Spring is almost here! Real estate update

The calendar may not say spring yet, but Mother Nature seems to have different ideas. The warm weather is bringing folks out on the lake!

Typically our real estate market warms up in early spring, and recent listings have garnered quick interest: Fourteen waterfront homes have been listed since the first of the year, and eight of those are already under contract.

However, Lake Wylie sales performance year-to-date is lagging significantly behind the last two years, and listing inventory is down as well. Through the end of February, numbers are as follows:

Off the lake, trends are similar. The number of homes sold in the greater Lake Wylie area (including Belmont, Charlotte and York County) is down 35% from last year, and the number of listings are down 23%.
The average time on market is lengthening in the general market, with homes in the area taking an average of 53 days to go under contract, compared to just 19 days a year ago.
With mortgage rates at their highest point in 20 years, and home prices at record highs, some buyers have been priced out of the market for the moment. Slower sales will put pressure on sellers to lower prices, and the buyers — particularly those with cash to purchase — will be in a better position.
Lakefront sales outlook
Lakefront sellers still have an excellent opportunity to profit from the sale of their homes. Both on and off the lake, home prices are up more than 50% compared to pre-pandemic. Waterfront property is premium priced, and this increase translates into hundreds of thousands of dollars above many sellers’ original purchase amount — which can be very advantageous for those wanting to downsize, sell a second home or move off the lake.
Demand for lake property is still strong. In this dynamic market, it is important to work with a seasoned Realtor who specializes in waterfront property. For well over a decade, the Lake Wylie Man has outsold all other real estate agents on Lake Wylie. You can rely on me and my team to help you market your property successfully. Please give me a call if you have any questions or would like to discuss your home or lot.