The October Real Estate Market numbers have been published by the Canopy Realtor Association. Based on their Canopy Multiple Listing Service, we are still seeing a rise in inventory, but home prices have yet to come down. In fact, Childress Klein reported that the Charlotte area is facing a grim affordability crisis with just 3.8% of homes selling for under $150,000 and about 25% selling for less than $300,000.
You can see that lack of affordability in the Lake Wylie area where the average sales price for homes was $600,087 in October. There is just one home listing in Lake Wylie that is under $200,000 which is a 2 bedroom 2 bathroom condo with just over 1,000 square feet of living space (of course, already under contract). All of the other listings under $300,000 are lots ready for building. This is not surprising as Lake property typically commands a premium as the lake lifestyle and resort style living comes along with these amazing homes.
In addition to rising inventory and rising prices, we are seeing the yearly slowdown in new listings as we head into the holiday season. New listings are down 22.7%, pending sales are down 40.7% and closed sales are down 29.7% from the same time last year. The rise in inventory is explained by a rise in days on market before a sale which was up 50% to 24 days. Until we see relief in inflation and interest rates, we could see inventory sit even longer until eventually we see a correction in prices. It is definitely a trend worth watching.
If you want to know more about the Real Estate Market or about buying and selling homes in the Lake Wylie Area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.
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