June Market Report

The numbers have been published by Canopy Realtor Association based on the data from the Multiple Listing Service. This month we were not sure what the report would show, but we are cautiously optimistic based on what we saw.

When you dig into the data, you see that sellers are once again in the best position for real estate transactions as the supply of homes has hit a historic low of a 1.3 month supply. However, pending listings are 26.8% higher than last year at this time. Closed sales were down slightly, just 1.8%. With the number of pending listings headed towards the closing table, we expect the closed sales to be much higher next month.

When you get into the numbers for Lake Wylie, you see that the trend of the Charlotte area holds here as well. There are now just 182 homes on the market in Lake Wylie, down from 433 homes last June. This is a decline of 58%. It definitely places sellers in the power position in transactions.

With fewer homes on the market, you expect to see a rise in prices following the law of supply and demand, and that is exactly what we saw. The average sale price was up 7.4% from $395,494 last year up to $424,740 this year. List prices are trending higher as well up 21.7% to an average of $522,374.

It remains to be seen how the numbers will trend for the rest of the year. Seller confidence, buyer confidence and the health of the population will all play roles. As many parents are considering online learning, we may see more people move to larger homes with more property away from density. We may see a vaccine come on the market that allows things to head back towards normal. We will definitely have to wait and see.

If you are interested in joining the Lake Wylie community, give us a call at 803-831-8588. You can create custom searches of current listings on our website here.

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