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.

Lake Wylie/Steele Creek/ Charlotte Real Estate report

The yearly numbers are in for 2018 for the Lake Wylie/Steele Creek Real Estate Market. The Carolina Realtors Association compiles data from the Carolina Multiple Listing Services to get a portrait of the local real estate market and provide us with data to analyze for our readers interested in Real Estate. This is what they show.

The Charlotte Region:

When you start digging into the numbers, for the entire Charlotte region sales were down 14% from December of 2017. Prices were up slightly, with the average sales price up 1.1% to $282,894. Inventory was down yet again from a 2.3 month supply to a 2.2 month supply, a decline of 550 homes. This leaves sellers again in the best position in real estate deals with a balanced market considered to be a 4-6 month supply of inventory. Pending sales were dead even and new listings were down 4.4% from this time last year.

In the Steele Creek area zip codes 28278 and 28273 the Market is extremely tight,

1325 Homes were sold compared to around 2000 in 2017. Currently there were only 15 Homes priced under $300,000 in the entire 28273 area, most sell within 10 days of entering the market and the overwhelming majority of those were priced under $350,000.

York, Clover and Lake Wylie: Zip Codes 29710 and 29745

A similar pattern continues in the South Carolina Market, sales were down from 2017 from a high mark of 1300 to 1135 in 2018, the majority of those 848 were priced under $350,000. Current active inventory is 221 Homes.

When you look just at Lake Wylie, South Carolina non waterfront resale Homes the story is a little bit different. Closed sales were indeed down year over year 15.3% from 98 to 83. Due to the small sample size, the percentages can look extreme so please keep that in mind. Average price was up year over year to $409,539, an increase of 16.2%. Inventory was dead even from last year in terms of months of supply at 3.3, but remember about that extreme note from earlier, there were actually 26 more homes on the market.

This means that sellers are still in a slightly better position in the Lake Wylie area. New listings are on the rise in the area with many new construction projects helping to boost the supply. The new listings were up 23.9% from 67 to 83. Pending listings were down year over year from 75 to 62, down 17.3%. Homes spent longer on the market in 2018 with days on market up 102% from 51 to 103, but this probably reflects new construction homes which typically stay on the market substantially longer than existing Homes.

In River Hills there is an extreme shortage of Homes on the Market the lowest in recent memory 52 closed last year with currently only 9 on the Market. New Homes accounted for an amazing 245 sales with strong sales in the Paddlers Cove Community

WATERFONT MARKET UPDATE

Median prices continue to rise in the waterfront market due to low inventory and high demand, as of this writing there were just 91 active listings in both Carolinas down from the 120 to 140 we experienced over the last decade with a median asking price of $839,000 which is over $100,000 more than last year with only 5 priced below $600,000.

The 1 Million plus market was very active with 11 Million Dollar plus Homes closed in 2018 and currently 14 are on the market, both numbers are about the same as 2017. A total of about 120 legitimately waterfront Homes sold down from about 160 from the year before due to a shortage in inventory with a median price pushing close to $725,000 up from the low $600,000’s a number that stayed steady for some time.

TIPS FOR BUYERS AND SELLERS:

In this unusual Housing market it is still important to discuss Home staging, photography, drone shots, brochures, marketing, Web presence and most of all pricing strategy. Here are a few other tips to guide the process.

The Real Estate transaction is a complicated and emotional process. Contracts and addendums are extensive sometimes reaching 20 to 30 pages.

Make sure you review all the documents prior to listing or purchasing a property, that way there will be no surprises when time comes to make an offer or negotiate an offer..

Understand the hard deadlines for Loans to be approved, Inspections to take place and negotiations on any repairs, speaking of repairs this is the biggest deal killer of them all as Inspectors are paid to find out everything that is not perfect with the Property, that offends most all Sellers.

The best tip of all is always hire an experienced professional Agent not a friend of a friend that just got Licensed or the former Barber or Hair Stylist. Transactional experience is key to a successful and Happy Purchase or Sale.

 

David McCorkle

David lives on Lake Wylie and is the Principle Broker of Lake Wylie Realty. David has been a Licensed Broker for 40 Years.

 

Year End Market Wrap Up

The start of the new year is always a time of reflection. Looking back at the year in Real Estate is a good way to see where we are and where we anticipate the market is heading. Predictions are imprecise at best, but we can show you the yearly trends and give a possible scenario for the future.

When you look at the Lake Wylie area, if you look at the trend over the previous few years, you can see that there are more new listings now than ever before. In 2013 there were just 1,056 new listings all year and in 2018, there were 1,656. This increase reflects the boom in the area with new construction, renovations, and the growth in the area.

Closed sales have gone up as well which shows more of the story of the population boom. In 2013 just 646 homes closed. In 2018 there were 1,227, an increase of 581 homes. When you look at the entire Charlotte area, the increase is much larger over the course of those years, 13,220 more, but the region has grown  a lot over that time and the MLS data also includes surrounding counties now and it did not before.

Prices of homes are one of the more dramatic areas of growth over the time between 2013 and 2018. In 2013 the average home in Lake Wylie sold for $327,130. In 2018 the average Lake Wylie home sold for $397,957, and increase of just over $70,000 in just 5 years.

When you look at the shorter trend, comparing 2018 to 2017, you see that Lake Wylie is not seeing the slump that the rest of Charlotte is seeing. Lake Wylie has had gains in new listings, pending sales and closed sales. In comparison, Charlotte as a whole has seen declines in all three. It remains to be seen if Lake Wylie will see the slowdown that has been evident in the region as a whole. The Lake is a huge draw so it will probably see the slowdown much later than the rest of Charlotte, if it sees it at all. Looks like the Lake is a good bet for the foreseeable future.

If you would like to own a home in Lake Wylie, give us a call at 803-831-8588 to schedule a private tour of homes. You can view current listings and create custom searches on our website.

July Market Report

Jason Gentry, president of the Charlotte Regional Realtor Association says “Without a doubt, limited inventory continues to pressure prices across the region, while also effectively slowing sales during what’s typically our prime selling season. Demand and pending contract activity remain strong, which means buyers must move quickly to purchase the home they want.” This was in response to the monthly report the association publishes based on data from the Carolina Multiple Listing Services.

When you look at the entire Charlotte region, average sales price is up to $290,486, inventory is down to just a 2.4 month supply, and homes are selling in an average of just 36 days. This means that buyers have to be ready to go quickly and be ready to pay top dollar for a home.

When you look at the numbers just for Lake Wylie, the picture is similar. Average price has risen to $409,133, a rise of 4.5% from July of last year. Inventory is dropping as well to a 3.7 month supply. This is dropping below the 4-6 months supply that typically represents a balanced market between buyers and sellers. Homes have been selling in an average of 50 days. This is down 7.4% from the 54 days last year at this time.

When you look at pending sales and closed sales in Lake Wylie, they are both way up over last year. Closed sales are up 11.3% from 115 to 128. Pending sales are up an amazing 41.1% from 102 to 147. We should see many of those sales close in the next month or two.

New listings on the other hand were only up 0.7% from 145 to 146. Based on the small increase, the inventory could drop again next month. As we have seen in the past, as inventory drops, prices usually creep higher following the laws of supply and demand.

As the Lake Wylie market is a smaller sample from the entire Charlotte region, sometimes what we think will be a trend is just the larger fluctuation of the smaller size. We will continue to watch the market to see what the numbers show. For now, buyers need to be ready to act quickly and will be hard pressed to find any bargains.