The trend continues in the Charlotte area, with more homes listed for sale, staying on the market for longer, and sellers accepting less than asking price. The market has definitely slowed down from the frenzy we had last year. The data from the Canopy Realtor Association shows that new listings are down, pending sales are down, and closed sales are all down from the same time last year.
When you look at the data for the Lake Wylie area, you see the same trend. There are now 135 homes for sale, up 121.3% from the 61 homes for sale last March. These homes are staying on the market for an average of 51 days before they sell, up 121.7% from the 23 days last March. These homes are selling for an average of 95.9% of list price, down 6.4% from the 102.5% of list price they were selling for last year at this time. This shows that there is room for bargaining and that buyers have room to negotiate and that there are fewer homes getting multiple offers pushing prices higher.
Closed sales are down 33.8%, pending sales are down 25.2%, and new listings are down 10.9% from last March. Prices however, are staying stable. The median price for a home was $499,945, this was up just slightly, 0.7% from $496,555 last March. List prices have been rising, 7.3% from $616,121 last year up to $661,227 this year. This shows that even though sellers think that they can get much more for their home, the market has spoken and prices are staying stable. This one spot where inflation is not holding is a relief for buyers.
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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