Inventory is on the rise, homes are staying on the market longer before they sell, but prices are still climbing. This is the story for yet another month in the Charlotte region. Inventory is up a whopping 55.8% from last January to this January, from 3,702 homes for sale to 5,768. The average days on market until sale rose from 23 to 46, or 100% increase. Median sales price rose from $349,700 to $375,000. That $25,300 increase represents an increase of 7.2% from last year to this year.
These numbers are provided by the Canopy Realtor Association from their Canopy Multiple Listing Service. When you zoom in to look at just the Greater Lake Wylie Area, you see that the same trend is holding true. Inventory rose from 103 homes last January up 43.7% to 148 homes this January.
Average days on market before a sale rose from 26 last year to 43 this year, an increase of 65.4%. Median sales price rose from $496,500 last year to $517,000 this year. This increase of $20,500 is up 4.1% from last year.
Closed sales are down year over year (43.4%) as are pending sales (19.8%) showing that we are behind the boom of the last year. We are seeing signs of the market picking back up with what looks like our typical seasonal trend with new listings climbing from 85 last January to 90 this January, a 5.9% increase.
As buyers and sellers get used to the new normal of higher interest rates, we are seeing renewed activity in the real estate market. New projects are still being announced and new construction is humming along.
It will be interesting to see if we finally get back to a balanced market where we have 4-6 months of inventory when we have been holding at such low inventory for years. We currently have a 1.5 month supply of homes, up from 0.7 month supply last year. A balanced market means buyers and sellers each have about equal footing in negotiations. Sellers have had the advantage for years with their peak advantage last year when they were getting over list price on most sales.
If you are curious about what your home is worth or if it’s a good time for you to buy, give us a call at 803-831-8588. We would love to share our perspective on Lake Wylie and the Charlotte area. You can view current listings and create custom searches on our website here.
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