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!

Stats for the entire CarolinaMLS area for August show signs of a very strong and active market. Year over year numbers indicate an increase in new listings, pending sales, closed sales, median sales price and average sales price. Plus, the total time that homes are spending on the market until sale has dropped. Furthermore, the months supply of inventory has dropped as well as the inventory of homes for sale.

The same trends are present in Lake Wylie, where, for example, new listings are up 12.4% from 2015 and the months supply of inventory is down 23.2% from 2015.
Fort Mill is seeing similar market trends, however new listings are up a dramatic 41.1%, and pending sales are up a whopping 74.5% from 2015. Furthermore, the months supply of inventory in Fort Mill is down 19.4%, which is not nearly as significant of a drop as what we are seeing in the CarolinaMLS area as a whole, where the percentage change was approximately 30%.

In general, the decreasing inventory has created a seller’s market where the average sales price continues to rise and the market is more and more active. Buyers are going to be forced to act more quickly as inventory continues to move and demand continues to grow.

We will keep an eye on the numbers and the trends with the expectation and hope that the region’s real estate market and housing landscape continue to thrive.