As the heat of summer begins to subside and we settle into our fall routines, the real estate market generally begins to slow down a little. This year, however, the bullish market is still blazing!
Lake Wylie waterfront home listing inventory is at record low levels, particularly in the mid- and lower-priced ranges. This is having a profound impact on the market. Waterfront homes are selling at a much faster rate, at an average of four months on market, compared to about six months in 2016. Sellers are also seeing offers closer to their asking price, and the average waterfront home sale is about $687,000, up 14% from 2014.
Increased demand for quality homes is motivating buyers to stay on top of new listings. Since May, over half of waterfront homes sold were on the market for less than a month! While most of these quick sales were in the moderate price waterfront segment ($500,000 – $800,000), several were in higher priced, “luxury” segments. As true in recent years, inventory levels in the million-dollar plus price range is still much higher than demand levels. However, buyers in this category often have specific criteria, and when a new listing meets those criteria, they are ready to buy.
What is selling on the lake?
In reviewing sales from the current year, along with what is currently under contract, we can get an idea of what is driving today’s buyers. Sales have occurred all around the lake, with 70% on the South Carolina side. Almost half of sales (45%) were in the Clover School District.
Waterfront homes in the 500K and under price point average about 40 years in age. More than half of these sales went under contract in under two months. Current inventory is less than 25% of last year’s levels, the most pronounced shortage of any price segment.
In the $500,000 to $1 million category, the median age of sold homes is 24 years, with average time on market about four months. While the current inventory is higher in this price point, it still demonstrates a deficit with about 30% less than last year this time.
Homes over $1mm are selling at record levels, with ten homes sold in this luxury price segment through the end of July.
Waterfront lot sales are outpacing last year’s by about 30%, quite likely a result of some buyers deciding to build their home after being unable to find an existing property that met their needs.
Market Trends Off the Lake
In general, the market is very strong within the Clover School District. The median home price off the lake is $283,000, up a little from a year ago. Homes in the Clover School District spent an average of ten weeks on the market. The excellent Clover School District remains a strong selling point, motivating buyers to make strong offers. In fact, sellers are receiving an average of 98% of their asking prices, which is a slight increase from 2016. Almost a third of home sales off the lake this year have been new construction.
The little haven of Lake Wylie is an attractive place to live with great schools, low taxes and plenty of southern charm. Because of this, expect the housing market to remain strong and lead us to another record breaking year.
Drew Choate, “The Lake Wylie Man” specializes in Lake Wylie waterfront homes and lots, and other homes in the Lake Wylie community. He is affiliated with Wilkinson ERA Real Estate and has an office in Lake Wylie.
