Shiller Index. This is the smallest gain since April of 2015 and could be signaling a slow down trend.

At the same time as we experienced the small gain in sales, mortgage rates have risen and then fallen again. In January of 2018 the rate was 3.95%, it climbed to 4.95% in November of 2018 and as of mid-March 2019 they are back down to 4.8%. This dip in the interest rates could boost home sales as has been the trend in the past.

To break down the numbers for Lake Wylie, the Case-Shiller Index only looked at one zip-code, 28278. Here is the break down:

 

28278 zip code, up 14.2% on price from $283,124 in 2017 to $323,428 in 2018 up $40,304

28278 down 17.8% in number of sales from 1,110 in 2017 to 912 in 2018 down 198

 

These are numbers for all of Lake Wylie from the MLS Report from the Carolina Regional Realtor Association:

 

Lake Wylie as a whole was up 5.3% from $352,304 in 2017 to $409,539 in 2018, up $57,235

Lake Wylie as a whole was up 10.1% in number of sales from 1,114 in 2017 to 1,227 in 2018, up 113

The rest of the country has seen a slow down in home sales. With the national market it appears as if it is slowly going back to “normal”. This means that buyers will have more power in negotiations, but they will still have to work hard for a good deal.

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

 

To read the full article in the Charlotte Business Journal, click here.

February Market Report

The monthly numbers have been published by the Carolina Regional Realtor Association. They base the report off of numbers from the Multiple Listing Services, Inc. The big story for the Charlotte region is that almost every number is down. From supply of homes to new listings, to days on market from list to close, all of these numbers are down. The numbers that are up are average and median list price.

When you look just at Lake Wylie, the numbers are a little bit different, but keep in mind that the small sample size can make the trends seem extreme. In Lake Wylie, most of the numbers are up from last year at this time. New listings are up 12% over this time last year, from 133 to 149. They are also up when you look at year-to-date, 10.6% over last year from 246 to 272.

This increase is responsible for an uptick in the supply of homes which rose from 3.5 months up to 3.6 months. A balanced market between buyers and sellers is considered to be a 4-6 month supply. This is welcome news for buyers as they have had a harder time in recent years with a rise in multiple offer situations and prices above list. If this trend continues, we could see prices slow in their rise.

Prices for homes in Lake Wylie have increased from an average of $382,147 last February to $393,761 this February. This represents a 3% increase year over year. When you look year-to-date, there has been an 8.4% rise in average sales price which could be the result of a few large sales.

Pending sales were way up year over year from 91 up to 120, a rise of 31.9%. This means that we should see strong sales for the next few months as the homes that are pending head to the closing table. As we head into spring, we should see the market speed up.

If you are looking for 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.

 

State of the Housing in the Charlotte Market by UNCC

A comprehensive report issued last week by the Childress Klein Center for Real Estate (CKCRE) at UNC Charlotte offered a sobering picture of the State of Housing in the eight-county Charlotte Region. Using a wide range of housing data from 2010 – 2017, the report concludes that our region is woefully under-producing both for-sale and rental housing, leading to a growing affordability crisis that is most directly impacting middle-income families.

Read the article:

https://rebiccharlotte.com/2019/01/22/unc-charlotte-state-of-housing-summit/

February Market Report

The Charlotte Regional Realtor Association has released its monthly reporting based on numbers from the Carolina Multiple Listing Services, Inc. According to the report, the Lake Wylie area continues to be strong. Average sales price was up 20.1% year over year to $383,077. Median sales price was also up from $268,201 in February of 2017 to $315,000 in February of 2018, a rise of 17.4%.

At the same time that prices are up, new listings, pending sales and closed sales are also up. At the time of the report, closings were up 30.2% from 53 to 69. Pending sales were up from 73 to 132, a rise of 38.4%. This means that we can expect March numbers to be just as strong as many of the pending sales will close in March.

New listings were up just 8.2% from 122 to 132. This is more encouraging than the entire Charlotte region where new listings were down 1.4%.

Inventory of homes has gone down in Lake Wylie which follows a larger trend throughout the region. There were 314 homes on the market in February of this year, down from 345 last year at this time. This leaves us with a 3.2 month supply of inventory in the region when last year we had 3.9 months. This 17.9% decline mirrors the entire region where inventory is down even further to just a 2.0 month supply.

Low inventory across the region means that sellers generally have the upper hand in real estate transactions. A balanced market between buyers and sellers is generally considered to be a 6 month supply of inventory.

Demand for homes appears to remain strong despite low inventory and now rate increases from the FED. This means that sellers can still expect buyers for homes they list on the market, even with prices edging higher.

Neighborhood Spotlight: Handsmill on Lake Wylie

Handsmill on Lake Wylie is a secluded, gated community located right on the shores of scenic Lake Wylie. The neighborhood is close to the state line, making it only a 30 minute drive to the city amenities of Charlotte. There are 20 square miles of lake for residents to enjoy, where they can reach the water from one of two private marinas and boat ramps. There are also many amenities away from the shore including walking trails perfect for spotting local wildlife. There is also a clubhouse with a Jr. Olympic sized swimming pool, fitness center, kids pool and play area, and an outdoor patio with fireplaces.

Just a 30 minute drive away, is the busy city of Charlotte which offers shopping, dining, and cultural options. For those that don’t want to go all the way to Charlotte, York County itself has plenty of options to explore, including one of several properties listed on the National Register of Historic Places. There is also a new children’s museum in the area as well as additional opportunities to see local wildlife in Kings Mountain State Park.

Currently there is 1 home on the market so the neighborhood is in high demand. This represents 1.7 months of inventory, making the neighborhood a seller’s market. This is comparable to York County as a whole, which is also more of a seller’s market.

In the last year the average price of homes have increased substantially but the average price per square foot has only increased slightly. Homes are currently on the market for around $575,000 and all homes are designed with modern finishes.

With its secluded feel and proximity to so many local and city amenities, Handsmill on Lake Wylie is the perfect place for a family home.

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.