November Market Report

The monthly market report has been published by the Carolina Regional Realtor Association. They collect and analyze the data from the Canopy Multiple Listing Services, Inc. which covers the Charlotte Metro Area as well as 12 counties in North Carolina and 4 counties in South Carolina. The big story this month in the Charlotte area is lack of inventory. Inventory has dipped to a 1.9 month supply of homes. At the same time, sales have increased showing strong demand in the market. This has driven prices higher again with the average sale price up to $306,133.

When you look at the Lake Wylie, the report shows some of the same trends, but some key differences as well. What we are seeing that is the same as the rest of the region is the drop in inventory. Lake Wylie now has just a 2.6 month supply of homes, or 328 homes for sale. This is down 31.6% from the 3.8 month supply last year at this time. A balanced market between buyers and sellers is generally a 6 month supply so sellers currently have the upper hand in price negotiations.

The places where Lake Wylie differs from the rest of the region are mainly in new listings which were up 25.8% from the same time last year. Pending sales were up 41.8% and closed sales were up 14.3%. These indicators are a good sign that the market here will remain strong.

Prices were another place where Lake Wylie differed from the wider region. The median home price was down 7.8% from $376,450 to $346,950. The average sale price was also down 3.6% from $419,637 to $404,344. It is important to remember that due to the small sample size there can be fluctuations in the numbers that can seem extreme, especially if there are a few waterfront homes that sell at a premium.

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 all current listings and create custom searches on our website here.

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