August Market Report

Prices in the Charlotte area are on the rise and inventory is shrinking. If it feels like you’ve read this before, you have. This trend has been going on for a while and there appears to be no end in sight. This means that Charlotte is still a popular spot for people to purchase a home, but it can be hard to find the homes of your dreams due to lack of supply. This has led to homes selling above list price and multiple offer situations which can be stressful.

The monthly report from the Charlotte Regional Realtor Association is based on data from their subsidiary the Carolina Multiple Listing Services, Inc. The data is clear, the average sale price of a home in the Charlotte area was up 5.5% over last August. This was an increase from $294,534 to $310,691. This is an increase of $16,157 in just one year.

The supply of homes went down at the same time from 11,413 down to just 9,412. This is a 17.5% decrease and represents a 2.3 month supply of inventory. A balanced market between buyers and sellers is considered to be a 6 month supply.

When you look just at Lake Wylie in the data, you see that the numbers are headed in the same direction. The average sales price of a home in Lake Wylie went from $386,967 last August to $406,428 this August. This $19,461 difference is 5% higher than last year at this time.

The supply of homes in Lake Wylie decreased from 441 to 385. This leaves us with a 3.3 month supply, a decrease of 12.7% from last year.

The most interesting number for Lake Wylie this month is in pending sales. There was a 97.7% increase in pending sales from 88 last August to 174 this August. This bodes well for our sales numbers for next month as many of these additional sales will head to the closing table.

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.

Get Top Dollar by Staging Outside

If you want to get top dollar for your home, that starts when people drive up to your home. If you don’t have good curb appeal, it sets the tone for a potential buyer to turn around and not even go inside. If they do come in, it sets them up to think that your home can be had for a bargain price. To make the best first impression on a prospective buyer, you have to stage the outside of your house as well as the inside. Below are some of the best projects you can do to get you top dollar when you sell your home.

The simplest and cheapest upgrade you can do is to clean up your home. Sure, you keep the inside of your home clean, but the exterior probably hasn’t been washed in some time. Pressure washing or just cleaning with a hose to get spider webs, wasp nests, pollen, and dirt away can make a world of difference. Cleaning windows helps let more natural light into your home and can make it sparkle from a distance as well.

If you have a little bit more time and money in your budget, refreshing or replacing part or all of a door or door hardware package is a great next step. Painting or staining an entry door can make it look brand new and replacing hardware can take a dated home and make it look more modern. If there are issues with the door, replacing may be the way to go and will give you a great return on your investment. This goes for garage doors as well because they can be a large percentage of what a buyer will see from the curb. You can also add updated house numbers in a modern font so buyers know they are at the right home.

Landscaping can be a great refresh for your home as well. This can be as involved as hiring a contractor to help you, or just trimming your bushes so people can actually see your home and all of its best features. Planting flowers can add a pop of color or just add a hanging plant or some window boxes to highlight your newly cleaned windows. If you have a larger budget, think of adding lighting, upgrading paths or sidewalks, or refreshing your driveway.

If you have done all of those things and your home still could use more sprucing up, maybe painting the exterior will get you top dollar for your listing. If you have more money in the budget, a contractor can help you clad your exterior with new siding, or improve your facade with stone or brick accents.

If you are thinking about listing your Lake Wylie area home, give us a call at 803-831-8588. To view current listings and create custom searches for your next home, visit 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.

July Market Report

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.

June Market Report

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.

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.