Year over year, homes in Lake Wylie are selling in less time, 117 days down from 153 days. This is 23.5% faster than a year ago per the May monthly report released by the Carolina Regional Realtor Association.
Inventory is smaller by 20.2% over the same time last year, down to 376 homes from 471. This appears to bear out the trend we have been following showing the seller’s market staying strong at the current time.
The average sales price in Lake Wylie is $368,003 with the median sales price at $329,172. However, new listings are up by 9.3% year over year with 153 new listings in May. Year-to-date 376 homes have already sold in Lake Wylie up 14% from last year when only 347 homes had been sold by the end of May.
The number of new listings was up again this month from 140 to 153, an increase of 9.3%, as more sellers are listing their homes. The number of homes sold was also up from 91 last year to 109 this year. This represents a 19.8% increase. The continuing trend is significant for both buyers and sellers.
In the City of Charlotte, the trend is still dramatic. Year over year, homes are selling in 86 days down from 97 days last year. Homes within the City are selling for an average of 97.8% of list price up from 96.5% in 2015. There are 1.9 months of inventory down from 3.1 months. There has been a 4.8% increase in new listings as more sellers are taking advantage of the seller’s market. This means there is more demand for less supply driving prices higher.
The entire Carolina MLS Region, which includes parts of South Carolina, the trend is less dramatic, but is showing the same pattern. Year over year, the inventory supply is down while sales price is up, days to close are down and new listings are up. We will have to wait and see how the market changes as the hotter months usually lead to a slow down in the cooler months. Will the sellers continue to have a great market or will the buyers begin to have the advantage? We will have to see what next month’s report has to tell us.