Fall is in the air and the real estate market on Lake Wylie is ramping up for a strong finish to the year. August closings topped out at 15 waterfront homes and 3 waterfront lots — the strongest month so far this year. And with 19 homes and 15 dockable lots currently under contract, it is safe to say we’ll reach year end with a significant improvement over last year’s sales.
This year’s waterfront home sales have lagged behind the past 3-year average, however:
In the chart above, the blue line represents the past 3-year average of number of waterfront homes sold on Lake Wylie each month. The green line represents this year’s sales. A sluggish spring resulted in lower than normal sales in March-April, however with current activity and the expectation of lower interest rates, we anticipate a strong end to the year.
Real estate highlights at a glance:
Both waterfront home sales and lot sales are showing significant improvements over last year. The number of home listings is up 79% compared to a year ago — contributing to the sales gains. Dockable lots, however, remain at very low inventory levels.
While waterfront home prices seem to be leveling off, lot prices have reached record highs. The average lot price year to date is $600,000 — a whopping 46% increase over last year’s average price. Of the lots currently on the market, the average asking price is over $700,000. The high prices don’t seem to deter buyers; people are paying top dollar for lots in desired locations on the lake. Check out recent sales for Waterfront Homes and Waterfront Lots on Lake Wylie for more details.
Homes and lots are taking more time to sell this year, however. While there were some homes that closed in August with time on market of under a week, other sales stretched out to 9 months or so. So far this year, the average time on market for a Lake Wylie waterfront home is 43 days, more than 2 weeks longer than last year’s average.
While buyer activity generally lessens during the last part of the year, there is still lots of opportunities for sellers. If you have questions or would like to discuss your property in more detail, please give me a call. I’m happy to report that once again, the Lake Wylie Man team is leading the market in waterfront sales, as we have for the past 15 years or so. We can offer you unparalleled expertise in pricing, staging, selling, and bringing your transaction to a successful close.
Thanks for reading, and have a fantastic September!
Drew