The monthly numbers have been published by the Canopy Realtor Association. They report on data from the Canopy MLS system which shows that our trend is continuing of lack of inventory, rising prices, and now shortening of time from listing a property until closing.
This new trend has been happening for a while now and it seems to indicate the rise in all-cash offers on homes. There are many companies investing heavily in real estate right now with deep pockets to be able to make all cash offer. Many people have also been able to come up with cash for a home purchase. Additionally, there are now companies that will lend you money up front so you can make an all-cash offer on a home with financing happening on the back end of a transaction.
This is shortening the time between list and close to just 68 days, down from 84 last year. That is a 19% difference from last September. In September of 2019 the average was 90 days or 25% shorter two years ago than today.
When you look at the numbers for the Greater Lake Wylie Area, you see we are looking at the market slowing down. There are fewer new listings (-40.4%) and fewer pending sales (-24.9%) this September than last September. Homes on the market are going under contract in an average of 20 days, but are taking 104 days to close which is the opposite of the trend in the Charlotte region.
Prices are still on the rise in Lake Wylie, with the average sales price up to $501,207. Homes are selling for an average of 100.6% of list price, a little bit lower than previous months average, but not enough to push us into a buyer’s market just yet. We expect the market to cool off further this year as we gear up for the holidays.
If you are ready to buy or sell a home in the Lake Wylie area, call us at 803-831-8588 to get started. If you aren’t ready yet, but want to buy or sell a home next spring, give us a call and we will help you to get prepared. You can view current listings and create custom searches on our website here.