inventory

Steele Creek is home to one of nation’s most thriving zip codes

April 16, 2017 by lkw_df Leave a Comment

A suburban community in Steele Creek just outside of Lake Wylie has made realtor.com‘s list as one of the countries hottest 50 ZIP Codes for home sales.

Throughout the entire Charlotte region, home sales have been on the rise as have new construction projects. New home construction, however, “is moving at a faster pace in the Steele Creek area compared to the city as a whole, according to Metrostudy, which tracks new home construction.” All of this new development means the booming Steele Creek community is drawing plenty of home buyers.

Current inventory available in this region is at just the right price point to continue to attract those ready to purchase a new home, but potential buyers have to act quickly if they are interested in a property because homes here are not staying on the market long.

The median sales price of homes here in March was $193,475 compared to the $220,950 price point for the overall Charlotte region. The greater affordability os good for buyers, plus, with the speed at which homes are selling, owners are even more tempted to put their homes on the market, with much more confidence that they will sell quickly. Thus, the market is good for sellers, too.

There is a ton of growing potential for this area because there is so much land available for new development projects.

For more details and information on one of the hottest ZIP Codes in the country, be sure to read the full article at CharlotteObserver.com.

Monthly Market Update: February

March 18, 2017 by lkw_df Leave a Comment

Let’s take a look at the real estate market stats for February for the entire CarolinaMLS Area, according to the Charlotte Regional Realtor Association.

Inventory for the Charlotte region is still incredibly low, and was down 28.1% last month as compared with February 2016. However, it is worth noting that even though closed sales were only up .5% in year-over-year numbers, pending sales are up 18.4%, indicating that closed sales are going to pick, as well.

Lake Wylie’s inventory numbers are fairly similar, with a 20.6% drop in year-over-year numbers for the months supply of inventory available. However, closed sales are down 25.4% for the area, and pending sales are only up 7.5%.

There is better news for Fort Mill and York County as a whole, though, in terms of pending sales and market activity, where February saw an increase by 44.4% and 43.3% respectively, as compared with pending sales from February 2016.

Even though sales have been slow, the notable number of pending contracts may mean there are many future sales on the horizon and more potential sellers are listing their homes. The 15% increase in listing activity this month as compared with January is a strong indicator that sellers are gaining confidence in listing their homes.

Stay tuned for next month’s real estate stats, as the market across the entire Charlotte region continues to thrive.

Market update: November

December 18, 2016 by lkw_df Leave a Comment

November’s numbers are in from the Charlotte Regional Realtor Association, and Charlotte’s housing market continues to boom with lots of activity. Home sales soared with a jump up 19.7% from November 2015. Inventory continues to struggle to keep up with demand, and prices are on the rise. Furthermore, mortgage rates are also on the rise, so buyers were moving quickly last month to close on their homes to avoid the increasing rates.

The near 20% increase in year-over-year numbers for homes sold in November meant an additional 522 properties closed last month .

In addition to the number of home sales jumping, sales prices also rose by 8.1% as compared with November’s numbers from 2015. Rising home prices can certainly be attributed at least in part to low inventory. November’s inventory for Charlotte as a whole dropped to a 2.6 months supply represented by 9,770 properties for sale. Lake Wylie’s year-over-year months supply of inventory dropped to 3.3 from 5.2, which is a 36.5% drop in inventory. The average sales price of homes in Lake Wylie is up 16.6% for November from 2015. York County’s inventory is also down this year with 2.3 months of inventory in November, and so is Fort Mill’s inventory, down to 2.1 months.

Nationally, mortgage rates are on the rise, and local trends reflect a steady drop in inventory as well as an increase in home prices. Stay tuned for what’s to come in December, when market activity is expected to stay active.

April’s market report indicates a drop in inventory and a favorable seller’s market

May 22, 2016 by lkw_df Leave a Comment

Over the past year, Charlotte as a whole, and particularly the Lake Wylie area, has seen a shift from a fairly balanced market to more of a seller’s market, as the number of homes on the market continues to dip. According to April’s monthly report released by the Carolina Regional Realtor Association, inventory is low.

Lake Wylie had 4.4 months of inventory in April, with 367 homes on the market, whereas the same month a year prior had six months of inventory and 448 homes on the market. This 18 percent drop in homes for sale and 26 percent drop in months supply are significant. With less homes on the market and an increased demand, the sales price is driving up. Last month’s average sales price was $345,297 with the median sales price locking in at $300,000. The 2015 numbers for the same month were $312,646 and $273,000, respectively, indicating approximately a ten percent increase year over year.

Last month’s number of new listings in Lake Wylie were up over 25 percent from last April’s numbers, perhaps indicating a shift in inventory.

On the contrary, as for the entire Carolina Multiple Listing Service region, there was very little change in the number of new listings from April of 2015 to April of 2016. However, there was a drastic drop in inventory (down 34.1 percent), with months supply dropping from 4.4 months to 2.9 months, and total homes on the market dropping from 14,330 to 10,513 (down 26.6 percent).

Mecklenburg County saw a similar percentage change in inventory and had only two months supply of homes for sale available in April. The market certainly seems to be favoring the sellers, but we will have to stay tuned to next month’s report to see where the numbers will lead.