Summertime real estate on the lake – – hot stuff!

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

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

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?

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

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.

Winter Waterfront Market

Well folks, we’ve almost made it through 2020, and for a year with the same moniker as perfect vision, there were a lot of things we didn’t see coming. Case in point: in a year when we struggled with tight inventory, never seeming to have enough waterfront homes available for sale, we’ve already surpassed the sales record on Lake Wylie!

Yep, as of November 30, 158 dockable waterfront home have closed so far this year, exceeding the record of 156 in the full year of 2016. There is more to come this year, of course, with 19 homes currently under contract, some of which will close in December.

Check out the monthly waterfront home sales in comparison to the past 3-year average:

In the chart above, the dark blue line represents a 3-year average number of closings for dockable waterfront homes on Lake Wylie by month. The light gray line represents 2020 – – a bit atypical and more volatile, but hey, it’s 2020.  After a market “crash” in April and May during the early days of the pandemic, waterfront property on Lake Wylie began selling like Lysol during the summer — even as available inventory levels dipped to their lowest point in decades.
The number of dockable lots sold to date in 2020 has reached 40 — equal to the total number sold in 2019. The average price of almost $325,000 is the highest average in a decade, driven partially by high dollar sales in The Sanctuary and a few other premium locations scattered across the lake. Many of the lot sales this year have been on the market for awhile — over half of the lots sold were listed for more than a year. Some were listed for over 4 years!
Tightened inventory and looser pocketbooks have had a positive impact for sellers on Lake Wylie.
Currently, available inventory is at a very low point:
In the chart above, the blue line represents the number of dockable waterfront home listings on Lake Wylie at the first of December from 2016-2020.  The red line represents the number of lot listings. Listings under contract are included in these numbers, as the MLS includes them in the “on market” numbers.
Right now, there are 50 waterfront homes listed — 31 available plus 19 under contract. There are 70 waterfront lots listed — 56 available and 14 under contract. While the number of listings on Lake Wylie typically fall off a bit in winter months, the chart above compares the same time for each year and illustrate the remarkable decline in available inventory.
We are still seeing a lot of activity from buyers who are waiting in the wings for the right property — in spite of the pandemic and the winter weather. If you’d like to discuss your property, I’d love to hear from you.
I wish you all a healthy, happy holiday season.

3rd Quarter Update – Lake Wylie Real Estate

Hope everyone is enjoying these crisp autumn mornings! It is one of my favorite times to be out on the lake, and I’m looking forward to watching the fall colors reflecting on the water.

We’ve just wrapped up the third quarter of 2020, and we’re headed towards a record setting sales year on the lake. In September, 13 waterfront homes and 5 dockable lots closed on Lake Wylie. Lot sales are keeping pace with the past couple of years, and home sales are soaring to a new year-to-date high:

In the chart above, the blue bars represent the number of waterfront home closings through September of each year since 2007; the red bars represent the number of dockable lot sales.

As of the end of September, waterfront home sales total 122, and there are currently 38 under contract — putting us on track to have a record sales year on Lake Wylie.  Waterfront lot sales are also expected to finish strong, with 32 lots sold to date and 14 currently under contract.

However, the number of listings are at a RECORD LOW. There are only 65 waterfront homes currently on the market, and with the large number that are under contract, there are only 27 available. In September, over half of the homes that closed were on the market for less than a week. New listings are being snatched up by eager buyers, many with multiple offers and sales at or above asking price.

Typically, sales begin to drop off as the summer ends, as illustrated in the chart below:

Above, the dark blue line represents average sales for Lake Wylie waterfront homes over the past three years (2017-2019), and the light blue line represents home closings per month in 2020.  Closings dropped in the early days of the pandemic, but recovered in June and continued at a strong pace.

With the number of homes currently under contract, we expect 4th quarter sales to exceed the 3-year average, especially if additional homes are listed during that time. With pent-up buyer demand, it is an excellent time to be in the seller’s shoes.

Waterfront lots, too, are in demand this year. Inventory is at a low point, with only 70 dockable lots currently on the market, and with 14 under contract, there are just 56 available. Lot sales generally benefit when the home market is tight; as buyers are unable to find available waterfront homes, they often choose to purchase a lot and build.

Average prices for waterfront homes and lots have been trending up over recent years:

In the chart above, the blue line represents average waterfront lot price, and the red line represents average waterfront home price on Lake Wylie.  So far in 2020, the average price for waterfront homes is almost $760,000, and the average for lots is about $325,000.

We have had some extraordinarily high priced lot sales in The Sanctuary — a 12 acre tract for $1.2 million and three others in the $400’s. Removing The Sanctuary sales, the average lot price is in the mid $280’s — still a strong level in comparison to recent years.

Sales by price segment show increases in the higher price points for waterfront homes:

 

In the chart above, the blue bar represents the percentage of home sales in the <$500k segment, the red bars represent $500k-$699k, the green bars represent $700k-$999k, and the purple bars represent $1 million+ homes.

Mainly because of lack of inventory in the lower priced segments, the mix of sales has shifted. Also, we have had a larger number of luxury-home buyers in our marketplace, driving an increase in the $1 million+ segment.

Thus far in 2020, 27 homes have closed for $1 million+.  In 2019, there were 25 sales in the $1 million+ category at year end, and THAT was a record year!  Of the homes currently under contract in 2020, 14 are priced over $1 million, so it appears we’ll see an impressive new record on Lake Wylie.

Typically, the time on market for the luxury priced homes has been quite a bit longer than for the lower priced homes, because the inventory for higher priced homes has generally exceeded demand. With the increase in sales in that segment, inventory is more in line with demand and we’re seeing quicker sales. More than half of the $1 million+ priced homes this year have sold in under a month.

 

If you’d like to see details on this year’s sales on Lake Wylie, please visit my webpages Recent Waterfront Home Sales and Recent Waterfront Lot Sales.

Waterfront Sales Update – Year End 2017

In a time where the market is bullish, the number of Lake Wylie waterfront home sales in 2017 actually dropped 12% vs. 2016. Consider this: NON-waterfront home sales rose 6% in York County, 19% in Belmont, and 17% in the southern Charlotte (zip code 28278) area, in comparison to prior year sales.

Of course, we know the culprit for the lackluster waterfront performance: LACK OF INVENTORY FOR SALE. Number of waterfront homes for sale have been steadily declining over the past few years, but in 2017, we dropped to record lows. Demand far exceeds supply, especially in the lower and mid-price categories.

As a result, we’re seeing classic economic consequences. Prices are edging up, particularly in those low-to-mid priced properties. Time on the market is shorter, which many properties being snatched up in the first few weeks on the market, and at full (or close to it) asking price. Waterfront lot sales are at a record high, with many buyers turning to building their own home, instead of waiting for one to come on the market that meets their criteria. Overall, it is a great time to be a seller, indeed!

Let’s take a look at some of the year’s highlights:

In the chart above, the blue solid bar represents number of waterfront homes sold by year, and the red striped bars are number of waterfront lots. In 2017, number of homes sold dropped by 19 (12%), and number of lots sold increased by 26 (50%) vs. prior year. Waterfront lot sales are at RECORD LEVELS this year.

Even though we’re showing decreases in home sales in comparison to last year, however, sales are up significantly in comparison to sales since the market “recovery” beginning in 2012, and well above the sales level before the recession. We’ve been lucky this year with the weather, without a drought affecting the lake levels.

Average sales prices are up for both waterfront lots and homes:

prices lake wylie

In the chart above, average sales prices for waterfront homes are shown on the blue line, and waterfront lot prices are shown on the red line. In 2017, the average WF home sale was $720k, the highest price achieved since 2008. In comparison to last year, the average home price increased 10% and the average lot sales price increased 17%. Does that mean you can immediately post a price increase on your property? Not necessarily.

Most of the price increases were due to a shift in the mix of properties sold. In 2017, the market had a record number of sales of $1mm+ homes (a total of 22!). At the same time, the lower priced home sales were way off due to inventory shortages. See chart below:

lake wylie waterfront

In the chart above, the blue bar represents 2016 waterfront home sales, the red represents number of homes sold in 2017, and the green represents current listings (as of the first week of January 2018).

Sales in the lowest price segment were down by almost HALF, and this is the category responsible for the downturn in total waterfront home sales in 2017. There are currently just six waterfront homes listed for under $500k, which makes a huge impact considering that this has traditionally been one of the strongest segments. (In some years, the $500-$699k segment has been first.) In this lowest priced segment, most of the homes are older (average age is 40), and smaller (average square footage is just under 1900 square feet.) Older homes in Tega Cay, cabins/weekender homes, and modest styled homes around the lake comprise this segment. Due to the shortage in inventory, sales have occurred quickly, with 44% of sales in this segment occurring within the first month of listing. Sellers in this category can be a little more aggressive with their pricing, asking 10-15% more than they would have a couple of years ago, depending on condition and location.

Inventory is also fairly tight in the $500-$699 segment, usually the top or second top selling category on the lake. 2017 sales were up by two houses over 2016. Homes in this segment averaged 30 years in age, about 3175 square feet in size. Average prices in this segment were very consistent with the previous year, and average time on market was about four months. About 42% of sales in this segment were on the market for less than a month. If homes are move-in ready and offer a strong location on the lake, sellers can expect a modest price improvement (5%) over recent years.

Homes in the $700-$999k price segment averaged about 19 years old, 4200 square feet. The Clover school district and south Charlotte area are by far the leaders in this home category. These homes do take a little longer to sell, with time on market averaging about 5 months, with 29% on the market for less than a month. Inventory levels (homes for sale) have held steady over the past few years, and are at the most favorable levels relative to sales. Supply is sufficient for demand. New listings are needed to replace homes that are sold, of course, but this segment is in the best shape, balanced between sellers and buyers. Therefore, sellers need to be pay particular attention to condition of home, marketing and staging, curb appeal, and competitive pricing to make sure buyers choose their homes over others.

Homes over $1mm have shown the most dramatic increase in sales, with 22 sales (compared to a record setting 15 last year, and 8 in 2015.) Historically, this segment has had inventory exceeding sales, sometimes with up to a 5 year “supply.” With the record setting sales this year and last, some of that inventory has worked its way through the system. While there is still an “oversupply” of listings relative to sales, the picture is much more positive for sellers than in recent years. Average time on market for homes sold $1mm plus was about 6.5 months this year, with 18% of the sales having time on market of less than a month. Home sales in this segment were pretty evenly spread between the Clover school district, Fort Mill/Tega Cay, Charlotte and Belmont. Average age of homes sold in this category was about 15 years in 2017, with about 5650 square feet. New construction, particularly in McLean, played a role in improving the price for this category. Established homes, however, need to be competitively priced and offer a “Wow!” factor in order to gain attention above the competition: Extraordinary location/views, outdoor features such as pools/outside kitchens/fireplaces, gourmet kitchens, and excellent move-in ready conditions.

With properties moving so quickly, especially in the low-and-mid-priced segments, sellers should expect buyer interest “right out of the gate.” If there is no strong interest within the first couple of months, sellers should be prepared to make adjustments on price or make improvements, according to showing feedback.

Waterfront Lots sold at RECORD LEVELS in 2017. Here is the breakdown by price:

Under $200k – 22 lots – most in Belmont. Down from 28 sales in 2016.
$200-$299k – 25 lots – most in Clover school district and Charlotte. Up from 15 sales in 2017.
$300-$400k – 22 sales , up from just 7 in 2016. A few “premium” lots in Belmont, plus Charlotte and Clover school district.
Over $400 – 9 sales, up from 4 sales in 2016. A few in McLean, , a couple in The Sanctuary, premium sales in Tega Cay, The Palisades

If you’re considering selling your home in 2018, when should you put it on the market? Below is an average for the last three years, closings by month. Keep in mind that most homes “close” about 6 weeks – 2 months after a contract is written, so if the closings peak in May, then most likely those homes went under contract in March.

January and February historically have the lowest number of closings each year (November/December sales.) March/April picks up considerably, and closings peak in May through August. NOW IS THE TIME to start getting ready to list your home. Talk to the experts (that would be The Lake Wylie Man, of course) for the most knowledgable advice in pricing and marketing. Once again, The Lake Wylie Man outsold all other realtors on Lake Wylie – – with THREE TIMES the number of sales in comparison to the next highest selling waterfront realtor in the market. For the past decade, The Lake Wylie Man has led the market by a huge margin. That’s not luck – – that’s experience, marketing, and solid customer service.

For details about recent waterfront sales, please visit my webpage: Recent Lake Wylie Home Sales or Recent Lake Wylie Lot Sales. I look forward to talking with you about YOUR property.

Spring Real Estate Market is Blooming!

We put four waterfront listings under contract this past weekend, and that’s a great indication of how hot the market is right now on Lake Wylie!  I pulled some stats to see what’s happening around the lake.

There are currently 135 waterfront homes listed, and twenty-five of those are now under contract.  Here are some highlights and observations:

  • Three homes under contract are listed for over $1 million.  Each of these homes are large (>5500 square feet) with high finish levels and nice outdoor living areas (outdoor kitchens and/or pools, etc.).  One is in Reflection Pointe (Belmont), one in Charlotte (upper Lake Wylie) and one in Lake Wylie SC.
  • Nine dockable waterfront homes under contract are priced below $500,000.  Of these, five could be considered “cabins” or vacation homes, with the remaining being older homes in need of repairs and updates.
  • Of the cabins/second homes – – THREE were on the market for less than a month before going under contract!
  • The mid-priced segment ($500-$700k) has really picked up in the past couple of months.  This is generally the strongest performing category of waterfront real estate, but struggled a bit in 2015 due to dwindling inventory.  There are eight homes currently under contract in this price range.  Average size is about 2700 square feet, and average age is 28 years old!!  Most, but not all, have had updates, which is important to many buyers in this price range.
  • There are five homes under contract that are priced $700k-$999k.  These are bigger (average just over 4000 square feet) and more updated or newer than the mid-priced segment, and have desirable locations in Tega Cay, Lake Wylie and The Palisades.
  • Location-wise, homes are selling all over the lake!  Three in Belmont, six in Charlotte (most in upper Lake Wylie, Withers Cove and Browns Cove areas), eight in Tega Cay, six in Lake Wylie/York (Clover school district), and two in Rock Hill (both are cabins).

We are seeing lots of showing activity across all price points, and inventory is needed.  The Lake Wylie Man looks forward to working with buyers and sellers in this exciting real estate market!