If you (or anyone among your close friends/family) are in the market for a home, you know the current state of affairs. Homes are listed, and before you even have time to set up a showing, there are multiple offers on the home. The market is moving fast! I read this week about a listing in Washington, D.C. area that had over 80 offers — and 75 CASH offers — its first day on the market.
Nationwide, there is an inventory (number of listings) shortage, prices are rising, and the number of days on market is at record lows. Realtor.com’s March 2021 Housing data reported inventory at about half of last year’s levels and prices up 15.6%.
Closer to home, the same Realtor.com report listed the Charlotte metro area listings down 62.6% vs. a year ago, and the median listing price up 18.5%. No wonder buyers are feeling the squeeze!
On Lake Wylie, first-quarter sales were strong for dockable lots and homes:
In the chart above, 1st quarter Lake Wylie sales are tracked with the blue bars representing the number of waterfront homes closed through the end of March each year, and the red bars representing the number of dockable lots. Both home sales and lot sales were up this year in comparison to last year, which is particularly notable considering the number of COVID-19 cases peaked December – February, when most of the offers would have been made on the homes that closed in the first quarter.
Dockable waterfront lot sales for the first quarter were at the highest point in a decade.
Looking at sales in the pipeline, there are 37 waterfront homes and 21 lots under contract — both about double the number under contract at the first of April last year.
At the same time the sales are heating up, the available inventory is continuing to diminish:
In the chart above, the blue line represents the number of Lake Wylie waterfront homes listed on the first of April each year, and the red line represents the number of dockable lots. Both have been on a steady decline over the past 5 years. The number of listings in the chart include properties under contract, so if the contracts hold, there are only 25 homes and 37 lots on the market currently without offers in place.
In first quarter, 65% of waterfront homes sold were on the market for less than a month — 42% for less than a WEEK. More than half sold for full asking price or better.
High demand and short supply mean one thing: Prices are going up. We see that happening on Lake Wylie:
The average price for a waterfront home on Lake Wylie is currently $885,000 — a whopping 18% increase over last year this time. Part of the increase is from a shift towards more expensive homes (eight $1million homes have sold in first quarter this year vs. six during the same time last year), and part is from price increases.
Price-per-square-foot is a tricky measure for waterfront homes. A modest cabin on a spectacular lot can sell at a higher price-per-square-foot than a luxury home on the lake, for example. Also, the number of home sales on Lake Wylie are relatively low in a year, and definitely in a quarter. We typically don’t rely on price-per-square-foot for waterfront analysis.
However, across the larger Lake Wylie area, non-waterfront home price/square-foot spiked 14% over last year — a significant jump! Depending on area, condition of your home and amenities, you can expect to sell your waterfront property right now for an average of 10-15% more than you could pre-pandemic.
Setting the right price in a market as volatile as this one takes knowledge and skill. The Lake Wylie Man team closed 42 waterfront transactions on Lake Wylie in 2020 (more than double any other Realtors), and has led the market for well over a decade. We know what sells, and for how much. We can advise you on what changes or updates you may consider for a faster and more profitable sale. We can market your home to buyers ready to purchase lakefront property.
The sales outlook for 2021 is excellent — but we need more listings to keep the momentum strong!
If you’re a buyer (or have friends/family in the market), you can rely on The Lake Wylie Man team to advise the true value of a property. Our knowledge of the lake will ensure the best outcome, whether you’re buying or selling.
Check out Recent Waterfront Home Sales and Recent Lot Sales for details on closings in the past few months. If you have questions about this report or want to discuss your property, please call me. I look forward to hearing from you!