A sleepy start to 2023

Jan Todd

With the warm temperatures this week, it is easy to get spring fever. Spring will be here before we know it, and that typically kicks off the top-selling season for real estate, both on and off the lake.

January closings on Lake Wylie were quite sleepy. Only two dockable waterfront homes sold — one for $1.7 million in Rock Hill, and one for $700k on Withers Cove. There are 13 waterfront homes under contract, though 8 of those are under construction and have been “pending” for a while.

No dockable waterfront lots closed in January, and three are under contract.

The number of homes and lots available for sale on the lake continues to be low, and newly listed properties receive quick attention from potential buyers.

Off the lake in our area, the number of home sales in the last three months are down 28% in comparison to the year before. The average home price is about $475,000, up 6% from the previous year’s average. The majority of homes are still selling in the first 30 days, though the average time on market is stretching a little longer these days.

Both on and off the lake, inventory shortages and rising prices — plus increasing mortgage rates, are pumping the brakes a bit on the market. Buyers are still out there, though. The lack of inventory has not satisfied demand in recent months.

If you have questions about the market or would like to discuss your property, I’d be happy to help. The Lake Wylie Man has successfully closed hundreds and hundreds of lakefront properties in all kinds of market conditions, and you can count on us to navigate your real estate transaction toward the best outcome for all.

To check out recent sales on Lake Wylie, visit my webpages Recent Waterfront Home Sales and Recent Waterfront Lot Sales.

If you missed our detailed year-end report, hop on my webpage Market Update to check it out.

Have a great February and I look forward to hearing from you!

Drew

Jan Todd
Happy New Year, everyone! I hope you all enjoyed the holidays and wish you all the best in the coming year.
Real estate sales on Lake Wylie ended 2022 in a bit of a fizzle, with just three waterfront homes and two waterfront lots closing in December. It didn’t come as a surprise, as sales and available inventory have been on the decline since early in the year. However, in spite of the number of home closings being down 33% from 2021, dollar sales were down just 13% — because the homes that DID sell were at average prices 30% ABOVE last year.
Take a look at the remarkable trends of 2022:
In the chart above, the blue lines represent the number of waterfront homes closed on Lake Wylie each year, and the red lines represent dockable lots. After four years of home sales on the rise from 2018 – 2021, 2022 sales fell 33% from the previous year. Lot sales, which tend to fluctuate more from year to year, were also down in 2022.
Limited inventory was the primary culprit for the decline in sales. 
In 2022, the average number of waterfront homes listed over the 12-month period was just 36, compared to 100 homes available on average in 2019, before the pandemic. There were only 25 lots listed in the average month in 2022, compared to 93 in 2019.
Demand far exceeded supply. Prior to the pandemic, the average waterfront home sold had been on the market about 4 months prior to going under contract. This past year, the average was about one month. Many homes went under contract within the first week, often at or above full asking price, with multiple offers commonplace
While the trend of multiple offers has slowed, sellers still have the opportunity to realize significant gains when selling their correctly priced homes — pent-up demand is still high and inventory is extremely low.
Average prices on the lake continue to climb:
The red line represents the average waterfront home price on Lake Wylie, and the blue line represents lot prices. In 2022, the average closing price for homes was $1.2 million, up almost $300,000 from last year.
Part of the reason is available listings: the tightening inventory is most pronounced in the low-to-moderate priced homes. In addition, home prices have skyrocketed.
We have to be careful when comparing price per square foot for one waterfront home vs. another, as many factors affect price: the lot type (main channel vs. cove), water depth and quality, location on the lake, surrounding properties, size and quality of dock and other outdoor features — in addition to the traditional size, age and style of home, level of finish, number of bedrooms, kitchen and bath features, etc.
Looking at general trends, however, it can be helpful to evaluate rising prices relative to average square footage. In 2022, the average price per square foot for waterfront homes on Lake Wylie was $340 — about double that of a home not on the water. The price per square foot rose 20% over 2021 homes— partially due to a shift towards more luxury priced homes, and partially due to a shift in prices due to a shortage of supply and increase in demand, and general inflation.
Compared to pre-pandemic, the price per square foot for Lake Wylie waterfront is up just over 60%.
The next chart shows the dramatic shift in home sales by price point:
Above, each set of bars represents the breakout of sales by price point, according to the percentage of sales falling into segments: under $500k (blue), $500-$699k (red), $700-$999k (green) and over $1 million (purple). Just five years ago, the majority of sales were in the moderately priced $500-$699k segment, with the $1 million+ falling well behind other price points. This year, the bulk of sales (60%) were homes priced over $1 million.
Five years ago, some of these million-dollar homes would have been priced in the $600’s and $700’s. Rising prices have pushed those homes into what once was a “luxury” priced segment. Another factor, though, is a more pronounced shortage in listings in more moderately priced homes.
Entry level pricing on the lake has risen to over half a million dollars, but many buyers do not understand what those dollars will buy. A waterfront home priced around $600k will be an average of 40 years old, with about 2,000 square feet. The average waterfront home priced in the mid $800’s will be about the same age, with 2,600 square feet.
For $1.5 million, the buyer can expect a 20 year old home with about 4,400 square feet — a nice view and larger dock, gourmet kitchen and some outdoor living spaces.
Cabin sales on Lake Wylie
As the lake area becomes more developed, the “river cabins” of the past have evolved. Years ago, most of the properties on Lake Wylie were used only on the weekends, and were very simple in nature — a bedroom or two, no central air-conditioning, built of cinder-blocks or wood. These properties were often on premium lots, main channel or wide open views. As the lake real estate shifted to accommodate full-time residents, some of these cabins remained, and many have been updated and remodeled over the years.
Buyers purchase these properties to use as “weekenders” — or remove the original cabin to build a permanent home on the premium lots. Cabin prices have been on the rise for the past couple of years:
In the chart above, the blue bar represents the NUMBER of “cabin” properties sold, and the red line represents the price. In 2022, 16 cabins sold with an average price of about $750,000 — up significantly from the low $400’s price pre-pandemic.
“Cabins” are generally small (this year’s average size was 1400 square feet), with 2 bedrooms. Most had been extensively updated.
Other Lake Wylie Trends:
  • New construction on the lake is on the rise. Seven newly built homes closed in 2022, and there are an additional seven under contract. (Note: these numbers are homes listed on the MLS – – the numbers are much higher when considering private sales and homes built for those who purchase lots and build.) New construction has only recently bounced back from recession days.
  • Tega Cay is hot! The average home price in 2022 was $1.1 million — but the average size of home sold was just under 2,000 square feet, yielding the highest price per square foot on the lake. Some of the original homes in Tega Cay have been extensively updated and remodeled, and the location is highly desirable among buyers.
  • The highest average priced homes sold in the York area of Lake Wylie ($1.4 million), followed by Charlotte ($1.3 million). Rock Hill had the lowest average priced waterfront home (just under $800k).
  • Most of the waterfront lot sales are still in Belmont, the most underdeveloped area of the lake. Most of the lots sold in Belmont were in McLean developments, priced at a premium.
Check out more details on recent Lake Wylie property sales on my webpages: Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
If you have any questions about Lake Wylie real estate, or would like to talk about your property, please give me a call. Once again, for each year during past decade and a half, The Lake Wylie Man team has led the market on Lake Wylie, outselling every other Realtor on waterfront properties. You can count on our expertise to navigate the special considerations regarding waterfront properties and lead you to the best outcome.

Lake Wylie real estate news

Jan Todd
Here’s hoping everyone is enjoying the beginning of the holiday season on Lake Wylie. It’s always fun to go to the annual boat parade, and ride around looking at the lights on and off the lake.
We had a little uptick in waterfront home closings in November, approaching normal sales levels after several months of lagging behind. We expect to end the year with the total number of waterfront home sales about 30% below last year’s sales, but dollar sales just 10% below last year’s.
The average sale price for lakefront homes this year has topped $1.2 million — compared to about $925k last year. Two factors contribute to the increase in price:
  • 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.
Sales by Month – Waterfront Homes on Lake Wylie
Ten waterfront homes closed in November, with an average price of just over $1.2 million. The highest priced home was an 11,000 square foot home on Youngblood Road, which sold for $2.8 million. The lowest price was a 1,775 square foot home in Paradise Point (Belmont) which closed at $590,000.
One waterfront cabin on River Oaks Road in Lake Wylie sold for $875,000. Built in 1969, with three small bedrooms and a total of 1,363 square feet, the cabin is located in a highly desirable location on a premium 1.3 acre lot with about 350’ of shoreline and a panoramic view. We’ve seen a number of cabins sell for top dollar in the past year or so, with offerings such as this one providing buyers flexibility to enjoy a weekend retreat and potentially convert the property to a building site for a permanent home at a later date.
There have been a number of sales this year in the “original” area of Tega Cay, with homes built in the early 1970s, usually under 2,500 square feet. Prices for these homes average in the mid-$700’s, almost $360 per square foot. Just prior to the pandemic, homes such as these sold in the mid-$500’s, $220 per square foot.
There are currently 13 waterfront homes under contract — with half of those under construction or not yet started. The number of available listings has continued to dwindle, with only 31 homes currently listed — just one-third the number listed pre-pandemic. Until supply catches up with demand, we’ll see prices remain high and buyers competing for new listings.
Waterfront lot sales trends are similar to home sale trends. The number of listing is at an all time low, with just 21 lots on the market. Seven of those are under contract, with 2-4 likely to close by year end. The average price for waterfront lots on Lake Wylie is just over $400,000, up $60,000 compared to last year.
For sellers — particularly those who own undeveloped waterfront lots or second homes on the lake — it is a very good time to consider selling. There is unmet demand from the current pool of buyers.
Buyers will find the market continually competitive in coming months. New listings are moving quickly, as demand outpaces supply. The advice from a seasoned realtor is invaluable in determining the value of the property, best strategies to secure the purchase and considerations as we move toward a successful closing.
The Lake Wylie Man team has achieved #1 sales in Lake Wylie Waterfront each year for well over a decade, and we have navigated hundreds of lakefront closings, encountering almost every situation imaginable. Waterfront real estate transactions include steps and considerations not encountered in properties off the lake, and you’ll want a lake expert in your corner. You can rely on our expertise throughout the process.
To view more details about recent sales on Lake Wylie, visit my

webpages, Recent Waterfront Home Sales and Recent Waterfront Lot Sales. Let me know if you have questions.

Slowdown in Lake Wylie real estate

Jan Todd

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.

 

Lake Wylie Waterfront – 3rd Qtr 2022 Update

Jan Todd

Happy fall, y’all. I hope everyone is enjoying the cool weather, football games and all the fun of the season.

We’ve certainly had a wild ride in real estate the past couple of years. On Lake Wylie, home sales have cooled this past quarter — similar to trees in the region and nationwide. Listing shortages have been an issue everywhere, and homeowners postpone plans to move, keeping an eye on the economy and mortgage interest rates. Lack of supply coupled with strong demand has driven prices up on homes significantly. Some of our market highlights include:
  • 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.
Waterfront Sales
 
In the chart above, the blue bars represent the number of homes sold on Lake Wylie through September of each year, and the red bars represent lot sales. The waterfront market recovered from the recession in 2016 with record sales up to that point, then held steady until another growth spurt during the pandemic. High demand and low supply finally met its match in 2022, and sales began to cool in early summer.
Lot sales are more volatile from year to year. Some buyers set out to purchase a lot and build to suit their own design and other needs, while other buyers look first in the existing waterfront home market and turn to purchase a lot when they are unable to find the right home. In the past couple of years, however, availability of lots on the market has been quite limited, especially in the $300,000 and below segment. Most of the sales in the past couple of years have been in McLean’s new developments in Belmont.
Waterfront Prices
In the chart above, the red line represents the average price of a waterfront home sold on Lake Wylie, and the blue line represents lot prices. Prices for homes were on the rise after the recession, reaching the mid $700’s in 2019. The pandemic caused demand to spike, particularly for homes in recreation areas such as Lake Wylie. Our waterfront home prices are up 56% since pre-pandemic.
We’ve taken a look at waterfront homes that sold two or more times within the past four years, and with a few cosmetic updates (or no updates at all), prices rose an average of 40%, depending on the style and location of the home.
The average home price on Lake Wylie this year is $1.2 million. This represents quite a shift from years past:
 
In the chart above, the percent of homes sold in each price category is represented as follows: blue bar – under $500k; red bar – $500-699k; green bar – $700-$999k; purple bar – over $1 million. Pre-pandemic, the bulk of sales were between half a million and a million dollars. Most recently, the majority of home sales exceed $1 million, and for the first time, sales over $2 million are fairly common — with six sales this year ranging from $2 million to $5 million.
In September 2019, there were 23 Lake Wylie waterfront homes listed for under $500k. Now there is one. There were 76 homes listed between $500k-$1 million. Now there are seven. The number of million dollar homes listed has gone up just a little. What we’re seeing is a disappearance of listings under $1 million, and buyers with moderate budgets are finding themselves in a race whenever a new listing comes up that they can afford. Homes that are in their price range are often much smaller or in areas not as favorable as they were a few years ago.
Sales by Month
Typically, sales are strong on the lake through early fall:
In the chart above, the blue line represents the average number of homes sold by month on Lake Wylie, based on the past four years. The green line represents this year’s sales. With the exception of April, sales by month have been close to or have lagged behind last year’s. Currently there are only 14 waterfront homes under contract (compared to 27 last year this time). Of the 14, eight are homes under construction, which typically take a long time to close. We expect to lag considerably behind the average in fourth quarter.
As we go through this market adjustment, there are things to keep in mind: Demand is still strong for waterfront homes. A large factor in the sales decline is simply lack of inventory; we have very few homes to sell. As long as demand is high, prices will stay strong.
If you are considering selling your waterfront home or land, give me a call and we can discuss the best price and marketing plan for your property. Once again, The Lake Wylie Man team is leading the market, significantly outselling other Realtors as we have for the past 15 years. Rely on that expertise.
I look forward to hearing from you if you have any questions. Thanks so much!

Real estate market cooling down at the end of summer

Jan Todd
The real estate market on Lake Wylie has cooled off a bit, similar to what is happening both regionally and nationally. We definitely still have buyers looking and ready to purchase — but the listing inventory is still critically low.
Rising interest rates and increasing prices on the lake have shut out some of our buyers, who are either turning to properties off the lake or simply putting their waterfront dreams on hold. The inventory shortage is most pronounced in the lower and mid-priced waterfront homes.
Lake Wylie waterfront homes that have changed hands more than once in the past four or five years are selling for an average of 40% above their past purchase price, with only minor cosmetic improvements (paint, new appliances, for instance), or no changes at all. Waterfront sellers have the opportunity to realize healthy profits, depending on the property and the location/type of home for their next move.
The month-to-month sales trend has been a bit more volatile on the lake this year than in typical years:
In the chart above, the blue line indicates the average number of waterfront homes sold on Lake Wylie by month for recent years, and the green line indicates sales in 2022. Typically, June through August represent the peak selling time for waterfront homes. This year, we had a spike in April, an abnormally light sales month in July, and August sales a little below the norm. Other highlights:

  • 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.
The waterfront lot market is also very tight:
  • 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.
In the general market, some of the highlights of the Charlotte region include:
  • 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.
Visit my website for more information on recent waterfront home sales and recent waterfront lot sales.
Now more than ever, the sound advice of a real estate expert is valuable to both buyers and sellers. If you are considering making a move, please give me a call and we’ll discuss your best strategies for success. I look forward to talking with you!

Summer real estate – up, up and away!

Jan Todd

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.

In July, there were only six waterfront home closings on Lake Wylie, and two waterfront lots. Typically, there are about 20 Lake Wylie home closings in July. (Lot sales tend to vary more year to year.)
In the chart above, the blue line represents the average number of waterfront home closings on Lake Wylie by month, and the green line represents the current year. We were tracking along with the average until July — when recorded sales were the lowest since 2009, during the recession.
However, there are key differences! In 2009, the average price of a waterfront home on Lake Wylie was about $525,000, homes were selling at two-thirds the asking price, and the time on market was about a year.
In 2022, the average price is $1.2 million, most homes are selling near or above asking price, and the average time on market is about a month.
Million+ dollar homes are now the norm on Lake Wylie, with about 60% of sales in that category this year-to-date. We have quite a few sales over $2 million as well — a level rarely seen on the lake up until the past year.
Marketwide, the total number of home sales on and off the lake in York County, Belmont and the Steele Creek area of Charlotte took a dive in July as well.
  • 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.
Higher interest rates have slowed the buying frenzy region wide and nationwide. However, there are still buyers waiting in the wings for waterfront property. The vast majority of homes currently under contract received offers within three weeks of listing. When priced properly, available homes will sell quickly.

Mid-year Lake Wylie Waterfront update

Jan Todd

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.

The red line in the chart above represents the average price of waterfront homes sold on Lake Wylie — growing from about $600k to $1.2 million over the past decade. The blue line represents dockable waterfront lot prices, doubling over the past 10 years from about $200k to just over $400k.
While the average size of home sold has not changed much over the years, during the past two years we are seeing an increase in the sale of more expensive, new construction houses, plus homes with more “luxury” features (gourmet kitchens, spa-like baths, and outdoor living areas), contributing to hefty price increases overall.
We’re in a new era of real estate sales on Lake Wylie. Prior to the pandemic, there were only two home sales on Lake Wylie recorded at $2 million or more — both in 2016. In the past two years, there have been eight sales with price tags of $2 million plus. Lake Wylie is attracting a different group of buyers than in years past.
We regularly monitor “same house sales,” homes that have changed hands more than once in the past 4-5 years. While some homes undergo significant renovations during the short ownership periods, we’re seeing 25-40% sale price increases on homes with simple cosmetic updates (fresh paint, a few new fixtures and/or appliances.)
For the first half of 2022, waterfront home sales total $77.7 million — a 24% increase over last year’s record $62.9 million in sales.
However, the number of homes sold on the lake decreased since last year:
In the chart above, the blue bars represent the number of waterfront home sales through June of each year, and the red bars represent the number of dockable lots sold. First half 2021 set a record with 71 waterfront homes and 47 lots sold — in spite of very low inventory.
This year, even lower inventory and higher prices has held back the number of properties sold — with an 8% reduction in home sales and a 43% reduction in lot sales compared to last year.
We expect sales to continue to fall behind last year’s levels. The number of homes under contract as of the first of July is about 40% below last year, and the number of listings continue to decline.
Listing Inventory
The number of dockable lot listings (red line) on Lake Wylie has declined rapidly since the end of the recession. Prior to the recession, which hit in 2008, investors were scooping up lots in emerging developments on the lake, hoping to profit as the neighborhoods grew. Instead, the market crashed and there was a glut of inventory during the recession years. In 2011, more than half of the lots sold on the lake were short sales or foreclosures, selling for less than $200k.
As we began to emerge from the recession, lot sales peaked in 2017 with an average price in the mid-$200’s. Now, with only 22 lots listed as of the first of July, the average price of lots for sale is $417k. More than half of the lot sales this year have been in the new McLean developments in Belmont, with price tags averaging in the high $400’s.
The number of home listings has also plummeted. The first of July typically represents the peak of the year for number of listings, with 125+ homes on the market in years prior to the pandemic. This year, only 37 homes are listed.
The shortage is particularly pronounced in the lower price points. In July 2019, 77% of the listings were priced under $1 million. Now, the opposite is true, with 78% priced above $1 million. There are only three waterfront homes currently on the market priced lower than $800,000.
We’re in a new era of real estate sales on Lake Wylie. Prior to the pandemic, there were only two home sales on Lake Wylie recorded at $2 million or more — both in 2016. In the past two years, there have been eight sales with price tags of $2 million plus.
Off the lake
Price increases in our area are not limited to lakefront property. In the general market in York County, South Mecklenburg and Belmont, the average home price has jumped from $318k in 2019 to $470k in 2022, an increase of almost 50%. Price per square foot is up 54% for the 3-year period.
A sampling of off-the-lake sales in 2022 thus far include:
  • 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
Year-to-date in 2022, the total number of homes sold in the area are up just 4% in comparison to pre-pandemic sales.
For most recent waterfront sales, take a look at my website: Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
While national headlines about real estate indicate the housing market is slowing down, our local market is relatively strong. We have noticed showings have declined some, but — both on and off the lake —it is still a seller’s market. New listings receive immediate attention from buyers, and when priced correctly the properties sell quickly.
If you’d like to talk about your home or lot, I’d love to help you. The Lake Wylie Man team has vast experience both on and off the lake, in bullish markets and in bear. When it comes to marketing your property, rely on our expertise for the best outcome.
Have a great July!
Drew

1st Quarter 2022 Real Estate Recap

Jan Todd

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.

To check out recent sales on Lake Wylie, please visit my webpages: Recent Waterfront Home Sales and Recent Waterfront Lot Sales.

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.

 

Spring is in the air, and sales are blooming!

Jan Todd

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!