In the Charlotte Region, which includes 12 counties in North Carolina and 4 counties in South Carolina, there is just a half-month supply of homes. This means that if no more homes were listed, the supply of homes for sale would last about 2 weeks. A balanced market is when there is a 6 month supply of homes on the market which we have not seen in years. These homes are selling for a median price of $360,000, up 22% from the same time last year. Homes are selling after an average of just 23 days on the market, down 28.1% from last February.

When you look at the numbers for Lake Wylie, you see the same trend playing out. There is just a 0.4 month supply of homes, only 57 homes on the market, down 57.5% from the 134 homes last February. These homes are selling for a median price of $520,000, up $123,000 from last February representing a 31% increase. They are selling in an average of 22 days which is 14 days quicker than last year at this time.

Closed sales, pending sales, and new listings are all down from the same time last year as well, 14.7%, 16.8%, and 8% respectively. This could mean that many people are holding off listing their homes until the typically robust spring market, but it can also signal that many people are holding off on purchasing a home due to inflation of prices in combination with the rise in interest rates. Lack of supply has chased some buyers from the market as well as they can become discouraged after making offers on many homes and not winning against stronger or all cash offers. March is typically the start of the spring sales boost so we will keep an eye out to see if the trend continues or if we see some relief in the chronically low inventory.

For more information about the real estate market or about buying or selling a home in the Lake Wylie area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

When you look at the Charlotte Region (which includes 12 counties in North Carolina and 4 counties in South Carolina) you see that we are now down to just 2,958 homes for sale. This is down 64.2% from the 8,267 homes last February which was considered at the time to be historically low inventory. Median home price rose 11.7% from $262,640 to $293,495. New listings were down year over year by 6.2% representing just 4,481 new listings this month. Homes are going under contract on average in 31 days, even including new construction which typically pushes that number much higher.

When you look just at the numbers for Lake Wylie, you see that there are only 83 homes on the market, down 76.2% from the 349 homes last February. This represents just a 0.5 month supply of homes making it an extreme seller’s market.

Many sellers are commanding high prices for their homes, up to and in some cases over list prices. In fact, the average price a seller is getting on their home right now is 101.1% of the list price. The average home is now selling for 20.9% more than last February, up to $445,902.

There were just 119 new listings in February, down 14.4% from the year before. Pending sales were up 19.5% showing that there is still high demand. These homes are selling on average 34 days after listing.

You have to be ready to go for listing or purchasing a home in the current market. To find out what you need to do to be prepared to buy or sell a home in the Lake Wylie area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.

When you look into the numbers for the Lake Wylie area, some of the trends are intact, while some are different. In Lake Wylie inventory of homes for sale is down 37.8% from last year at this time. This should have driven prices up, but it is the opposite. The average home sale was actually down 16.6% from $465,313 to $387,899. Keep in mind that numbers in Lake Wylie can be skewed due to the small sample size, for instance one premium lakefront home can have a big impact.

New listings, pending listings, and closed sales are all up from the same time last year, 27.6%, 40.9% and 10.7% respectively. This bodes well for the area as we can possibly start to recover from some of the inventory slump. Homes are selling quickly showing that there is still a strong demand for homes in the area. The average home was under contract within just 56 days with the closing happening after 106 days.

If you are interested in buying or selling a home in the Lake Wylie area, give us a call at 803-831-8588. You can view current listings and create custom searches on our website here.