Real estate market cooling down at the end of summer

The real estate market on Lake Wylie has cooled off a bit, similar to what is happening both regionally and nationally. We definitely still have buyers looking and ready to purchase — but the listing inventory is still critically low.
Rising interest rates and increasing prices on the lake have shut out some of our buyers, who are either turning to properties off the lake or simply putting their waterfront dreams on hold. The inventory shortage is most pronounced in the lower and mid-priced waterfront homes.
Lake Wylie waterfront homes that have changed hands more than once in the past four or five years are selling for an average of 40% above their past purchase price, with only minor cosmetic improvements (paint, new appliances, for instance), or no changes at all. Waterfront sellers have the opportunity to realize healthy profits, depending on the property and the location/type of home for their next move.
The month-to-month sales trend has been a bit more volatile on the lake this year than in typical years:
In the chart above, the blue line indicates the average number of waterfront homes sold on Lake Wylie by month for recent years, and the green line indicates sales in 2022. Typically, June through August represent the peak selling time for waterfront homes. This year, we had a spike in April, an abnormally light sales month in July, and August sales a little below the norm. Other highlights:

  • The average price on the lake year-to-date is $1.2 million — up from the record high of $940k last year.
  • There are just 15 homes under contract (about half of the typical number this time of year.)
  • The average list price of homes under contract is a whopping $1.5 million.
  • On average, homes are selling right at their asking price. Some are selling more than 10% above asking.
  • There are only 34 waterfront homes on the market, with an average price of $1.6 million.
  • Waterfront home listings are down from last year by 28%, and down 72% in comparison to pre-pandemic levels.
The waterfront lot market is also very tight:
  • Thirty-two dockable lots have sold this year, down 43% from last year.
  • The average price for waterfront lot sold in 2022 is $400k, up 17% from last year.
  • Only 23 dockable lots are currently listed, down slightly from last year and down 77% from pre-pandemic.
In the general market, some of the highlights of the Charlotte region include:
  • The median sales price is up 17% in comparison to last year.
  • Inventory is up 31% vs. last year. Sales have slowed due to rising prices and mortgage rates, and some buyers have been priced out of the market. Homes are staying on the market a little longer than they did a year ago.
  • In York County, showings are down 30% compared to last year. Showings are down 26% in Mecklenburg and down 19% in Gaston.
  • Homes that closed this summer sold for 102% of the asking price — indicating a competitive buyer base.
Visit my website for more information on recent waterfront home sales and recent waterfront lot sales.
Now more than ever, the sound advice of a real estate expert is valuable to both buyers and sellers. If you are considering making a move, please give me a call and we’ll discuss your best strategies for success. I look forward to talking with you!

Summer real estate – up, up and away!

Summer is wrapping up on Lake Wylie, and our volatile real estate market has taken a turn. Historically low listings, rising interest rates and economic factors have cooled sales considerably in what is traditionally one of our highest sales months.

In July, there were only six waterfront home closings on Lake Wylie, and two waterfront lots. Typically, there are about 20 Lake Wylie home closings in July. (Lot sales tend to vary more year to year.)
In the chart above, the blue line represents the average number of waterfront home closings on Lake Wylie by month, and the green line represents the current year. We were tracking along with the average until July — when recorded sales were the lowest since 2009, during the recession.
However, there are key differences! In 2009, the average price of a waterfront home on Lake Wylie was about $525,000, homes were selling at two-thirds the asking price, and the time on market was about a year.
In 2022, the average price is $1.2 million, most homes are selling near or above asking price, and the average time on market is about a month.
Million+ dollar homes are now the norm on Lake Wylie, with about 60% of sales in that category this year-to-date. We have quite a few sales over $2 million as well — a level rarely seen on the lake up until the past year.
Marketwide, the total number of home sales on and off the lake in York County, Belmont and the Steele Creek area of Charlotte took a dive in July as well.
  • Sales in the area fell 25% in July 2022 in comparison to July 2021.
  • Price per square foot is up 15% over last year, and up 52% compared to pre-pandemic.
  • The number of homes currently listed is 30% below pre-pandemic levels.
Higher interest rates have slowed the buying frenzy region wide and nationwide. However, there are still buyers waiting in the wings for waterfront property. The vast majority of homes currently under contract received offers within three weeks of listing. When priced properly, available homes will sell quickly.

Mid-year Lake Wylie Waterfront update

Hope everyone had a great Fourth of July! It was fun to watch all of the activity on the lake — boat parades, fireworks, folks at the sand bars.

Real estate activity on Lake Wylie has also provided quite a show. Tight inventory, multiple offers, record-setting prices. The market has shifted to a new level, with the average waterfront home sale carrying a price tag of $1.2 million. Just five short years ago, the average sale was in the $600’s. It is hard to comprehend.

The red line in the chart above represents the average price of waterfront homes sold on Lake Wylie — growing from about $600k to $1.2 million over the past decade. The blue line represents dockable waterfront lot prices, doubling over the past 10 years from about $200k to just over $400k.
While the average size of home sold has not changed much over the years, during the past two years we are seeing an increase in the sale of more expensive, new construction houses, plus homes with more “luxury” features (gourmet kitchens, spa-like baths, and outdoor living areas), contributing to hefty price increases overall.
We’re in a new era of real estate sales on Lake Wylie. Prior to the pandemic, there were only two home sales on Lake Wylie recorded at $2 million or more — both in 2016. In the past two years, there have been eight sales with price tags of $2 million plus. Lake Wylie is attracting a different group of buyers than in years past.
We regularly monitor “same house sales,” homes that have changed hands more than once in the past 4-5 years. While some homes undergo significant renovations during the short ownership periods, we’re seeing 25-40% sale price increases on homes with simple cosmetic updates (fresh paint, a few new fixtures and/or appliances.)
For the first half of 2022, waterfront home sales total $77.7 million — a 24% increase over last year’s record $62.9 million in sales.
However, the number of homes sold on the lake decreased since last year:
In the chart above, the blue bars represent the number of waterfront home sales through June of each year, and the red bars represent the number of dockable lots sold. First half 2021 set a record with 71 waterfront homes and 47 lots sold — in spite of very low inventory.
This year, even lower inventory and higher prices has held back the number of properties sold — with an 8% reduction in home sales and a 43% reduction in lot sales compared to last year.
We expect sales to continue to fall behind last year’s levels. The number of homes under contract as of the first of July is about 40% below last year, and the number of listings continue to decline.
Listing Inventory
The number of dockable lot listings (red line) on Lake Wylie has declined rapidly since the end of the recession. Prior to the recession, which hit in 2008, investors were scooping up lots in emerging developments on the lake, hoping to profit as the neighborhoods grew. Instead, the market crashed and there was a glut of inventory during the recession years. In 2011, more than half of the lots sold on the lake were short sales or foreclosures, selling for less than $200k.
As we began to emerge from the recession, lot sales peaked in 2017 with an average price in the mid-$200’s. Now, with only 22 lots listed as of the first of July, the average price of lots for sale is $417k. More than half of the lot sales this year have been in the new McLean developments in Belmont, with price tags averaging in the high $400’s.
The number of home listings has also plummeted. The first of July typically represents the peak of the year for number of listings, with 125+ homes on the market in years prior to the pandemic. This year, only 37 homes are listed.
The shortage is particularly pronounced in the lower price points. In July 2019, 77% of the listings were priced under $1 million. Now, the opposite is true, with 78% priced above $1 million. There are only three waterfront homes currently on the market priced lower than $800,000.
We’re in a new era of real estate sales on Lake Wylie. Prior to the pandemic, there were only two home sales on Lake Wylie recorded at $2 million or more — both in 2016. In the past two years, there have been eight sales with price tags of $2 million plus.
Off the lake
Price increases in our area are not limited to lakefront property. In the general market in York County, South Mecklenburg and Belmont, the average home price has jumped from $318k in 2019 to $470k in 2022, an increase of almost 50%. Price per square foot is up 54% for the 3-year period.
A sampling of off-the-lake sales in 2022 thus far include:
  • 70 homes in Boshamer Farms in Clover, average price $354k, $175/square foot
  • 66 homes in Paddlers Cove in Lake Wylie, average price $581k, $190/square foot
  • 31 homes in Cypress Point in Lake Wylie, average price $596k, $179/square foot
  • 16 homes in Lake Ridge in Tega Cay, average price $617k, $180/square foot
  • 25 homes in McCullough in Fort Mill, average price $654k, $202/square foot
  • 34 homes in Riverwalk in Rock Hill, average price $542k, $209/square foot
  • 93 homes in The Palisades in Charlotte, average price $644k, $189/square foot
  • 36 homes in McLean developments, average price $599k, $230/square foot
Year-to-date in 2022, the total number of homes sold in the area are up just 4% in comparison to pre-pandemic sales.
For most recent waterfront sales, take a look at my website: Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
While national headlines about real estate indicate the housing market is slowing down, our local market is relatively strong. We have noticed showings have declined some, but — both on and off the lake —it is still a seller’s market. New listings receive immediate attention from buyers, and when priced correctly the properties sell quickly.
If you’d like to talk about your home or lot, I’d love to help you. The Lake Wylie Man team has vast experience both on and off the lake, in bullish markets and in bear. When it comes to marketing your property, rely on our expertise for the best outcome.
Have a great July!
Drew

1st Quarter 2022 Real Estate Recap

Happy Spring, everyone! It has been fun to see folks getting out on the lake, the flowers and trees blooming everywhere, and warm-weather events cranking up.

Real-estate sales in our area (York County, Southern Mecklenburg County, Belmont) have come out of the gate strong, with total first-quarter home sales about the same as last year, and up 20% in comparison to 2019 (pre-pandemic.) Average prices are up a whopping 45%-50% in comparison to B.C. (Before Covid.)

On Lake Wylie, first-quarter sales for waterfront homes and dockable lots fell significantly below the same period in 2021:

In the chart above, the blue bars represents the number of waterfront homes sold January-March of each year, and the red bars represent the number of dockable lot sold.

Thus far in 2022, 19 waterfront homes and 11 dockable waterfront lot have closed, well below 2021 numbers. First-quarter sales are notoriously volatile, however, and are not usually a reliable prediction of the year’s performance. Wintery weather tends to affect early year closings. The past couple of years, a shortage of listings — particularly in more moderately priced homes — has impacted sales trends as well.

The number of “pending sales” on Lake Wylie is down about 25% in comparison to last year, an indication that the slowdown in first quarter may extend through mid-year.

Prices have continued to increase for both homes and lot on the lake:

In the chart above, the red line represents the average price for Lake Wylie waterfront homes, and the blue line represents lot prices. For the first year ever, the average price of waterfront homes sold on Lake Wylie exceeded $1 million. Almost 60% of home sales to date this year on the lake carried price tag of over $1 million.

Supply (listings) has played a role, with a pronounced shortage in the lower-mid-priced properties. All homes — on and off the lake — have risen significantly in price, with increases of 20-25% in comparison to a year ago. Many homes sell at or above asking price, with bidding wars beginning within hours of listing.

The average price for waterfront lots sold in first quarter rose sharply in the past couple of years. However — 8 of the 11 dockable lots sold thus far in 2022 have been in premium-priced McLean developments, with sales prices ranging from $435,000 – $800,000. More of the same are on the horizon.

While demand is still high, the real estate market may begin to lose its frenzy in coming months. Some potential buyers have been priced out, and will stay where they are until conditions are more favorable. Rising mortgage rates are giving some buyers considerable pause — unless they have cash in hand from their own real estate sales.

We are entering the spring/summer bump in the market, the season when most buyers make moves. This year, we may see fewer “optional” moves taking place while folks wait for the market to settle.

We are still in a “seller’s market,” however. The number of listings on the lake are at record lows, and people are still watching and waiting for new properties on the market.

To check out recent sales on Lake Wylie, please visit my webpages: Recent Waterfront Home Sales and Recent Waterfront Lot Sales.

If you are interested in selling or want to talk more about your property, please give me a call. With hundreds of successful waterfront transactions completed, The Lake Wylie Man team has unparalleled lake property experience. We can advise you through each step of a sale or purchase.

 

Spring is in the air, and sales are blooming!

We’ve had a taste of spring in the past week or so, and I’ve seen lots of folks getting outside in their yards and out on their boats. This is the time of year Lake Wylie real estate starts amping up!

 

January/February activity was what I’d consider “normal,” with about a dozen waterfront homes closed to date, and 26 under contract. What isn’t “normal” are the high prices, short periods of time on market, and lack of inventory — though that might be our new “normal” for awhile.

 

In the greater Charlotte market, existing home sales in 2021 reached their highest level since 2006, according to the Canopy Realtor® Association. Buyers rushed to take advantage of historically low mortgage rates, and the pandemic altered buyer behavior — shifting people to move away from urban centers and into homes offering space for home offices and outdoor recreation.

 

Now, even though mortgage rates are creeping up (averaging about 4.1% for a 30-year fixed), buyer demand still exceeds supply. New listings are being snatched up quickly, if they are priced appropriately. Move-in-ready homes fetch a premium, but even fixer-uppers have high appeal for investment buyers with cash in hand.

 

On Lake Wylie, over half of the waterfront homes closed to date in 2022 were priced over $1 million. The average price of the 26 homes under contract is $1.2 million. Demand is just as strong for luxury priced homes as it is for moderately priced homes on the water. Check my webpages Recent Waterfront Home Sales for details on closings in recent months.

Waterfront home sales by month

In the chart above, the blue line represents a 4-year average of the number of waterfront home sales by month. The green line represents 2022 sales.

Typically, Jan/Feb are the lowest sales months of the year. Most of the closings in the early part of the year are for homes that went under contract in mid-November through the end of December, winter holiday months when buyer activity is curtailed.

Closings typically pick up in March, and then peak in summer months.

Thus far, 2022 sales are on par with the average number of waterfront home sales on Lake Wylie.

 

Waterfront land sales

Waterfront lot sales are off to a good start in 2022, with three closings through the end of February, plus five closings in the new McLean’s Hunts Point development during the first week of March. Hunts Point, located in Belmont off of South New Hope Road near Daniel Stowe Botanical Garden, features 22 homesites. Most of the waterfront lots are priced in the $400’s and $500’s.

There are only 37 dockable waterfront lots currently listed on Lake Wylie, less than half the number listed pre-pandemic.

Check my webpages Recent Waterfront Land Sales for details on lot closings in recent months.

 

Questions? Need info?

If you’d like to discuss your property, please shoot me an email or call. In today’s fast-paced market, lake expertise is more important than ever, and The Lake Wylie Man team has successfully closed more waterfront properties than any other Realtor® in the area. I look forward to hearing from you!

 

Lake Wylie Waterfront Update – Year end 2021

Happy New Year everyone! I wish you all the best in 2022.

I am filled with gratitude, marking the end of a successful real estate year in 2021. The Lake Wylie Man team closed 52 waterfront transactions — more than 4 times the number of any other realtor — plus many more properties near or off the lake. I am happy so many people trusted us to conduct their real estate transactions and am happy we could help in the process.
It was a banner year on Lake Wylie in many ways: record sales dollar-wise, crazy low levels of inventory for sale, remarkable price increases, fast-paced sales. As we head into 2022, we expect more of the same.
Indications are “work from home” scenarios, either on a full-time or part-time basis, are here to stay. Many companies are allowing hybrid work schedules with some time in the office, some time at home. With the added flexibility, workers are moving from densely populated urban areas out to places like Lake Wylie, where they can enjoy some extra space and beautiful recreational amenities, yet still commute to the office when needed.
Rising interest rates may gently tap the brakes on our roaring real estate market, but pent-up demand — which far outpaces our supply of listed properties — should ensure a robust market into 2022.
Let’s take a look at performance in 2021:

Overall Waterfront Sales

     
In the chart above, the blue bar represents number of waterfront homes sold on Lake Wylie each year, and the red bar represents dockable waterfront lots. The market hit a new high in 2020 for homes (171 sold), and the number for 2021 was just one shy of that record with 170 waterfront home sales.
The dollar value of 2021 sales was almost $158 million, 15% higher than in 2020 and a new record on the lake.
In addition, 70 dockable lots, totaling almost $24 million, sold in 2021.

Prices go up, up, up

Average prices continue to go up on Lake Wylie. In the chart above, the red line represents the average sale price of waterfront homes, and the blue line represents dockable lots.
There was a sharp uptick in average prices this past year. One of the factors was the shift to higher priced homes — driven by low inventory levels (particularly in the more moderate priced segments). Prices have also increased on individual homes. Several homes that have sold twice within the past four years have increased significantly — 25% or more — in sales price with simple adjustments such as fresh interior paint.
Overall, price per square foot for waterfront homes is up over 20% in comparison to last year.
Average prices for waterfront lots are also up, now averaging about $340,000. Belmont and Charlotte — which represent about two-thirds of total lot sales — carry the highest average prices, driven by premium-priced land in the McLean developments in Belmont and large acreage lots in The Sanctuary in Charlotte. Lots in the Clover school district, representing about 20% of waterfront lot sales, average about $275,000 in price, with variations according to location, lot size, water frontage, view and topography.

Shift to more expensive homes

The chart above represents percent of homes sold by price each year, with the blue bar under $500k, red $500-$699k, green $700-$999k and purple over $1 million.
Just a few years ago, homes under $700,000 represented the majority of sales, with over two-thirds of the market. In 2021, only one-third of the sales fell in the lower price ranges. The $1 million+ luxury segment has grown each year, and 34% of sales (58 homes!) in 2021 exceeded the million dollar mark.
Several factors have contributed to this shift. Inflation has raised prices up on all homes. Also, buyers with deeper pockets have moved into our area — buying up the inventory of luxury homes that, until recently, outpaced demand. We’re finding as people spend more time at home, the demand is up for homes with larger floor plans, dedicated space for home offices, and amenities such as pools, outdoor living areas, fire pits, gourmet kitchens and spa-like baths.
Another contributing factor to the shift to more expensive homes on the lake is the supply side. In the past 18 months, there has been an average of just 10 waterfront homes under $700,000 in any given month (including those under contract.) Three years ago, the average was 38. Inventory has been tight on all waterfront homes, but the shortage is most pronounced in the lower/moderately priced properties.
Had lesser-priced homes been available to buyers, the total number of homes sold would have been higher, and the percentages would not have been skewed so much towards the more expensive segments. Oftentimes, waterfront buyers are able to wait for their purchase; they may live locally in non-waterfront homes, or may have flexibility in their move dates. From working with a number of waterfront buyers, we know there is pent-up demand for waterfront homes, in all price segments but particularly in the more moderate price segments.
At the beginning of January, there were only 26 waterfront homes listed, with 16 of those under contract. This is down by 37% in comparison to the same period in 2020, and down by 65% in comparison to 2019.

What can my money buy?

As prices go up and inventory shrinks, buyers find their budgets don’t go as far on the lake as they used to. On the average, homes by price range can be described as follows:
  • Under $500,000 – Average age of home is 47 years, 1,475 square feet. Includes “cabins” and some smaller primary homes.
  • $500k – $699k – Average age of home is 37 years, 2,225 square feet. Most are not in traditional neighborhoods, but may be adjacent to The Palisades, older areas of Tega Cay, Allison Creek and Concord Road area, Armstrong Road area in Belmont. “Big view” cabin properties often fall into this price range.
  • $700k – $999k – Average age of home is 28 years,  3,175 square feet. Newer homes in this price range may be in neighborhoods such as Harpers Point, McLean Overtake in Belmont, Somerset at Autumn Cove in Lake Wylie. Most of the recently built homes in this price range generally do not have big views. Some of the older, smaller homes in this price range do have wide open views and are in excellent locations, such as River Hills, Tega Cay and the community of Lake Wylie.
  • $1 million plus – Average age of home is 19 years, 4,680 square feet. Most homes in this price range have long range water views, outdoor living areas, gourmet kitchens. As the price goes up, the luxury factors and location desirability increase as well!

Two waterfront homes sold for more than $2 million in 2021 — one in The Sanctuary and one near The Palisades.

Luxury home sales (over $1 million) were disbursed geographically around Lake Wylie, with 15 sales in the Charlotte area, 14 in York, 11 in Lake Wylie (a total of 25 in the Clover School District!), 10  in Belmont, 6 in Tega Cay and 2 in Rock Hill.

 

“Cabins” — properties generally used as secondary homes, most 50 years old or more and under 1,400 square feet — topped the half million mark for average sales price in 2021, coming in at almost $530,000. Many of the cabins have been updated with modern appliances and a few comforts, and many are located on premium, “big view” lots. Sometimes buyers purchase the properties to use for build sites for primary homes, and others use as vacation homes. In some cases, the cabin property is “highest and best use” of the property; the land may not have sufficient setbacks for modern building regulations.

 

Seasonality of sales

Sales in 2021 followed typical seasonality for waterfront homes:

In the chart above, the green line represents the number of waterfront homes closed by month in 2021, and the blue line represents the 4-year average. Sales are usually lowest in January/February, then begin to build through spring and summer, peaking in July/August.
Closings (as reflected on this chart) generally lag the time the properties went under contract by 6-8 weeks. Closings have taken a little longer during the pandemic.
For more details about properties closed in 2021, please visit my web pages Recent Waterfront Home Sales and Recent Waterfront Lot Sales  If you’d like an evaluation of your property or have any questions, I invite you to call or email. In this fast-paced market, a seasoned Realtor can help you obtain the best value for your property and ensure a smooth transaction. The Lake Wylie Man team is unmatched in experience and expertise on Lake Wylie. We’ve been the top-selling team for well over a decade.

Lake Wylie real estate update – Nov. 2021

The listing inventory shortage has caught up with us. All year, it has been a wonder that waterfront sales on Lake Wylie have been so strong, while the number of listings has been at record lows. As new properties were introduced to the market, many of them sold within a few days after being listed.
Now, the number of new listings — particularly those priced under $1 million — are so few that sales have slowed significantly. In October, only eight waterfront homes closed — half of the typical number of closings this time of year.
Listings for both waterfront lots and homes are at record lows at the first of November:
In the graph above, the blue line represents the number of waterfront homes listed on Lake Wylie at the beginning of November each year since 2016, and the red line represents the number of lots listed.
Listings began their steep decline during the first year of the COVID-19 pandemic when many new buyers were attracted to Lake Wylie and the supply of properties could not keep up with the demand. The trend continued into 2021.
Now, of the 47 active waterfront home listings, over half are under contract. There are only 21 fully available, and just 3 of those are priced under a million, with the lowest priced available home at $899,000. Buyers for homes at all price points are waiting in the wings — but particularly for homes priced under $900,000.
Because of the strain on listing inventory, we expect waterfront home sales to fall 5-10% behind last year’s numbers.
Waterfront lot availability is also at its lowest level, with only 26 on the market. The high demand for homes, without sufficient inventory to feed the hungry buyers, led many waterfront buyers to choose to build new homes on the water. Sales in 2021 for waterfront lots are at one of the highest levels ever.
Waterfront prices
Driven by high demand and low supply, waterfront home prices are now averaging just over $930,000, and waterfront lots are averaging in the mid $300’s. The price per square foot for waterfront homes is up 23% over last year and 35% over the year before. Price increases on a few homes that sold in the past three years —then resold in 2021 —confirm that homes in “move-in-ready” condition can fetch significantly higher prices in the current market.
Undeveloped lot prices are varied. There are buyers willing to pay top dollar for premium lots — those in higher end neighborhoods or lots with excellent location and views. Cove lots and those in more remote locations are still selling in the $200’s.
Mortgage rates
Mortgage rates are beginning to inch up again:
In the graph above, shared by Freddie Mac, the blue line represents 30-year rates, the orange line 5/ ARM rates, and the green line 15 year rates. In the past 12 months, 15Y and 30Y peaked in March, and are now approaching those rates again in early November.
Building material shortages, which became an issue early in the pandemic, are still in play.
We remain very optimistic about the health of the real estate market on Lake Wylie, considering the purchase demand that is still very strong. The short time on the market for new listings, even with higher prices on homes, indicates we are still in a “seller’s market.”
Be sure to check out recent sales on our website: Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
Both buyers and sellers can benefit from the advice of seasoned real estate professionals such as The Lake Wylie Man team. Our knowledge of the market and success in closing hundreds of properties on Lake Wylie are invaluable in this bullish market, and we look forward to serving you throughout the process.

3rd Qtr Update – Lake Wylie waterfront market

As we enter the final quarter of 2021, we’re just over a year and a half into “pandemic real estate.” We’ve watched out market boom, with properties selling fast and high, in spite of record low listing inventory.
 
In September, both on and off the lake, sales began to slow, just a little. Whereas at the end of 2nd quarter, we were clipping along with waterfront home sales 22% above last year’s activity, we close third quarter at just 6% above last year’s sales.
 
Why the gentle touch on the brakes? Closings in September tie to sales contracts written in July – August, when COVID numbers began to rise again. Listing inventory dipped, resulting in fewer properties for buyers to buy. Finally, closings are taking a bit longer — with higher workloads for appraisers, inspectors, repair contractors, and closing attorneys. Plus, some sellers are negotiating longer closings in order to find their own new homes
 
On the lake, September closings fell below the 4-year average for the month:
   
In the chart above, the green line represents the number of closings on Lake Wylie waterfront homes by month, and the blue line represents the 4-year average from 2017-2020. Up until September, this year’s activity was at or above the average each month. 
Waterfront sales trends
Year-to-date, the number of waterfront home sales on Lake Wylie is up 6% in comparison to last year. Waterfront lot sales are up 61%. The sales trend for the past decade:
In the chart above, the blue bars represent the number of waterfront homes sold on Lake Wylie through the end of 3rd quarter each year. The red bars represent dockable lot sales.
Beginning in 2016, waterfront home sales popped up to record levels on Lake Wylie, with new developments being built on the lake and an influx of population — buyers with deeper pockets to purchase luxury lake homes. 
Waterfront lot sales tend to vary a bit more year-to-year. The introduction of McLean developments in Belmont brought premium lots on the market, increasing sales and prices in the past couple of years. 
Waterfront price trends
In the chart above, the red line represents the average price of waterfront homes on Lake Wylie, and the blue line represents lot prices. After a plateau in the first half of the decade, prices began to sharply increase in 2017 and again in the past year.
The average waterfront lot price is now $350,000, up 5% from last year and up 30% from pre-pandemic. Thus far in 2021, eleven lots have closed in McLean for prices in the mid $300’s and up, plus six lots in the Sanctuary (averaging in the $500’s).  
The average waterfront home has reached $920,000 — an all-time high. Year-to-date, 45 homes have close at over $1 million, about 34% of total home sales on the lake. Last year, we reached an all-time high of 25% of home sales in this luxury price range.
Not only are sales shifting to higher-priced properties, but prices have increased across the board. Price per square foot is up 35% above pre-pandemic (2019) prices for waterfront homes on Lake Wylie, and up 26% for non-waterfront homes in our area.
Listing inventory 
For waterfront homes, listings usually peak in June-August, then taper off as we approach the end of the year. A three-year trend shows typical peaks and valleys in listings:
The chart above shows the number of active listings (including properties under contract) for waterfront homes on Lake Wylie over the past few years. Listings generally top out in summer and reach their low point in December/January. 
 
What is remarkable about this 3-year look is how the peak number of listings has dropped from 125 or so to 65. Yet even with the tightening of supply, the increase in demand has resulted in significant sales increases during this same time period. Average time on the market for waterfront homes is just 31 days — compared to 4 months or so in recent years.
 
The listing shortage has also contributed to price increases.
 
Waterfront lot listings are even more limited:
The chart above shows the number of dockable lots on the market from month to month. The peaks and valleys are not as pronounced seasonally as they are for homes — as the sale of raw land aren’t as dependent on buyers’ and sellers’ moving schedules (higher in the summertime.)
 
What is remarkable about the lot listing trend is the rapid decrease in the number of listings since last summer. At the beginning of the decade (not shown on this chart), there were about 200 lots listed. At the beginning of October 2021, there were just 26. Vacant land is rarer on the lake, as more land along the shorelines has been developed over the past few years. 
 
If you’d like more detail on the sales behind these charts, visit my web pages Recent Waterfront Home Sales and Recent Waterfront Lot Sales
 
Over the years, The Lake Wylie Man team has closed hundreds of waterfront properties, and we have unparalleled expertise on the lake. In this volatile market, it is important to rely on the #1 Realtor to advise you on the unique considerations for lake property and ensure a successful closing.
 
Thus far in 2021, we’ve completed 43 waterfront transactions — more than 3.5 times as many as the next highest-selling Realtor on Lake Wylie.

Spring Frenzy – Lake Wylie Real Estate Market

The frenzy continues in real estate sales on Lake Wylie this spring. Both waterfront homes and dockable lots are selling at record paces — the highest number of sales through April in over a decade. At the same time, the number of springtime listings is at the lowest point in years.

People are on the move, all over the country:

Americans are leaving the big cities, but they’re not going far. According to Bloomberg CityLab, they’re heading out to the suburbs, places with a little more space and access to outdoor amenities (like Lake Wylie!). About 84% of movers stayed within their same metro area.
In the Charlotte area, the mover inflow/outflow ratio was pretty flat — which means we didn’t have a large increase or decrease in population change during the pandemic, but people did shuffle around.

Real estate is big news. Prices are climbing, multiple offers and bidding wars are common, and supply (number of listings) is very, very low all over the country.

For several years after the recession (2007-2010ish), new construction slowed considerably — and we’re now feeling the supply pinch.
Though building has started up again in the Lake Wylie area, costs are high, particularly as the pandemic affected the supply of materials.
The ability (and, during the pandemic, the necessity!) to work remotely, combined with low mortgage rates, has encouraged people to start buying houses.

So, here we are. Waterfront home sales are outpacing the 4-year average:

In the chart above, the blue line represents the average number of waterfront homes sold on Lake Wylie, by month, over the past 4 years. The green line represents 2021 sales. Seasonally, sales are lowest in winter months (December thru February), then begin to pick up in spring.
In April of 2021, we’re approaching our summer “peak” levels. There were 16 waterfront home closings in April, and there are currently 32 under contract. Year-to-date sales (42 homes) are outpacing the average by 35%. The average sales price is up to $832,000 for waterfront homes, an increase of about 3% over last year. However – – the mix of homes sold this year to date are, on average, about 15% smaller than last year’s average, so the price increase on an individual home basis is closer to 15-20%, depending on location, price point and features.
The average time on the market for waterfront homes? An astounding 36 days. For perspective, the average time on market for the entire year of 2020 was 115 days – – more than three times as long. Through April, about 70% of waterfront home sales have time on the market of less than a month.  Half sold for the asking price or more.
Waterfront lot sales are equally impressive this year:
In the chart above, lot sales through the end of April are reported for each year since 2011. This year, with 27 lots sold to date, we’ve achieved record levels. Twenty-one lots are currently under contract, which, if they all close, will bring us close to the total for all of 2020!
The average price is $343,000, an increase over last year’s total by 5%.
Listings for both lots and homes are very low:
In the chart above, listings by month over the past two years are shown for waterfront homes on Lake Wylie (blue line) and dockable waterfront lots (red line). While home listings have ticked up a bit in the past two months, that is typical for spring seasonality. Comparing listings for the first of May, our current home levels are down more than 20% from last year, and down 43% from two years ago.
The number of lots listed is down over 40% from last year and from the year before.
The Lake Wylie Man team is working with a number of buyers right now, at all price points, for both lots and land. We have sold more Lake Wylie property than any other realtor in the area, each year for over a decade. Buying and selling lake property involves different considerations than real estate transactions off the lake. Rely on The Lake Wylie Man for expert advice in pricing, marketing, and ensuring the closing is smooth.
To see details for recent sales, visit my web pages: Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
Please call if you’d like to discuss your property. I look forward to hearing from you!

A roller-coaster ride in real estate – November 2020

October numbers are in for Lake Wylie real estate activity, and It has certainly been a roller coaster ride!

TWENTY-SIX waterfront homes closed in October — a month that usually averages 8-10 closings. Last year the market had a record-breaking October, with 16 closings. Check out this year’s performance in comparison to the past 3-year average:

In the chart above, the dark blue line represents the last 3-year average number of closings per month for dockable waterfront homes on Lake Wylie. The light blue line represents 2020 performance. It has been an unusual year indeed, with closings falling far below normal during the first couple months of the pandemic, then higher than normal thereafter.
About a third of the homes closed in October were on the market for less than a week, and many sold at or above full asking price. Eight of the closings were in the luxury price category (over $1 million).
Low mortgage rates and changes in lifestyle have contributed to the uptick in lake property, as well as pent-up demand from the past couple of years as we have seen inventory decline. Offerings at different price points have not been able to keep up with demand.
Here at the beginning of November, the number of listings has reached another low point. Only 49 dockable waterfront homes are currently listed, with 22 of those under contract!
Looking at listings the past few months, the decline is pronounced:
In the chart above, the blue portion represents the number of waterfront homes under contract at the first of each month since June, and the red represents the number of available waterfront homes.  In the MLS, the number of listings reported includes “Active” plus “Under Contract,” because sometimes properties under contract can continue to be shown for back-up offers, and occasionally offers do fall through.
In June and July, the total number of listings hovered around 90 waterfront homes. Typically, the number of lakefront listings peak in the summer, and this year was no exception. However, in comparison to the summer months of 2019, total listings were down 30%! Combine that statistic with record sales, and it is a classic low supply/high demand situation.
The small number of homes available becomes even more dire when we break the listings into price points or areas on the lake. There are zero – – yes, zero – – listings under $500,000. Almost half of the available homes are priced over $1 million. Looking for something in the $700,000 range in the Clover School District? There is one house.
Waterfront lots are also in demand. While year-to-date sales are about level with the past two years, inventory is very tight. Currently, there are 74 dockable lots listed, and 14 of those are under contract. The number of listings is down over 20% in comparison to the past couple of years. With waterfront home inventory so tight, buyers will consider building and need land for their lake homes. Many will consider purchasing a cabin or lower-priced older home to remove and use as their building site.
To see details on recent sales activity all over Lake Wylie, please visit my web pages Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
Now is a great time to sell Lake Wylie waterfront property, even though (in a typical year) we’d be entering the slower season of selling. But this is no typical year. Now more than ever it is important to use a Lake Wylie waterfront expert to help you price, market and sell your property.  The Lake Wylie Man has led the market in waterfront sales each year for over a decade, and can offer unparalleled insight and service. Give us a call!