July Market Report

The big story in the Charlotte area is once again lack of inventory. The Covid-19 crisis has affected all industries and real estate is no exception. We are now down to just 5,580 homes on the market, representing just a 1.3 month supply of homes. This is down 50% from the same time last year when we were lamenting inventory woes at just a 2.6 month supply of homes. A balanced market between buyers and sellers is typically considered to be a 4-6 month supply. This means that we are in a historic seller’s market meaning that sellers have been seeing multiple offers and they can expect to get top dollar for their homes. We have seen the average sales price creep ever higher to $344,991, up 10.6% from the same time last year.

These numbers are brought to you by the Canopy Realtor Association, which reports on real estate transactions throughout the Charlotte region with their Canopy Multiple Listing Service. According to their monthly report, closed sales were up 11.4%, pending sales were up 23.7% and new listings were up 4.1%. This shows that buyers and sellers are still in the market and are trying to take advantage of historically low interest rates for loans. We could start to see a rebound in the market over the next few months.

When you look at the numbers for Lake Wylie, you see that there are just 194 homes on the market, down from 465 last July. Homes are commanding a premium as the average sales price rose to $462,818 up 21.6% from last year at this time. Homes are selling above asking price as the average list price is $448,513. This means that you should expect to pay on average $14,305 more than list price on a home in the area. Pending sales in Lake Wylie are up 36.8%, but closed sales are down 2.5% and new listings are down 4.8%. Maybe people aren’t willing to give up the lake lifestyle during a pandemic.

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 on our website here.

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