- The lack of supply (number of listings available) and increase in demand for homes has driven prices up, up, up. We’ve tracked some sales of the same homes changing hands two or more times in a 4-year period, with prices rising 25-40% with little to no improvements made on the properties.
- The number of listings in lower-to-moderate priced waterfront homes has declined more dramatically than for luxury priced homes. With less availability in the lower price segments, the proportion of sales in the higher brackets has increased, thereby resulting in higher average price for the homes sold.
As we begin the final quarter of 2022, we’re seeing a dramatic slowdown in the Lake Wylie real estate market. It comes as no surprise. For the past couple of years, the supply of homes on the market has dwindled, particularly in the lower and mid-priced brackets. Rising interest rates and inflation have added to the complexity of the market.
Since July, waterfront home sales on Lake Wylie have lagged behind the four-year average by month:
In the chart above, the green line represents the number of waterfront homes sold on Lake Wylie by month, and the blue line represents the average “norm” — based on the past four years of sales. Lakefront home sales for 2022 are lagging 30% behind last year’s sales to date.
Dollar sales are down less than 10% in comparison to last year’s, however, as the average sale is about $1.2 million — a record high on Lake Wylie. Even lake “cabins,” older properties intended for weekend or vacation use, have reached an average price of over $700,000. A few cabins with large acreage and/or big views have topped the $1 million mark in this cash-rich marketplace. We’re seeing buyers with deep pockets in a highly competitive market.
Waterfront lot sales are down as well — 40% below last year’s sales through the end of October. The average price is $400,000 for a waterfront lot, up 16% compared to a year ago. Squeezed inventory levels have limited supply, with strong demand, driving up prices on all waterfront lots. Half of the waterfront lot sales this year are in premium-priced McLean developments, further increasing the average price.
List it, and buyers will come . . .
New listings are still receiving quick attention from buyers — and the majority of homes sold this year were under contract within a week of listing. Some sellers are cashing in on the hot market. We’ve seen several homes change hands more than once within a couple years or so, realizing hefty profits with simple cosmetic updates (or no updates at all.)
Check out detailed information for this year’s sales on my web pages, Recent Waterfront Home Sales and Recent Waterfront Lot Sales. If you’d like to discuss your options, I’d love to help. Once again, The Lake Wylie Man is leading the market in waterfront sales. You can rely on our expertise for the best outcome in your real estate transactions.
Happy fall, y’all. I hope everyone is enjoying the cool weather, football games and all the fun of the season.
- The number of waterfront homes sold on Lake Wylie is down 28% in comparison to last year, and is expected to finish the year at about 35% below 2021 sales.
- However, dollar volume is down only 6% compared to last year. The price tag on the average waterfront home sold in 2022 thus far is $1.2 million, a whopping 30% increase over last year’s record level.
- The number of waterfront lots sold is 42% lower than last year this time, and the average price rose 15% to just over $400,000. However, more than half of the lots sold are in the premium-priced McLean developments in Belmont, driving up the average price.
- Properties are still selling lightning fast. Well over half of the homes sold this quarter were on the market less than a week, and many sold at or above asking price.
- 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.
- 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.
- 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.
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.
- 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.
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.
- 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
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.
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.
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!
Happy New Year everyone! I wish you all the best in 2022.
Overall Waterfront Sales
Prices go up, up, up
Shift to more expensive homes
What can my money buy?
- 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: