With the warm temperatures this week, it is easy to get spring fever. Spring will be here before we know it, and that typically kicks off the top-selling season for real estate, both on and off the lake.
January closings on Lake Wylie were quite sleepy. Only two dockable waterfront homes sold — one for $1.7 million in Rock Hill, and one for $700k on Withers Cove. There are 13 waterfront homes under contract, though 8 of those are under construction and have been “pending” for a while.
No dockable waterfront lots closed in January, and three are under contract.
The number of homes and lots available for sale on the lake continues to be low, and newly listed properties receive quick attention from potential buyers.
Off the lake in our area, the number of home sales in the last three months are down 28% in comparison to the year before. The average home price is about $475,000, up 6% from the previous year’s average. The majority of homes are still selling in the first 30 days, though the average time on market is stretching a little longer these days.
Both on and off the lake, inventory shortages and rising prices — plus increasing mortgage rates, are pumping the brakes a bit on the market. Buyers are still out there, though. The lack of inventory has not satisfied demand in recent months.
If you have questions about the market or would like to discuss your property, I’d be happy to help. The Lake Wylie Man has successfully closed hundreds and hundreds of lakefront properties in all kinds of market conditions, and you can count on us to navigate your real estate transaction toward the best outcome for all.
To check out recent sales on Lake Wylie, visit my webpages Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
If you missed our detailed year-end report, hop on my webpage Market Update to check it out.
Have a great February and I look forward to hearing from you!
Drew