The numbers are out once again from the Canopy Realtor Association. They show the trend once again of low inventory, prices inching up higher, and homes selling quickly. When you look at the entire Charlotte Region, you see that despite more homes being listed than at the same time last year, that inventory has hit a historical low of just a 1.1 month supply. That means that just barely over 5,000 homes are on the market down from just under 10,500 last year.
When you look just at the Lake Wylie area, you see that inventory is down to just a 1.3 month supply, this means that 181 homes are on the market versus 430 last September. This typically means that the seller will have the upper hand in negotiations as there is limited supply so they can command a premium when they do sell.
Average Sales Prices are up 5.5% year over year to $440,675. Sellers are receiving on average 99.4% of list price when they sell. This means that most homes are selling at or above list price so buyers can’t expect any discounts right now.
Homes are selling quickly as well. Last year the average home went from listing to the closing table in 106 days, this year they are selling 10 days quicker at 96 days. This shows that there is high demand for the few homes that are listed right now.
New Listings and Pending Sales are both up, but they aren’t able to overcome the low inventory. The pandemic has exacerbated the already low inventory we have been tracking for the last few years. It remains to be seen if the market will recover quickly or slowly once there is a vaccine.
If you are in the market to buy or sell a home in the Lake Wylie area, call us at 803-831-8588. To view current listings and create custom searches for homes, visit LKWRealty.com