Neighborhood Spotlight: Paddler’s Cove

To take advantage of all of the activities at Lake Wylie and great neighborhood amenities, Paddler’s Cove is the place to be. Paddler’s Cove is directly on the lake, is zoned to coveted Clover schools, and enjoys lower South Carolina taxes. With a great location near the Buster Boyd Bridge, a commute into Uptown Charlotte is a breeze as well.

Homes in Paddler’s Cove are new construction with the oldest homes built in 2017 and new construction homes still available. There are one and two story plans as well as townhomes so there is truly a home for every kind of family. Homes have open floor plans, chef’s kitchens, and airy and open owner’s suites.

In the last year, 81 homes sold in Paddler’s Cove with townhomes typically selling in the $200,000’s and single-family homes selling between around $300,000 to around $625,000 with the average sale price around $440,000. There are currently four townhomes for sale that are all under contract, and 11 single-family homes for sale that are also already under contract. All of the current listings are new construction. When an existing home comes on the market, it typically goes under contract very quickly so you have to act fast to get in on this desirable spot.

If you are interested in buying or selling a home in Paddler’s Cove or would like to learn about any other neighborhood in the Lake Wylie area, give us a call at 803-831-8588. You can view all current listings and create your own custom home search on our website at lkwrealty.com

 

September Market Report

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

Neighborhood Spotlight: The Landing

Right on the shores of Lake Wylie, you’ll find a serene neighborhood called The Landing. This great community is close to Charlotte, but has lower South Carolina taxes, and is in the top rated Clover school district. This should be enough to entice most people, but then you add on great amenities, community events, and wonderful homes and it’s no wonder these homes don’t last long on the market.

The homes in The Landing are estate style homes with large lots of at least a half acre and plenty of space. Many of the homes have over 3,000 square feet of living space and some have over 6,000 square feet. These homes were built in the early 2000’s and have open floorplans, home offices, and waterfront homes have docks and boathouses.

In addition to these amazing homes, there are great amenities in The Landing. There are 25 boat slips for residents without direct water access. There is also a neighborhood park, clubhouse, and pool. There are around 2 miles of paved walking trails and sidewalks encouraging residents to take advantage of the outdoors. There is a competitive swim team for the kids, and many community events throughout the year.

There are currently 7 homes on the market in The Landing representing 5.6 months of inventory, but of the seven four are already under contract. Typically having 5.6 months of inventory represents a balanced market between buyers and sellers, but with the broader trend of low inventory in the region, sellers may still have the upper hand in negotiations.

In the last year, homes sold for between $365,000 and $1,060,000. This shows the difference between a small interior home and a large waterfront home.

To learn more about The Landing, call us at 803-831-8588. Visit our website LKWRealty.com to learn more about Lake Wylie and to view current listings and create custom searches of available homes.

August Market Report

The Covid-19 pandemic has changed the game for the real estate market in recent months. The monthly numbers from the Canopy Realtor Association report on the Canopy Multiple Listing Service is out and we have the details.

If you look at the entire Charlotte Region, which includes 12 counties in North Carolina and 4 counties in South Carolina, you see that prices are up, homes are selling quickly and that there are fewer homes on the market.

When you look just at the Lake Wylie area, you see that prices are up, homes are selling quickly, and that there are fewer homes on the market. This is the same trend that is holding true.

In August of last year, there were 427 homes for sale in the Lake Wylie area. This year there are only 190, a decrease of 55.5%.

Homes are going under contract in an average of 45 days, 12 days quicker than last year. The average home is sold 100 days after it is listed, down 8 days from last year.

Prices are up as well, the average list price of a home in Lake Wylie is $456,073, up 9.1% from last August. Sales prices are also up, 5.4% to an average of $432,606.

There are 23.3% more pending sales this year than last year which means that we should have strong sales figures for next month as many of these sales close. There were also 25% more new listings this August showing that we should see many of those homes go under contract to keep the numbers strong for the next few months. Colder weather usually slows the market down, but we may see that happen later than usual since the spring bump was pushed to the summer.

If you are interested in buying or selling a home in the Lake Wylie area, give us a call at 803-831-8588. For more information and to search available homes, be sure to visit LKWRealty.com.

June Market Report

The numbers have been published by Canopy Realtor Association based on the data from the Multiple Listing Service. This month we were not sure what the report would show, but we are cautiously optimistic based on what we saw.

When you dig into the data, you see that sellers are once again in the best position for real estate transactions as the supply of homes has hit a historic low of a 1.3 month supply. However, pending listings are 26.8% higher than last year at this time. Closed sales were down slightly, just 1.8%. With the number of pending listings headed towards the closing table, we expect the closed sales to be much higher next month.

When you get into the numbers for Lake Wylie, you see that the trend of the Charlotte area holds here as well. There are now just 182 homes on the market in Lake Wylie, down from 433 homes last June. This is a decline of 58%. It definitely places sellers in the power position in transactions.

With fewer homes on the market, you expect to see a rise in prices following the law of supply and demand, and that is exactly what we saw. The average sale price was up 7.4% from $395,494 last year up to $424,740 this year. List prices are trending higher as well up 21.7% to an average of $522,374.

It remains to be seen how the numbers will trend for the rest of the year. Seller confidence, buyer confidence and the health of the population will all play roles. As many parents are considering online learning, we may see more people move to larger homes with more property away from density. We may see a vaccine come on the market that allows things to head back towards normal. We will definitely have to wait and see.

If you are interested in joining the Lake Wylie community, give us a call at 803-831-8588. You can create custom searches of current listings on our website here.

Featured Listing: 228 Ridge Reserve Drive

If you have been thinking about building your dream home in the Lake Wylie area, look no further than our new listing at 228 Ridge Reserve Drive. This amazing property is just about a third of an acre in highly desirable Heron Cove. We just wrote yesterday about this wonderful neighborhood, if you want to read the full article, click here.

228 Ridge Reserve Drive is a great lot on a cul-de-sac street with great woods ready for you to custom build the home of your dreams. The requirements of the lot call for at least a 2,200 square foot home that can be on a basement or crawl space. You can bring your own builder, or use one of the neighborhood builders.

The location of Heron Cove is great as it is just across the Buster Boyd Bridge in the heart of Lake Wylie. This means that you are in perfect position to take advantage of local shops, restaurants and community events. Being in South Carolina means lower taxes, but you still get to take advantage of excellent Clover schools. Uptown Charlotte is a quick commute, and quick highway access will make a short trip to Charlotte Douglas International Airport.

Heron Cove is an upscale community with amenities already built and ready for use. There is a pool and clubhouse in addition to waterfront park and dry boat storage. There are walking trails, a gazebo, and you are walking distance to swimming in the lake.

Don’t miss out on one of the last lots in the established community in Heron Cove. Call us at 803-831-8588 to schedule a private tour of the property and the entire neighborhood. To view this listing, click here. To view all current listings and create custom searches, visit our website here.

January Market Report

The monthly report from the newly named Canopy MLS is in. When you look at the entire Charlotte area which includes many counties in South Carolina, the same trend we have been following for a while is still in place. Prices are up while supply is down and there appears to be no relief in sight as new listings are almost stagnant. This is persisting despite high demand for new homes with closed sales and pending sales up year over year.

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.

October Market Report

The monthly report has been published with data from the Carolina Multiple Listing Services, Inc. The report is compiled by the Charlotte Regional Realtor Association which reports on the entire Charlotte metro area including parts of South Carolina. The report is clear, the trend in the Charlotte area is continuing once again. For yet another month, supply of homes has gone down while prices have risen. This is great news for sellers, as they can expect to receive top dollar for their homes, but it is continuing to be hard on buyers as they have to be ready for a home as soon as it hits the market and be ready to pay top dollar.

When you look at the numbers for Lake Wylie, supply is falling and prices are still on the rise as well. Additionally, there are not many new listings compared to last year at this time so it is unlikely that the supply of homes on the market will recover soon. In fact, the supply of homes is down to just a 2.8 month supply, down from a 4.1 month supply last year. This decline of 31.7% brings the Lake Wylie area more in line with the rest of the Charlotte area. A balanced market between buyers and sellers is typically considered to be about a 4 to 6 month supply of homes so sellers have a distinct advantage at the moment.

Prices have been rising as the supply of homes dips which is a basic rule of supply and demand. The median sales price rose from $346,000 last year to $365,000 this year. The average price for a home sale rose to $438,669 which is getting closer to the average price in Lake Norman which was $498,318, just shy of $60,000 lower.

Closed sales were up from 62 last year to 121 this year, an increase of 95.2%. Pending sales were also up from 98 last year to 133 this year, an increase of 35.7%. New listings were down from 126 last year to just 110 this year, down 12.7%.

If you would like to help bring the new listing number higher by selling your home, give us a call at 803-831-8588. If you are interested in buying a home, first check out our website to view current listings and create a custom search. If you are interested in a particular neighborhood, we can let you know as soon as new listings are placed for sale.

September Market Report

Lake Homes Realty, an Alabama-based firm has ranked Lake Wylie the fifth-largest lake market from the 100-plus Multiple Listing Services they reported on. According to their report, the value of homes listed for sale, based on data for three months ending August 14th, was over $455 million. There were 1,082 homes available, which ranked Lake Wylie number 3. Their report only looked at homes and land that were adjacent to a lake, included a water view, lake access, or were in a lake-focused neighborhood. This could mean that neighborhoods that were not on the lake, but were considered by consumers to be lake listings were included as well.

When you look at the numbers from the most recent report from the Charlotte Regional Realtor Association’s Multiple Listing Service report, you find that the Lake Wylie region is humming along quite nicely. Almost category was up from the year before. Supply of homes was down to just a 3.2 month supply of homes, getting closer to the 2.2 month supply for the entire Charlotte region. This is not surprising given the general trend of lack of supply that has been plaguing the area for some time. New listings have not been able to keep pace, and this in turn has pushed prices even higher.

Lake Wylie is still more affordable than Lake Norman where the average price for a home is $472,444, but the average price for a home sale in Lake Wylie has risen to $423,236. Rising prices may be pushing some buyers to lakes further away from Charlotte when looking for their dream home or second home. However, there are still affordable options in Lake Wylie.

Pending sales were up 96.9% year over year and new listings were up 44.9% showing that for the next few months at least the market will continue to be strong. Closed sales were up 14% year over year and are up 12.8% year-to-date.

If you are interested in 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.

View the 2019 Parade of Homes

The annual Parade of Homes has already started, but there is still plenty of time to tour these amazing homes. This yearly event is brought to you by The Homebuilders Association of Greater Charlotte. It’s like the largest open house where you can tour a variety of different homes in different price points, areas, and styles. This event is free to the public, but it may just help you purchase your next home.

Homes on the tour are presented by local and national homebuilders and are in some of the most desirable neighborhoods. There are many neighborhoods in the Lake Wylie area that made the tour. The rest of the tour is spread over the entire Charlotte region.

The tour runs for three weekends with only the first already done. The next dates are October 11-13 and October 18-20. Homes are open from 11:00 am to 6:00 pm on Fridays and Saturdays, and from 1:00 pm to 6:00 pm on Sundays. Homes in neighborhoods closest to Lake Wylie are:

  • Paddlers Cove by Dan Ryan Builders
  • Arden Mill by Classica
  • Timberwood by Essex Homes
  • Harper’s Pointe by Taylor Morrison
  • The Meridians by Meritage Homes
  • Regency at Palisades by Toll Brothers (3 homes on the tour)
  • North Reach by Taylor Morrison
  • McLean by Essex Homes
  • Morgan’s Branch by Taylor Morrison

For more information on the most updated dates and times for the tour, you can like and follow on Facebook or you can check out the interactive Parade of Homes website ParadeCharlotte.com. They do have online maps or you can pick up a printed tour book at any of the homes.

Always remember that agents in those homes will work for the builder, so if you want fair representation in a transaction, bring your Realtor with you to help you negotiate. The seller pays for the buyers agent so there is no cost to you. If you are interested in purchasing a home in the Lake Wylie area, bring us along on the tour, or schedule a private tour without the crowds by calling 803-831-8588. You can view all current listings and create custom searches on our website here.