The monthly report from the newly named Canopy MLS is in. When you look at the entire Charlotte area which includes many counties in South Carolina, the same trend we have been following for a while is still in place. Prices are up while supply is down and there appears to be no relief in sight as new listings are almost stagnant. This is persisting despite high demand for new homes with closed sales and pending sales up year over year.
When you look into the numbers for the Lake Wylie area, some of the trends are intact, while some are different. In Lake Wylie inventory of homes for sale is down 37.8% from last year at this time. This should have driven prices up, but it is the opposite. The average home sale was actually down 16.6% from $465,313 to $387,899. Keep in mind that numbers in Lake Wylie can be skewed due to the small sample size, for instance one premium lakefront home can have a big impact.
New listings, pending listings, and closed sales are all up from the same time last year, 27.6%, 40.9% and 10.7% respectively. This bodes well for the area as we can possibly start to recover from some of the inventory slump. Homes are selling quickly showing that there is still a strong demand for homes in the area. The average home was under contract within just 56 days with the closing happening after 106 days.
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.
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