Lake Wylie Waterfront Sales Report

July Market Report

August 16, 2018 by lkw_df Leave a Comment

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.

Million Dollar View: 16201 Cozy Cove Road

August 1, 2018 by lkw_df Leave a Comment

Located right at the end of Cozy Cove road just past the Palisades you’ll find a truly spectacular home at 16201 Cozy Cove Road. Though not part of the Palisades, this home has an even more impressive view of beautiful Lake Wylie.

As you approach the home you see the all brick facade with side-load two-car garage. The lot is just over one acre so there is privacy from neighbors as well as room for lots of outdoor living. Relax on your beautiful sandy beach or take your boat out from one of the two covered boat lifts at the end of the pier. Relax and swim in the water from the floating dock, or just enjoy the view from the covered deck.

Inside this home rivals the outside. Enter through the front door and you will see high ceilings, columns, hardwood floors, and crown moulding. Explore through the 4,856 square feet and you will find 4 bedrooms and 4 full bathrooms. The master bedroom is on the main floor as are two of the additional bedrooms. You will also see the grand kitchen, dining room, great room and light filled sunroom.

Downstairs you will find a fully finished walk out basement with a full second living quarters, billiard room, and bar. You will also find the 4th bedroom and bathroom. Walk out to take advantage of the views of Lake Wylie’s main channel.

The 20 miles to Uptown Charlotte will take you right around a half-hour if you want to see a sporting event, museum, concert, night out, or commute. Charlotte Douglas International Airport is 18 miles away and will also take right around a half-hour.

Shopping, dining, entertainment and more are close-by at Rivergate. Just a little bit further away you will have more options at I-485 or I-77, both of which are close by. This close highway access is great for feeling connected to the city when you are relaxing with your lakeside living.

This home was made for entertaining and is move-in ready. Currently priced at $1,199,000, this home won’t last long. For more information, see our full listing here.

Gorgeous Lake Living: 5350 Blue Bird Lane

August 1, 2018 by lkw_df Leave a Comment

Located on a fully wooded lot facing the main channel of Lake Wylie, you’ll find Cedar Lodge. This unique home sits on possibly the best property on the Lake. There are breathtaking views from all over the property but especially from the glassed-in porch.

When you approach the property, you will see over 300 feet of road frontage. This gives plenty of privacy from neighbors making Cedar Lodge feel like a retreat. There are 1.9 acres of property included as well as the main house, adjacent bunk house and a large garage workshop.

The main home is a 1,566 square foot home with 2 bedrooms and one bathroom built in 1975. It includes the glassed-in porch which measures 26’ x 16’. This room is truly what makes this home spectacular as you can enjoy living on the water all year round from up here. This lake house is truly a classic.

Next to the main house is a second living quarters in the form of a bunk house which has one bedroom and one bathroom. This is a great place for guests, or for the kids to stay and have separate space from parents.

For the maker in your family, there is a large garage workshop that measures 24’ by 30’. This space is perfect for all of your projects, or just for storage space for a great car.

The best part of the home however, is the over 400 feet of lake frontage. This includes a pier and boat lift as well as two private sandy beaches. The views are incredible so this property is a must see.

The location of this house is great as well. Secluded and away from it all, but close enough for a commute or a trip to Uptown. A trip to Charlotte Douglas International Airport will take around 45 minutes and Uptown Charlotte takes around

5350 Blue Bird Lane is on the South Carolina side of the lake which comes with lower South Carolina Taxes. Current listing price is $685,900.

Lake Wylie and and US Real Estate Market Report

December 23, 2017 by David McCorkle Leave a Comment

The steadily improving US economy, sustained job growth and rising confidence that now is a good time to buy a Home should pave the way for an increase in existing Homes sales in 2018 according to forecasts by the National Association of Realtors.

Nationally existing Home sales will finish at a pace of 5.47 million the best since 2006 but still about 1.1 million less than that all-time best mark.

The lack of inventory has pushed prices up 48% from the low point of 2011, locally the Steele Creek area remains one of the hottest markets in the Country, the population is expected to jump 20-25% over the next 5 years, and for most of us originally from the area this is both a blessing and a curse.

Closings in the past 6 months are at 834 with 211 under contract and currently 221 listed for sale.

Prices on Waterfront Homes have steadily gone up and finding anything under $600,000 is tough sailing. Homes for sale are at an all-time low at this writing of only 78. Median price is over $750,000 all record breakers.

Enough of the boring stats, if you’re planning to buy a Home or Condo now should be it, sitting on the fence so to speak is going to price you out of that dream Home. Quarterly prices have been increasing in some areas by 8% in the Charlotte area.

Buyers in the region are flocking to areas closer to Uptown Charlotte and prices are skyrocketing. Commute times and just being closer to the action seem to be the driving force. As traffic worsens that trend will surely continue and speaking of traffic it seems that it increases daily.

As a former member of the York County Planning Commission I always said the reason people left their former Cities and Towns and moved to this area will be the same reason they leave this area, Taxes, traffic, crime and poor planning.

David has been a Real Estate Broker, Developer and Contractor in the Charlotte area for 40 years and is currently Principle Broker and Partner of Lake Wylie Realty, David and his wife Karen live on Lake Wylie and are both Charlotte natives.

Market report: Waterfront sales

October 2, 2016 by lkw_df Leave a Comment

Let’s take a look at the year-to-date numbers for waterfront properties in and around the Lake Wylie area.

With the first three quarters of the year under our belt, the housing market, and particularly waterfront sales, are looking good for Lake Wylie and the surrounding region.

Year-over-year numbers indicate that the average number of homes sold per month are up, with 105 homes sold so far in 2016 (approximately 12 homes sold per month) as compared with only 91 homes sold through the third quarter in 2015 (approximately 10 homes sold per month).

Furthermore, the average list price has increased from $548,000 in 2015 to $608,000 in 2016, the average sales price has increased from $525,000 in 2015 to $580,000 in 2016, and the average price per square foot has increased from $172 in 2015 to $190 in 2016.

Even though the current number of waterfront homes on the market, 130 to be exact, represents 10.8 months of inventory which would be considered a buyer’s market, the year-over-year numbers reveal positive trends for sellers. Plus, based on what is on the market now in Lake Wylie and the surrounding region, the average price per square foot is $221 and the average list price is $875,000, and both of these numbers are notably higher than last year’s numbers at this time.

In the first three quarters of 2015, homes spent an average of 124 days on the market, and in 2016 homes spent an average of 142 days on the market, indicating slightly less activity this year and a sign that buyers may have the upper hand now.

So, while, inventory points to favoring the buyers, other stats are looking favorable for sellers. It’s a win-win!

June’s numbers reflect a steady drop in inventory

July 24, 2016 by lkw_df Leave a Comment

A sellers market continues to prevail in Lake Wylie as well as in the entire Carolina MLS area. June’s market update from the Charlotte Regional Realtor Association indicates a massive drop in the month’s supply of inventory, down 31.8 percent from the 2015 June numbers. There was also an 8 percent increase in the average sales price of homes, and an increase in sales price is a typical result of low inventory. Furthermore, the median sales price of homes has been steadily on the rise since 2012 and the trend is continuing.

Fort Mill’s inventory is also down from June of the previous year, however only by 13 percent. Lake Wylie’s inventory is down 29 percent, and York County’s inventory as a whole is down 28.9 percent.

Closed sales in York County, Lake Wylie, Fort Mill and the entire Carolina MLS area were down for June. However, Lake Wylie saw a lot of activity last month, with pending sales up over 52 percent from the year prior. Fort Mill’s pending sales were up over 34 percent , and York County’s pending sales were up 32 percent. There was definitely a lot more action in June 2016 than there was in June 2015, also indicating a strong seller’s market.

With strong sales as well as a steady drop in inventory in the region, the average sales price continues to rise and sellers are seeming to have the upper hand.

June’s regional stats are fairly indicative of national real estate numbers. Inventory is low in many major markets across the country and housing prices are climbing.

Stay tuned for next month’s market update and a look at the region’s trends.

Sellers Market Appears to Stay Strong in Lake Wylie

June 18, 2016 by lkw_df Leave a Comment

Year over year, homes in Lake Wylie are selling in less time, 117 days down from 153 days. This is 23.5% faster than a year ago per the May monthly report released by the Carolina Regional Realtor Association.

Inventory is smaller by 20.2% over the same time last year, down to 376 homes from 471. This appears to bear out the trend we have been following showing the seller’s market staying strong at the current time.

The average sales price in Lake Wylie is $368,003 with the median sales price at $329,172. However, new listings are up by 9.3% year over year with 153 new listings in May. Year-to-date 376 homes have already sold in Lake Wylie up 14% from last year when only 347 homes had been sold by the end of May.

The number of new listings was up again this month from 140 to 153, an increase of 9.3%, as more sellers are listing their homes. The number of homes sold was also up from 91 last year to 109 this year. This represents a 19.8% increase. The continuing trend is significant for both buyers and sellers.

In the City of Charlotte, the trend is still dramatic. Year over year, homes are selling in 86 days down from 97 days last year. Homes within the City are selling for an average of 97.8% of list price up from 96.5% in 2015. There are 1.9 months of inventory down from 3.1 months. There has been a 4.8% increase in new listings as more sellers are taking advantage of the seller’s market. This means there is more demand for less supply driving prices higher.

The entire Carolina MLS Region, which includes parts of South Carolina, the trend is less dramatic, but is showing the same pattern. Year over year, the inventory supply is down while sales price is up, days to close are down and new listings are up. We will have to wait and see how the market changes as the hotter months usually lead to a slow down in the cooler months. Will the sellers continue to have a great market or will the buyers begin to have the advantage? We will have to see what next month’s report has to tell us.

Lake Wylie, Charlotte inventory continues to drop in March

April 28, 2016 by lkw_df Leave a Comment

Inventory is low across the entire Carolina Multiple Listing Service area. This includes the Lake Wylie area, which saw inventory levels drop by 20% in March from year-ago figures.

Homes for sale in March dropped to 361 from 451, according to monthly statistics released by the Carolina Regional Realtor Association.

The lowered inventory and rising demand also reduced time on market for Lake Wylie-area homes, which dropped 36% to 76 days. Year-to-date days on market also dropped by 16% to 89 days from 106 days for the same period in 2015.

The average price of Lake Wylie-area homes remained largely unchanged at $350,787 for year-over-year, while the year-to-date average sales price rose 15% to $361,960.

This is a sign of increased demand in a time where there is not enough on the market to satisfy buyer needs. There was only 4.4 months inventory in March, which is a drop of 2 months from March 2015.

The reality is most sellers are also buyers, which makes listing a house a scary prospect if you are not sure you can find the ideal home to move into. That could be one factor in the 30% drop in new listing for March. Year-to-date new listings were down 15% to 338 from 2015.

In Mecklenburg County as a whole, the number of new listings was nearly unchanged from a year ago at 2,435, and the average sales price jumped 4.3% to $280,665. Where Mecklenburg Co. took the biggest hit was in inventory, which fell nearly 42% in March to 1.8 months. Days on the market dropped to 51.

The City of Charlotte saw inventory fall to below 2 months as well (1.7 months), while the average sales price jumped 2.2% to $271,386. New listings dropped by almost 5% to 1,891 for March.