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Lake Wylie Real Estate – a New Era

Jan Todd

Greetings! We’re on the home stretch of 2024, and it seems we’ve entered a new era in real estate on Lake Wylie.

Just a few years ago, buyers had many waterfront properties to choose from, ranging from a wide selection of vacant lots, to “weekender” cabins, to modest family homes to luxury showplaces.

The nicest vacant lots were priced between $350k-$400k, and dockable land on Lake Wylie was plentiful.

Now, there are only 13 dockable waterfront lots for sale on the lake — and the average price is almost $600,000 for an acre or less. Lots priced lower than a half million dollars are usually tucked in the back of a cove or have challenges in location, placement of power lines, or limitations in the building options. The average price is up more than 50% in comparison to last year, and the number of listings is at a historic low.

Here is a quick snapshot of other waterfront market statistics:

Lake Wylie Real Estate highlights

 
Waterfront lot highlights from October:
 
  • Seven dockable lots closed in October, tying April for the highest sales activity this year. Two lots closed in The Sanctuary — a 12-acre parcel for $1.2 million and a 9.5 acre parcel for $700,000.
  • McLean South Side opened Phase II with a $1 million, 1 acre lot on Kingbird Lane — which is in a section of the Belmont development that dips down across the state line into South Carolina. Two more lots, priced similarly, are currently listed on the MLS in that same section.
  • A 0.4 acre lot in Joslin Pointe sold for $825,000 in October — the highest-priced parcel to ever sell in the neighborhood. 
  • Only one lot in available inventory is currently under contract, indicating a slowdown in sales for the remainder of the year.

Waterfront home highlights:

  • Eleven waterfront homes closed in October, and there are 15 currently under contract. We’re on track to complete the year with sales about 25% above last year’s.
  • Three homes that closed in October were originally priced over $2 million — but only one achieved that price point. Some sellers are trying higher prices just to see if a buyer will bite. While the strategy succeeds on occasion, a property priced too high often stays on the market longer, and sells for less, than a property priced right out of the gate. So far this year, properties that sold for 15% or more below the original asking price were on the market an average of 118 days. Properties that sold within 5% of the asking price averaged 20 days on the market.
  • Eighteen “cabins” have sold on Lake Wylie so far this year, for an average price of $900,000. Cabins are generally 2-bedroom homes built 40+ years ago, not originally intended as primary homes. Some have since been updated nicely and are suitable for full-time living.
  • The number of listings available for sale has dropped from a high of 66 in June down to just 51 waterfront homes on the market currently. The average price of homes in active inventory is $1.8 million. 

For more information on all waterfront homes and lots sold on Lake Wylie this year, visit my webpages: Recent Waterfront Home Sales and Recent Waterfront Lot Sales. If you are considering selling your property, or have any questions about real estate on Lake Wylie, please give me a call. The Lake Wylie Man team has successfully closed hundreds of sales on the lake — far more than any other Realtor on the market. When dealing with the unique considerations of lake property, experience matters. I look forward to hearing from you!

 

 

Lake Wylie Real Estate market heating up for summer!

Jan Todd
Summer is cranking up, and it has been fun to get out on the lake and soak up the sunshine!
We’ve seen a bump in listing inventory this month, with 49 waterfront homes now for sale on Lake Wylie. A year ago, listing inventory was only 25 homes — so 49 feels like a bonanza! Prior to the pandemic, we usually started the summer with more than 100 waterfront homes on the market, just for comparison.
Buyers shouldn’t look for a bargain, though. The price of waterfront homes sold year-to-date on Lake Wylie has reached an average of $1.3 million. The average price of currently listed lakefront homes has climbed to almost $1.9 million. Almost a third of the listings are over $2 million. Waterfront home prices have almost doubled in the past seven years, and mid-range listings are very scarce.
Depending on location and view, even “river cabins” (typically 2-3 bedrooms, under 1400 square feet, 50+ years old) are selling for an average of $700,000, with some topping the million dollar mark.
Below is a graph of prices for “cabin” properties as of the end of 2023:
In the chart above, the blue bars represent the number of cabins sold each year, and the red line represents the average price. Prior to the pandemic, most of these properties sold for well under half a million. The higher demand for lake property — any lake property — caused a dramatic spike in prices. Many of the higher-priced cabins feature updates, particularly in the bathrooms and kitchens, which have added considerable value. But even “vintage condition” cabins are selling quickly and at strong prices, particularly if they offer desirable locations and views.
Lakefront lots are still very scarce on the market. Inventory remains at just 25 dockable lots on the market, about the same as last year, with very little change from month to month. To date, 17 dockable lots have sold this year, for an average price of $630,000. About a third of them were in McLean developments in Belmont, where the average price is just over $800,000 for lots averaging 0.8 acres. Premium lots with big open views across the lake are commanding higher prices as well.
We are entering the height of the market, seasonality-wise. Typically, summer months bring the largest share of buyers, and we expect no difference this year. Waterfront homes benefit from “drive-by” traffic on the lake, with boaters out enjoying the sunshine and daydreaming about their own place on the lake. The chart below, which represents when Lake Wylie waterfront homes closed, lags 6-8 weeks from when the contract was written. For instance, a July closing date represents a home that most likely went under contract during May-June.
In the chart above, the blue line represents the number of dockable waterfront homes sold by month averaged over the past five years. The green line represents current year sales.
We kicked off 2024 with higher sales than is typical in January-February, then dropped below average the past two months. With the recent increase in listing inventory, we should return to average sales by mid-summer.
For more details on what has been selling, take a look at my webpages, Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
If you are considering listing your home, there is no better time than the present. Prices are at an all-time high, and demand is strong (despite high interest rates!). I’ll be glad to talk to you about the estimated value of your home, as well as answer any other questions you might have. The Lake Wylie Man real estate team has led the waterfront market for the past 15 years, and with hundreds of transactions successfully completed, our experience on Lake Wylie is unparalleled.
Thanks for reading!
Drew

At a glance: Lake Wylie Real Estate

Jan Todd

Happy November, everyone. As we head towards the holidays, I’m reminded how thankful I am for the client relationships we’ve built over the years. I never take for granted the trust you put into our team to guide you through big life decisions involving the sale or purchase of property. Thank you!

In October, nine waterfront homes and one dockable waterfront lot closed on Lake Wylie. Highlights at a glance are as follows:

The number of waterfront homes listed has ticked up just a bit to 41 — the highest we’ve seen since last November! Typically, inventory peaks in the summertime, but the market has fallen short all year in number of properties listed.

Tight inventory and high demand have yielded higher prices and frequent “bidding wars” on properties in high demand. Just over half of the waterfront homes sold this year have been at or above asking price!

In spite of rising interest rates, buyer demand has held strong for lake property. Sellers are realizing significant profits on the sale of their homes, and we expect that to continue.

With tight inventory driving market conditions, we’ve seen lower than average sales for this year, in almost every month:

 

In the chart above, the blue line represents the average number of Lake Wylie waterfront homes closed by month over the past five years. The green line represents this year.

Overall, sales are down about 20% in comparison to last year through October.

Homes currently on the market skew toward the higher priced properties, with the average price at $1.7 million. The average price for waterfront homes sold year-to-date is just over $1.3 million.

You can take a look at more details about recent properties sold on my webpages Recent Waterfront Home Sales and Recent Waterfront Lot Sales.

If you have questions or would like to discuss your property, please give me a call. I look forward to speaking with you!

 

Drew

Waterfront real estate news – June

Jan Todd

Memorial Day traditionally kicks off the summer season, and people are out enjoying the lake.

There were just 6 waterfront homes and 1 dockable lot closed in May, and the stats tell the story. All six homes closed at or above asking price, and with the exception of one new construction, all were on the market for well under a week before going under contract. With limited listings available, sales are way down this year, but new listings are capturing quick attention from hungry buyers!
A quick glance at activity to date:
The average price of waterfront homes currently listed is $1.7 million. Considering the average price of waterfront home sold just three years ago was about $800,000, many buyers are being priced out of waterfront purchases. One home that sold in the mid $900’s in late 2020 sold again this May for $1.3 million — with no apparent changes to the property. A waterfront lot in Handsmill on Lake Wylie closed in May for $575,000, after selling in 2020 for $399,000. Prices have risen significantly, with the average waterfront lot price up by about $100,000 compared to two or three years ago.
With rising prices and extremely tight inventory, unit sales are falling short of levels typical for this time of year:
In the chart above, the blue line represents the 5-year average of the number of waterfront home sales on Lake Wylie by month. Seasonality of sales usually begins to climb in late spring, reaching the peak in the summer months. The green line, representing this year, shows month-by-month sales well below average. The number of listings available has ticked up a tiny bit — 31 homes currently listed, up from 25 last month, and 26 lots, up from 24 in May. We’ll likely see a rise in the number of closings over the summer, keeping with typical seasonality while still falling below average sales.
Check out more details of recent lake sales on my web pages: Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
General Market Trends
In the greater Lake Wylie area (including Steel Creek, Belmont and most of York County), home sales are down 25% in comparison to last year, primarily due to tight inventory. The number of listings in the area is down 25% compared to last year.
The average home price is $480,000 — up just 1% in comparison to year ago. Average prices rose 20% since 2021 and 51% compared to pre-pandemic (2019), so it appears the “runaway market” is settling down just a bit. Homes are staying on the market a bit longer and the buyer bidding frenzy is not as pronounced as the past couple of years.
The real estate market is still very strong for sellers in our area. If you have any questions or would like an evaluation of your property, I would love to help you. The Lake Wylie Man team has led sales on the lake for 15 years, and we sell many homes and properties off the lake as well. I look forward to hearing from you.

Looking towards spring – Lake Wylie real estate

Jan Todd

It won’t be long until the daffodils start popping out of the ground, and the real estate market enters its busy season. Waterfront home buyers are eagerly awaiting new listings!

In January, four waterfront homes and one dockable lot were sold on Lake Wylie — which is within the norm. January closings usually represent properties sold in mid-November through late December, the holiday season when showings and buyer activity drop off a bit.

If properties “in the hopper” (under contract and ready to close) are any indication, we’re off to a strong start in 2022 for another robust year.

Listing inventory is beginning to inch up a bit, but still drastically lower than pre-pandemic. There are only 34 waterfront homes currently listed — and two-thirds of those are under contract. Thirty-three dockable lots are on the market, with 12 under contract.

Properly priced properties — particularly those in high-demand locations — continue to receive immediate buyer attention, multiple showing requests and fast offers, many at full asking price or even higher.

Of the properties currently listed that have been on the market for more than 2 months, the asking price relative to square footage exceeds last year’s average by 75%. However, it it important to note that evaluating waterfront property prices by square footage is tricky. Unlike a typical “neighborhood home,” waterfront property prices are driven by the view, water depth, location on the lake, type and condition of surrounding properties, topography, the style of dock and other lakeside amenities, and the home style/age/condition. A small lakefront cabin with a tremendous main-channel view and favorable location my have a much higher cost-per-square-foot than a newer, upscale home in the back of a cove, for example.

In this market, if a home lingers without an offer, the listing price should be examined, as well as feedback from the showings.

 

Waterfront cabins

Last year was an excellent year for Lake Wylie “cabin” sales, with 25 sold across the lake. We define “cabins” to be properties originally designed as “weekenders,” small in size (usually 1400 square feet or less). Most were built 40-60 years ago, when many of the lake lots were leased and people did not build permanent homes on the properties. Over the years, when people were able to purchase the lots, some of the cabins have been removed to make room for primary homes, and others have been retained to use as vacation homes. Many have been modernized and renovated.

As waterfront homes have risen in price and available inventory has been limited, cabin properties have risen in popularity as a way for buyers to own lakefront property, and potentially build their primary home on the space at a later date. Prices of the cabin properties has climbed in the past few years:

In the chart above, the blue bars represent the number of cabin sales each year. In 2021, the number hit a recent high mark with 25 cabins sold. The red line represents the average price. Prices have been steadily climbing since 2015, and took a sharp increase up to $530,000 in 2021, a 21% gain over the average price in 2020. This is consistent with the price increase for all waterfront properties on Lake Wylie last year.

We anticipate demand for cabin properties to be strong again this year. For some buyers, a renovated cabin might serve as their primary home, a more affordable option for living full-time on the lake for empty-nesters and others who don’t need a large dwelling. For others, cabins may serve as a get-away on weekends or summer. Some of these properties — depending on restrictions in the area — may be used as vacation or long-term rentals.

 

Lot Sales

Listing inventory has been at record lows. However, the new McLean Hunts Point development infused a dozen or so properties into listing inventory in the past couple of months. Of the 14 lots listed on the MLS — with most asking prices in the $400’s and $500’s — half are already under contract.

Most of the listing inventory for dockable waterfront lots is in Belmont, the location with the most undeveloped waterfront land. With just a couple of dockable lots priced under $200,000, the listing price for most dockable lots currently available range from the mid $200’s (cove lots) to $800k (premium point lot in McLean’s luxury neighborhood, with long-range view).

 

Listing your property

If you’re thinking about listing your property, there is no better time. Buyers are waiting and ready, checking for new listings daily. You can take a look at recent sales on Lake Wylie on my webpages, Recent Waterfront Home Sales and Recent Waterfront Lot Sales to get an idea of prices on the lake — but your best source (of course) is The Lake Wylie Man. With more lakefront selling experience than any other Realtor® in the area, you can count on me to answer your questions and help you navigate the sale. I look forward to talking with you soon!

 

Drew

Summertime real estate on the lake – – hot stuff!

Jan Todd
Happy summer, everyone! I know the calendar says we have a couple more weeks or so before the official start of summer, but if you’re like me, the first sizzle of a hotdog on Memorial Day weekend kicks off the season in style.
In the real estate world, summertime is more than Coppertone and watermelon and swimming in the lake. It is the busiest time for home sales — particularly for families with kids in school.
Year-to-date waterfront home sales are up 45% over last year’s, and 35% over the 2019 year-to-date sales. May sales were a bit below average, with 12 waterfront homes sold on the lake:
In the chart above, the green line represents the number of waterfront homes sold on Lake Wylie by the month in 2021, and the blue line represents the 4-year average. Sales typically begin building in early spring, and peak mid-summer, staying strong through October.
The drop from April to May in 2021 was atypical — but these are atypical times. A shortage of listings and buyer frenzy have been driving the market in recent months. The number of homes under contract has been strong, between 30-40 during the past 4 months, so for only 12 homes to close in May was a surprise.
However, about a third of the homes listed as “under contract” is new construction, which typically takes several months to close, depending on the stage of the build when it went under contract. Also, some sellers are negotiating a longer close period, to give themselves time to find a place to live.
Of the 12 homes that closed in May, all but two were on the market for less than a week before going under contract. Seven sold at or above the asking price — and two sold for more than 20% above the asking price! The market is still hot, hot, hot. However, the shortage in listings is an issue:
In the chart above, the blue line represents the number of waterfront homes sold in the 12-month period ending 5/31 each year, and the red line represents the number of listings on the last day of May each year. Historically, the number of listings was close to the number of homes sold on an annual basis. That began to change in late 2019. Now the gap between supply and demand is quite pronounced — driving prices up.
Waterfront Lots
Dockable waterfront lots on Lake Wylie are having a record sales year. Despite the rising costs of construction, buyers are turning to lots to build their own lake homes when none can be found ready to buy.  The majority of sales are in Belmont and Charlotte — driven by availability.
Buyers are willing to pay top dollar for premium lots — point lots with panoramic views. The average sale price for a waterfront lot on Lake Wylie is about $350,000, the highest point since 2008.
Listing inventory is at the lowest point in years:
In the chart above, the blue line represents rolling 12-month sales thru the end of May each year, and the red line represents the number of listings at the end of each May. Historically, the number of listings significantly outpaced the annual sales, until 2021.  The number of listings has plummeted, and sales are the highest since 2018 (which was a record year!).
You can check out details of recent sales on my web pages: Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
As we head into summer, it is an excellent time to list your property if you have an interest in selling. With hundreds of lake transactions successfully closed, The Lake Wylie team can advise you on how to price your property in this volatile market, what improvements or staging techniques will ensure top dollar, and best strategies for marketing. Please give me a call if you’d like to discuss your home or lot.

First quarter 2021 Waterfront Sales

Jan Todd

If you (or anyone among your close friends/family) are in the market for a home, you know the current state of affairs. Homes are listed, and before you even have time to set up a showing, there are multiple offers on the home. The market is moving fast! I read this week about a listing in Washington, D.C. area that had over 80 offers — and 75 CASH offers — its first day on the market.

Nationwide, there is an inventory (number of listings) shortage, prices are rising, and the number of days on market is at record lows. Realtor.com’s March 2021 Housing data reported inventory at about half of last year’s levels and prices up 15.6%.

Closer to home, the same Realtor.com report listed the Charlotte metro area listings down 62.6% vs. a year ago, and the median listing price up 18.5%. No wonder buyers are feeling the squeeze!

On Lake Wylie, first-quarter sales were strong for dockable lots and homes:

In the chart above, 1st quarter Lake Wylie sales are tracked with the blue bars representing the number of waterfront homes closed through the end of March each year, and the red bars representing the number of dockable lots. Both home sales and lot sales were up this year in comparison to last year, which is particularly notable considering the number of COVID-19 cases peaked December – February, when most of the offers would have been made on the homes that closed in the first quarter.
Dockable waterfront lot sales for the first quarter were at the highest point in a decade.
Looking at sales in the pipeline, there are 37 waterfront homes and 21 lots under contract — both about double the number under contract at the first of April last year.
At the same time the sales are heating up, the available inventory is continuing to diminish:

In the chart above, the blue line represents the number of Lake Wylie waterfront homes listed on the first of April each year, and the red line represents the number of dockable lots. Both have been on a steady decline over the past 5 years. The number of listings in the chart include properties under contract, so if the contracts hold, there are only 25 homes and 37 lots on the market currently without offers in place.
In first quarter, 65% of waterfront homes sold were on the market for less than a month — 42% for less than a WEEK. More than half sold for full asking price or better.
High demand and short supply mean one thing: Prices are going up. We see that happening on Lake Wylie:
The average price for a waterfront home on Lake Wylie is currently $885,000 — a whopping 18% increase over last year this time. Part of the increase is from a shift towards more expensive homes (eight $1million homes have sold in first quarter this year vs. six during the same time last year), and part is from price increases. 
 
Price-per-square-foot is a tricky measure for waterfront homes. A modest cabin on a spectacular lot can sell at a higher price-per-square-foot than a luxury home on the lake, for example. Also, the number of home sales on Lake Wylie are relatively low in a year, and definitely in a quarter. We typically don’t rely on price-per-square-foot for waterfront analysis.
 
However, across the larger Lake Wylie area, non-waterfront home price/square-foot spiked 14% over last year — a significant jump! Depending on area, condition of your home and amenities, you can expect to sell your waterfront property right now for an average of 10-15% more than you could pre-pandemic. 
 
Setting the right price in a market as volatile as this one takes knowledge and skill. The Lake Wylie Man team closed 42 waterfront transactions on Lake Wylie in 2020 (more than double any other Realtors), and has led the market for well over a decade. We know what sells, and for how much. We can advise you on what changes or updates you may consider for a faster and more profitable sale. We can market your home to buyers ready to purchase lakefront property. 
 
The sales outlook for 2021 is excellent — but we need more listings to keep the momentum strong!
 
If you’re a buyer (or have friends/family in the market), you can rely on The Lake Wylie Man team to advise the true value of a property. Our knowledge of the lake will ensure the best outcome, whether you’re buying or selling.
 
Check out Recent Waterfront Home Sales and Recent Lot Sales for details on closings in the past few months. If you have questions about this report or want to discuss your property, please call me. I look forward to hearing from you!

March 2021 – Waterfront real estate update

Jan Todd

Spring fever is in the air! Some of these recent warm days have lured boaters out on the lake, and real estate activity is picking up considerably. Currently, there are 33 waterfront homes under contract (about 35%-45% higher than is typical for this time of year), and over half of those properties went under contract during their first month on market.

Vacant lots are also selling strongly — with 20 under contract right now. For perspective, a total of 50 dockable lots sold last year. At the beginning of March in 2020 (pre-pandemic) there were 10 dockable lots under contract — so pending sales are double what they were a year ago.

While all price points are in demand, luxury properties are continuing as the fastest growing segment. Year-end sales by price segment for waterfront homes on Lake Wylie in 2020 were as follows:

Under $500k – 23 homes (-12% vs. 2019)
$501k-$699k – 55 homes (+11% vs. 2019)
$700k-$999k – 53 homes (+20% vs. 2019)
$1million+ – 43 homes (+72% vs. 2019)

During January/February of 2021, 6 homes in the $1mm+ price category closed (as compared to 2 homes in 2019), and there are 11 homes in that price category under contract. Typically, first quarter represents under 20% of annual sales — so early 2021 activity indicates a very strong start for luxury home sales.

Higher priced waterfront lots are selling strongly as well. Thus far in 2021, 8 dockable lots have closed on Lake Wylie (up slightly from the past 2 years), and 6 of those lots sold for over $300,000. One, a 3.1 acre point lot in McLean, sold for a head-turning $1.3 million. There are currently 20 dockable lots under contract, the highest number we’ve seen in years.

Waterfront sales usually start taking off in March and build through the summer and into early fall. This year, February sales jumpstarted the season, outperforming the past 4-year average:

In the chart above, the blue line represents the past 4-year average number of waterfront homes sold on Lake Wylie by month, and the red line represents 2021 sales. Based on sales-to-date and pending properties, we can expect first quarter to significantly outperform 2020 levels.

Available inventory (number of listings) on Lake Wylie is still critically low. Not including listings that are under contract, there are only 21 waterfront homes on Lake Wylie available to buyers — about a third of the number available last year. The number of waterfront lot listings are down considerably as well. Low supply and high demand continue to cause prices to inch up on waterfront property.

Check out my webpages, Recent Waterfront Home Sales and Recent Waterfront Lot Sales, to see details of properties sold in the past few months.

Please call if you have any questions or wish to discuss your home or land. In this bullish market, rely on the expertise of the Lake Wylie Man team to price and position your property for the most positive outcome.

What can my money buy on Lake Wylie?

Jan Todd
What can my money buy?
It is always helpful for buyers to understand what types of properties they can buy at different price points on Lake Wylie. Prices for waterfront are determined by factors different than interior homes. For instance — view, amount of shoreline, area of the lake, water depth, type of surrounding properties, topography, condition of property including lake amenities (docks) — all affect price.
Based on averages, however, properties by price point can be described as follows:
  • Under $500k: Approximately 1,550 square feet in size, 46 years old.
  • $500k-$699k: Approximately 2,500 square feet in size, 31 years old.
  • $700k-$999k: Approximately 3,950 square feet in size, 21 years old.
  • $1MM + : Approximately 5,150 square feet in size, 16 years old.
Prices for all waterfront properties are on the rise, more so for certain sizes, locations and price points that represent the highest demand. Rely on The Lake Wylie Man team for expert advice on pricing and marketing your property.

Lake Wylie Waterfront Sales – Year End Review

Jan Todd
In spite of our tumultuous times, the real estate market on Lake Wylie had a historically successful year, breaking sales records and ending the year strong. For sellers, the metrics are all encouraging: prices on the rise, properties selling quickly, and demand that far outpaces supply. For buyers, low mortgage rates are enticing, but tight supply means there is heavy competition for new listings, and buyers need to be ready to act quickly.

 

Topline Sales Summary
Waterfront home sales (blue bar) reached record levels in 2020, with 167 sales, an 18% increase over 2019. Dockable waterfront lot sales totaled 44, a 10% rise over previous year.
The market has been very strong since 2016. Currently there are 14 homes and 13 dockable lots under contract, painting a positive picture going into 2021.

Average prices are climbing significantly. In 2020, the average home price (represented by the red line) rose to $805,000 – a $50k jump over 2019 average prices. The average dockable lot price rose to $325,000.

Sales by month in 2020 reflected the unusual nature of the year:

In the chart above, the dark blue line represents the past 3-year average number of waterfront home sales on Lake Wylie, while the grey line represents number of lake homes sold in 2020. Considering homes usually take 6-8 weeks to close, the “sales” chart generally lags buyer activity (purchase contracts) by 1.5-2 months.
First quarter sales were “normal,” but as the pandemic hit in early March, the initial impact was evident in April/May. Stay-at-home orders and real estate showing limitations slowed the market initially, but then sales recovered — and even took off — on the lake as people began changing their lifestyles.
Lake Wylie, as well as many resort towns, experienced higher demand for housing as buyers began to put more emphasis on outdoor recreation, suburban or rural locations, and home-oriented settings to work and relax.
Supply side
Probably the most extraordinary consideration about the record sales is they occurred in a time of record low inventory  for both waterfront homes and land on Lake Wylie:
In the chart above, the blue line represents number of waterfront home listings (including properties currently under contract), and the red line represents waterfront lot listings on Lake Wylie. Typically, the lowest point of listings is reached in the winter months of each year, but the current inventory levels are nothing short of dire.
During the recession years (late 2007-2009, inventory levels were at record highs. Demand for properties was far less than supply. That began to shift about 5 years ago, and reached critical points in 2020.
As of the first of the year, there were only 41 listings for Lake Wylie waterfront homes, and 63 listings for dockable lots. Of the 41 homes, 14 are under contract.
Also, the home listings include 15 properties that are “proposed construction.” While these appear as home listings, they are actually waterfront lots paired with sample house plans, either planned by builders or provided simply as an idea of a home that will fit on the lot within the neighborhood. A few more listings are homes under active construction, but not yet complete.
The low supply of waterfront property has a profound impact on the market. New listings receive immediate attention from buyers, and if the price is right and the location and condition of the home are desirable, quick sales are common, many with multiple offers. In 2020, over 40% of sales contracts were written within the first month of listing.
Sales by Segment
With record high demand and record low inventory, the make-up of sales was bound to shift. Historically, supply has been highest relative to demand in the luxury $1 million+ segment. In 2020, buyers with bigger wallets came to market, and we had the highest number of luxury sales of any year, with 42 homes selling for $1 million plus. That blew away the past record of 25 homes sold in that price segment in 2019.
Here is how the sales shifted by price segment:
In the chart above, for each year the blue bar represents share of homes sold for under $500k, the red bar represents $500k-$699k, the green is $700k-$999k, and the purple represents $1 million+ priced homes. The chart depicts SHARE of sales, so each year totals 100%.
We see in 2020 the higher priced homes claimed a bigger piece of the sales pie, with 25% of sales at $1 million plus and another 31% in the $700-$999k segment.
The under $500k segment, which claimed 38% of sales just five years ago, represented only 14% of 2020 sales.
One portion of the lower priced properties is what we refer to as “cabins,” typically older lake properties (built before 1970), smaller structures intended for weekend/2nd home use. Over the years, these structures have either fallen into disrepair or are outdated — thus are sold for land value only — or are remodeled and updated for weekend use.
Cabin sales were very strong in 2020:
In the chart above, the blue bar represents number of “cabins” sold — 19. Supply of these properties can vary greatly year-to-year, but when available, sell very well.
The red line, on a separate axis (see right side of the chart) represents the price trend. Not surprisingly, the prices for cabins has been on the rise over the past few years. Some of that can be attributed to renovations, some can be attributed to increased demand.
The average price for cabin properties on Lake Wylie rose to almost $440,000. The average size of the cabin was 1,179 square feet. Often times cabins are located on premium waterfront lots, with nice views — which impacts the price. The potential use of the property also comes into play when pricing a cabin. Predating our current shoreline restrictions on Lake Wylie, some cabin properties can be used as a future building site for a larger home, but some cannot. A Lake Wylie expert (e.g. The Lake Wylie Man!!) can advise potential sellers and buyers on these very important considerations.
Geographic Sales on Lake Wylie
Lake Wylie is different than many lakes in that it is located in 2 states and 3 counties, with different regulations and considerations for each area.
In 2020, sales for waterfront homes by area were as follows:
The sales were split evenly by state in 2020, with half in NC (Belmont & Charlotte) and half in SC. The highest average price was in York, at $925,000. The lowest average price was in Tega Cay/Fort Mill, at just under $725,000.
Compared to 2019, Charlotte had the largest gain in sales in 2020, increasing to 32% share of the market from 21% share a year ago. Tega Cay, Lake Wylie and Rock HIll all dropped in share. However, 2020 was a year heavily driven by supply. With such low supply (listing) levels across the board, some buyers bought what was available, even if the location wasn’t necessarily their first choice.
With 2020 being such a very strange year, we have to be careful in making assumptions of trends based on activity during the year!
Waterfront lot sales (dockable) broke out as follows:
There were no dockable lots sold in Rock HIll or Tega Cay — the most developed parts of the lake, where little raw land still exists.
Charlotte and Belmont represent the bulk of land sales in 2020. In Charlotte, there were several sales in The Sanctuary, which pulled up average price considering the high acreage tracts. There were also a number of sales in the Palisades area.
In Belmont, sales were scattered in Reflection Pointe, McLean, and a few in other neighborhoods such as Misty Waters, Woodland Bay, and others.