Summertime is coming to a close, and we’re seeing a small uptick in sales, with 21 waterfront homes and 7 dockable lots under contract — the highest we’ve seen all year.
However, sales activity is still much slower than “typical.” Usually, as we enter August, there are 35-40 homes under contract, and 10-15 lots. A lack of listings, rising mortgage rates, and rising prices both on and off the water have stifled sales all year. Here’s a quick glance at Lake Wylie waterfront real estate stats:
Sales in July ranged from a “cabin” on upper Lake Wylie for $685,000 to a large, 9,138 square foot home on River Oaks Road for $3.6 million. Buyers are ready to purchase homes at all price points on Lake Wylie, with about a third of the buyers paying cash (no financing.)
Prior to the pandemic, when interest rates were low, about 20% of waterfront buyers paid cash for their home purchases.
Typically, sales for Lake Wylie waterfront properties peak in summer months. This year has been an anomaly:
In the chart above, the blue line represents the average number of waterfront home closings by month over the past five years, and the green line represents 2023 closings by month. With the number of pending sales “in the hopper,” we expect to see a peak in August/September, though the numbers will be well below the 5-year average.
The number of listings available still lags significantly behind demand. Properly priced homes and land are selling quickly, and buyers are still waiting in the wings. To see details on recent waterfront sales, please visit my webpages Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
I’d love to talk to you about your property if you have any questions or are interested in a valuation. The Lake Wylie Man continues to lead the waterfront market on Lake Wylie, and no other Realtor in the area has as much experience selling Lake Wylie waterfront. I look forward to hearing from you!