The monthly market numbers have been published by the Canopy Realtor Association, and they affirm that there is a record low supply of inventory. For the entire Charlotte region there is now just a 0.8 month supply and for Lake Wylie it is just 1.1 months of homes. A balanced market between buyers and sellers is generally considered to be a 4-6 month supply. This means that sellers are seeing multiple offers and offers above asking price on many homes.
Homes are selling quickly as well, sometimes before they are even listed for sale. Homes in Lake Wylie are averaging 26 days on the market before a sale, down 64.9% from the 74 days last year at this time. This means that buyers have to come to a home ready to put a contract on it. New construction homes are flying off the market as well and supply is not keeping up with the current demand.
Due to the low supply of homes, prices keep rising higher. The average sale price in Lake Wylie rose 22.8% from $369,460 last December to $453,718 this December. Sellers on average can expect to receive 98.8% of list price.
New listings were down 7.5% from the same time last year and were down 3.4% when you look at the full year. The pandemic has likely caused a lot of people to stay in their homes instead of listing this year. We may see an uptick in home listings as this year continues. Most people are predicting new listings to head up as people who would have sold in 2020 will sell in 2021.
For more information on 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.