Real Estate Market

Sellers Market Appears to Stay Strong in Lake Wylie

June 18, 2016 by lkw_df Leave a Comment

Year over year, homes in Lake Wylie are selling in less time, 117 days down from 153 days. This is 23.5% faster than a year ago per the May monthly report released by the Carolina Regional Realtor Association.

Inventory is smaller by 20.2% over the same time last year, down to 376 homes from 471. This appears to bear out the trend we have been following showing the seller’s market staying strong at the current time.

The average sales price in Lake Wylie is $368,003 with the median sales price at $329,172. However, new listings are up by 9.3% year over year with 153 new listings in May. Year-to-date 376 homes have already sold in Lake Wylie up 14% from last year when only 347 homes had been sold by the end of May.

The number of new listings was up again this month from 140 to 153, an increase of 9.3%, as more sellers are listing their homes. The number of homes sold was also up from 91 last year to 109 this year. This represents a 19.8% increase. The continuing trend is significant for both buyers and sellers.

In the City of Charlotte, the trend is still dramatic. Year over year, homes are selling in 86 days down from 97 days last year. Homes within the City are selling for an average of 97.8% of list price up from 96.5% in 2015. There are 1.9 months of inventory down from 3.1 months. There has been a 4.8% increase in new listings as more sellers are taking advantage of the seller’s market. This means there is more demand for less supply driving prices higher.

The entire Carolina MLS Region, which includes parts of South Carolina, the trend is less dramatic, but is showing the same pattern. Year over year, the inventory supply is down while sales price is up, days to close are down and new listings are up. We will have to wait and see how the market changes as the hotter months usually lead to a slow down in the cooler months. Will the sellers continue to have a great market or will the buyers begin to have the advantage? We will have to see what next month’s report has to tell us.

April’s market report indicates a drop in inventory and a favorable seller’s market

May 22, 2016 by lkw_df Leave a Comment

Over the past year, Charlotte as a whole, and particularly the Lake Wylie area, has seen a shift from a fairly balanced market to more of a seller’s market, as the number of homes on the market continues to dip. According to April’s monthly report released by the Carolina Regional Realtor Association, inventory is low.

Lake Wylie had 4.4 months of inventory in April, with 367 homes on the market, whereas the same month a year prior had six months of inventory and 448 homes on the market. This 18 percent drop in homes for sale and 26 percent drop in months supply are significant. With less homes on the market and an increased demand, the sales price is driving up. Last month’s average sales price was $345,297 with the median sales price locking in at $300,000. The 2015 numbers for the same month were $312,646 and $273,000, respectively, indicating approximately a ten percent increase year over year.

Last month’s number of new listings in Lake Wylie were up over 25 percent from last April’s numbers, perhaps indicating a shift in inventory.

On the contrary, as for the entire Carolina Multiple Listing Service region, there was very little change in the number of new listings from April of 2015 to April of 2016. However, there was a drastic drop in inventory (down 34.1 percent), with months supply dropping from 4.4 months to 2.9 months, and total homes on the market dropping from 14,330 to 10,513 (down 26.6 percent).

Mecklenburg County saw a similar percentage change in inventory and had only two months supply of homes for sale available in April. The market certainly seems to be favoring the sellers, but we will have to stay tuned to next month’s report to see where the numbers will lead.

Spotlight: The Vineyards on Lake Wylie

April 5, 2016 by lkw_df Leave a Comment

The Vineyards on Lake Wylie is a single-home and condominium community that offers waterfront living while still being minutes from Charlotte Douglas airport, Uptown and historic downtown Belmont.

Located west of the airport on the peninsula adjacent to Belmont, The Vineyards is just south of Wilkinson Boulevard and west of I-485.

Have no fear of airport noise! With flight paths traveling parallel to the neighborhood, there are no low-flying aircraft over The Vineyards to disturb your peace and quiet!

Including a great location on the water and near the city, the neighborhood offers waterfront homes and a 50-slip marina for boat storage.

Neighborhood amenities include a dog park, walking trails, boat slips and docks, playgrounds, pool with water slide and clubhouse with community room.

The D.R. Horton community, which started going up in 2009 with the condominium construction, is geared toward both families and empty-nesters with two distinct neighborhoods.. Though not age restricted, one section features ranch homes or master bedroom down plans for active adults. Lawn care is included in the HOA fees for those homes.

marina — A walking trail meanders past the resident boat slips.

The Napa Cottages, Kenwood Villas and Salinas Estates. The homes range in size from 1,356 square feet to 2,755 square feet and start in the $230,000s. Kenwood Villas are attached residences, with 4 homes per building and 2-car garages. There are 6 ranch plans for single-family, detached residences.

In its family-oriented neighborhood, The Vineyards has 8 2-story home plans ranging in size from 2,500 square feet to 3,205 square feet. Prices start in the $250,000s.

Calistoga is the neighborhood’s larger family floor plans that start at 2,560 square feet and $249,000. All the plans have 4 bedrooms and attached 2-car garages. Most plans include a large first-floor family room and 2nd floor bonus space. The Cambridge plan offers a third level and expands the home to 6 bedrooms and 2 bonus spaces.

Waterfront properties currently listed on The Vineyards’ site are priced from just under $451,000 to $536,000.

There is no sales data available on the single-family home portion of The Vineyards yet, however, the townhomes are selling at an average of 1.7 per month during the last 12 months for an average price of $277,245 and $124 per square foot.

There are currently 46 townhomes listed for sale in The Vineyards, both new construction and resale residences. Nineteen are under contract as of April 5.

There are many nearby destinations outside The Vineyards. Metro Charlotte is a 20-minute commute. Downtown Belmont and the U.S. National Whitewater Center are both about 15 minutes away. Toward the west are Kings Mountain and Crowders Mountain state parks.

If you love the idea of staying near the city and not making a move further south to the Tega Cay area then The Vineyards on Lake Wylie is a perfect compromise of seclusion and convenience for nearby shopping, dining and activities. With active adults in mind, there is surely a home to fit every family!

Neighborhood spotlight: Clover’s Tullamore

April 3, 2016 by lkw_df Leave a Comment

Great Clover schools, lower taxes and nearby Lake Wylie are just a few of the reason to take a look at the Essex Homes community of Tullamore in Clover!

Tullamore is just south of Autumn Cove and Crowders Creek Elementary School off SC 49/274.

Just 5 miles from the state border, Tullamore is convenient to all the lake-area amenities as well as 25 minutes from I-485/I-77 interchange near Westinghouse Boulevard. Nearby recreational destinations include Daniel Stowe Botanical Garden, McDowell Nature Preserve and Crowders and Kings mountain state parks.

Shopping and dining is very close just north of Tullamore at the intersection of Highway 557. There is a Lowe’s, WalMart as well as restaurants, banks and a grocery store. Further east on 49 there are even more dining options before crossing the Buster Boyd Bridge toward McDowell Nature Preserve.

For boaters, there is access near the Buster Boyd Bridge and Lake Wylie Marina.

tullamorehome — An Essex Home in Tullamore

Neighborhood amenities include a picnic area and playgrounds.

Essex Homes is in the process of building out the 101 home sites in Tullamore, and only new construction is available.

The homes in Tullamore range from 2,100 square feet to 4,096 square feet and are priced starting in the $300,000s. Both ranch and 2-story homes are available in Tullamore on generously-sized lots. Essex is offering 10 home plans with a range of customizable options.

There are currently 11 homes listed for sale in Tullamore. Only 2 homes are under contract as of March 3.

A total of 7 homes have sold in the last 12 months in Tullamore. The average sales price for the homes that have sold in Tullamore is $308,409 and less than $96 per square foot.

The neighborhood is zoned for Crowders Creek Elementary School, Oak Ridge Middle School and Clover High School.

Essex Homes is also building homes in The Bluffs and Handsmill on Lake Wylie.

Spotlight: Lennar’s Southern Trace neighborhood

March 30, 2016 by lkw_df Leave a Comment

Located just around the corner from The Palisades on Youngblood Road is Southern Trace being built by Lennar Homes.

In addition to being convenient to the interstates, restaurants and retail, Southern Trace is convenient to McDowell Nature Preserve, Lake Wylie and Carowinds. Lake access is really close at the Copperhead Island public boat launch next to McDowell Nature Preserve.

Access to I-485 is approximately 20 minutes away. Charlotte Douglas International Airport is 12 miles from Southern Trace via Steele Creek Road, and Uptown is just under 40 minutes away depending on traffic. If works take you to the Ballantyne area then that is only 15 miles away. The closest everyday shopping is less than 3 miles away at Rivergate just east of McDowell.

Southern Trace has a pool and cabana for resident use.

The community offers several floor plans for 2- and 3-story homes on average size lots of a half acre or smaller.

Lennar is offering plans from two of its different home collections – Traditions and The Hall. Many of the homes feature brick and stone veneer with hardboard siding and large front porches.

Traditions homes are priced from $276,990s to $346,490s and are sized from 2,642 square feet to 4,734 square feet. Homes in The Hall collection start at $355,490s up to $429,990s. They are considerably larger starting at 3,567 square feet to more than 6,000 square feet. These plans include 3-car garages and 3-story homes.

There are 25 homes currently listed for sale in Southern Trace and all are new construction. Fourteen of the homes are under contract as of March 30.

Lennar sold 34 homes in the community during the last 12 months. Because it is a new home community, the sales data is not very useful for analyzing the market for Southern Trace homes, but the homes that have sold are averaging $100 per square foot.

The neighborhood is zoned for Palisades Park Elementary School, Southwest Middle School and Olympic High School.

There are many great Lake Wylie-area communities to choose from and Southern Trace is a great choice, especially if you want to be near Lake Wylie and also convenient to the Steele Creek area or South Charlotte.

Lake Wylie sales prices up, inventory down

March 10, 2016 by lkw_df Leave a Comment

The year-over-year average sales prices of Lake Wylie homes was up for February, as the housing inventory dips.

According to data from Carolina Multiple Listing Services (CMLS), the average sales price of a Lake Wylie home rose 12.7% to $364,108 from $323,195 a year ago. Median home sales prices were also up to $320,548, a 10.4% increase from year-ago figures.

The Lake Wylie area has just 4.5 months of market inventory. That is a drop of more than 10% from February 2015 but actually up slightly from 4.4 months inventory in January 2016. Inventory of 6 months represents a balanced market that neither favors the buyer or seller. Less than 6 months inventory is considered a seller’s market.

In February 2016, there were 369 homes actively listed for sale, down from 404 a year ago.

The percent of original list price received dropped slightly from February 2015 to 94.4% from 95.2%. Typically, low inventory drives demand and higher closing prices. Theoretically, the percent of list price should come up if inventory continues downward. However, the market does tend to pick up in the Spring months, which may tip the scales toward more of a balanced market.

Days on the market, which is measured from date listed to under contract, for Lake Wylie homes was unchanged at 107 from February 2015.

As a whole, York County year-over-year figures for February were as follows: Average sales price: $231,877, up +0.9%; Median sales price: $190,500, -5.9%; Months inventory, 2.7, -28.9%; Inventory of homes for sale: 940, -21.4%; Days on the market, 69, -9.2%.

February inventory dropped for the entire CMLS region, which includes 8 counties around the Charlotte metro area. There was just 2.8 months of inventory, a dip of nearly 35% from last year.

Neighborhood spotlight: York’s Bethelfields

March 8, 2016 by lkw_df Leave a Comment

The mature neighborhood of Bethelfields located in York has great amenities, location and school zoning.

Homes in Bethelfields were built in the early 2000s by a variety of builders such as Lennar Homes, Don Galloway and K. Hovnanian Homes.

The neighborhood is on the western shore of Lake Wylie near the intersection of highways 55E and 274 (Hands Mill Highway). A small farm separates the neighborhood from the roadway and gives the majority of the homes in Bethelfields some setback from road noise.

It is about 45 minutes to both the airport and Uptown depending on the route and traffic and is convenient to both Rock Hill and Gastonia. Just north of Bethelfields at Highway 557 are many dining and shopping options, a Wal-Mart Super Center and Lowe’s. The local coffee shops, Crowders Creek Coffee Co., is just a 1.5 miles down the road for a cup of fresh-roasted fair trade coffee.

Inside Bethelfields, the amenities include a pool, 3 playgrounds, picnic tables and sidewalks throughout. There is also storage available to residents for boats, trailers and RVs. Lake access is conveniently located 5 miles south at the Allison Creek ramp.

Homes are reasonably priced in the high $100,000s to mid- to high-$200,000s. Most of the homes are size from 2,100 to 3,100 square feet.

The average sales price of a Bethelfields home during the last 12 months is $227,512 and about $86 per square foot.

Approximately 1.4 homes sold each month in the neighborhood during the last year. Currently, there are 4 homes listed for sale in Bethelfields, which given market data for the last year, is 2.8 months inventory.

York has nearly 11 months of inventory, and York County has nearly 7 months of inventory. Bethfields is still very much a seller’s market at its current inventory.

Home sales average just over 97% of list price in the neighborhood.

Bethelfields is zoned in the desirable Clover School District for Bethel Elementary, Oak Ridge Middle School and Clover High School.

Builder buys hundreds of acres on Lake Wylie

February 9, 2016 by lkw_df Leave a Comment

Bonterra Builders has purchased a large tract of land near Lake Wylie in southwest Mecklenburg County, according to a report in the Charlotte Observer.

Bonterra, whose homes are also in Lake Wylie’s Heron Cove and Belmont’s Morgan Branch, purchased a 213-acre tract off York Road for approximately 6 million, the report said.

The land is southwest of McDowell Nature Preserve just before the bridge. The southern border of the land purchased abuts the waterfront homes on the north side of Boyd’s Cove.

The report did not give a timeline or a plan from Bonterra for the land.

Bonterra lists 29 communities in and around the Charlotte region it has planned or completed.

It builds homes in all price points from the $100,000s to near $900,000. The homes in Lake Wylie’s Heron Cove are large in size and are priced in the $400,000s.

With Bonterra’s development likely coming to the Boyd’s Cove area, now is the time to get in on a beautiful waterfront home there.

This gorgeous ranch built in 2000 has expansive waterfront views throughout and nearly 5,000 square feet of living space.

The home has been fastidiously maintained and is ready for summer fun and watching sunsets from the porch!