Once again, inventory is low, prices are on the rise, and homes are selling quickly. These monthly numbers have been published by the Canopy Realtor Association based on data from the Canopy Multiple Listing Service. They confirm the trend that has persisted in the market for the last few years and there seems to be no relief in sight at this time.
In the Charlotte Region, which includes 12 counties in North Carolina and 4 counties in South Carolina, there is just a half-month supply of homes. This means that if no more homes were listed, the supply of homes for sale would last about 2 weeks. A balanced market is when there is a 6 month supply of homes on the market which we have not seen in years. These homes are selling for a median price of $360,000, up 22% from the same time last year. Homes are selling after an average of just 23 days on the market, down 28.1% from last February.
When you look at the numbers for Lake Wylie, you see the same trend playing out. There is just a 0.4 month supply of homes, only 57 homes on the market, down 57.5% from the 134 homes last February. These homes are selling for a median price of $520,000, up $123,000 from last February representing a 31% increase. They are selling in an average of 22 days which is 14 days quicker than last year at this time.
Closed sales, pending sales, and new listings are all down from the same time last year as well, 14.7%, 16.8%, and 8% respectively. This could mean that many people are holding off listing their homes until the typically robust spring market, but it can also signal that many people are holding off on purchasing a home due to inflation of prices in combination with the rise in interest rates. Lack of supply has chased some buyers from the market as well as they can become discouraged after making offers on many homes and not winning against stronger or all cash offers. March is typically the start of the spring sales boost so we will keep an eye out to see if the trend continues or if we see some relief in the chronically low inventory.
For more information about the real estate market or about buying or selling a home in the Lake Wylie area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.