Lake Wylie homes for sale

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.

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.

 

Lake Wylie real estate update – Nov. 2021

Jan Todd
The listing inventory shortage has caught up with us. All year, it has been a wonder that waterfront sales on Lake Wylie have been so strong, while the number of listings has been at record lows. As new properties were introduced to the market, many of them sold within a few days after being listed.
Now, the number of new listings — particularly those priced under $1 million — are so few that sales have slowed significantly. In October, only eight waterfront homes closed — half of the typical number of closings this time of year.
Listings for both waterfront lots and homes are at record lows at the first of November:
In the graph above, the blue line represents the number of waterfront homes listed on Lake Wylie at the beginning of November each year since 2016, and the red line represents the number of lots listed.
Listings began their steep decline during the first year of the COVID-19 pandemic when many new buyers were attracted to Lake Wylie and the supply of properties could not keep up with the demand. The trend continued into 2021.
Now, of the 47 active waterfront home listings, over half are under contract. There are only 21 fully available, and just 3 of those are priced under a million, with the lowest priced available home at $899,000. Buyers for homes at all price points are waiting in the wings — but particularly for homes priced under $900,000.
Because of the strain on listing inventory, we expect waterfront home sales to fall 5-10% behind last year’s numbers.
Waterfront lot availability is also at its lowest level, with only 26 on the market. The high demand for homes, without sufficient inventory to feed the hungry buyers, led many waterfront buyers to choose to build new homes on the water. Sales in 2021 for waterfront lots are at one of the highest levels ever.
Waterfront prices
Driven by high demand and low supply, waterfront home prices are now averaging just over $930,000, and waterfront lots are averaging in the mid $300’s. The price per square foot for waterfront homes is up 23% over last year and 35% over the year before. Price increases on a few homes that sold in the past three years —then resold in 2021 —confirm that homes in “move-in-ready” condition can fetch significantly higher prices in the current market.
Undeveloped lot prices are varied. There are buyers willing to pay top dollar for premium lots — those in higher end neighborhoods or lots with excellent location and views. Cove lots and those in more remote locations are still selling in the $200’s.
Mortgage rates
Mortgage rates are beginning to inch up again:
In the graph above, shared by Freddie Mac, the blue line represents 30-year rates, the orange line 5/ ARM rates, and the green line 15 year rates. In the past 12 months, 15Y and 30Y peaked in March, and are now approaching those rates again in early November.
Building material shortages, which became an issue early in the pandemic, are still in play.
We remain very optimistic about the health of the real estate market on Lake Wylie, considering the purchase demand that is still very strong. The short time on the market for new listings, even with higher prices on homes, indicates we are still in a “seller’s market.”
Be sure to check out recent sales on our website: Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
Both buyers and sellers can benefit from the advice of seasoned real estate professionals such as The Lake Wylie Man team. Our knowledge of the market and success in closing hundreds of properties on Lake Wylie are invaluable in this bullish market, and we look forward to serving you throughout the process.

Mid-year 2021 Waterfront Sales Update

Jan Todd

The wild ride continues in real estate — on Lake Wylie and around the country. Sales are breaking records — which is quite a feat considering the number of listings is at an all-time low. We are starting to see just a little slowing in sales in waterfront homes, but that is simply because there are so few homes available to sell. Compared to a 4-year average by month, sales outpaced previous years in the first quarter of the year and have begun to lag below average the past couple of months:

In the chart above, the blue line represents the average number of Lake Wylie waterfront homes sold by month for the past 4 years, and the green line represents the number of homes sold this year. Seasonally, sales usually peak June through August, and the trend this year is headed in the same direction.
 
After a very strong spring, summer sales for 2021 are lagging just a little behind the 4-year average.
 
 
Lake Wylie Waterfront Sales
 
Here’s a quick snapshot compared to years past:
Year-to-date waterfront home sales (blue bars) on Lake Wylie reached 71 at the end of June, just topping the sales record reached in 2017. Waterfront lots (red bars) reached 40 at the mid-year mark, strongly outpacing sales reached any year this decade.
 
Prices are also at an all-time high:
The average waterfront home price (red line) on Lake Wylie lingered around $600k for several years, then started climbing in 2016-2017. In first half 2021, prices spiked as lake home demand rose and number of listings fell. 
 
Thus far in 2021, 22 homes have sold on Lake Wylie for over a million dollars — a 57% increase over last year’s January-June sales in that price category. The shift to more expensive homes has impacted the average sale price. In addition, individual home sale prices are up 10-20% over pre-pandemic prices. High demand and low supply, again, have driven prices up. List prices out of the gate are higher — and bidding wars have bumped up the already increased prices. Finally, an influx of newer homes — carrying higher prices from more costly materials — has caused the average price to climb.
 
Waterfront lot prices (blue line) are up for individual lots. Also, we have seen a number of premium lot sales in 2021: several multi-acre lots in The Sanctuary (averaging almost $600,000), plus a 3-acre parcel in McLean for $1,300,000 and a 2-acre parcel in Woodland Bay for $821,000.
 
Other sales highlights:
 
  • The average time on the market for Lake Wylie waterfront homes is just 30 days. (For reference, the average time on market for 2020 was 115 days.)
  • Over half of waterfront home sales occurred in the first week of listing. 
  • Over half of waterfront homes sold at or above the listing price.
  • The average sales price for a cabin (property designed for “weekend use,” usually built 50+ years ago, usually under 1200 square feet or so) reached $506,000 in first half 2021, a whopping $70,000 increase over last year’s average.
  • About 25% of waterfront lots sold were on the market less than a month. Also, several lots that were on the market for several years have sold.
Inventory
 
The number of properties available for sale on Lake Wylie is at record lows. For perspective, annual sales are compared to the current number of listings:
The number of waterfront homes on the market (red line) was fairly steady from 2017 – 2019. During the pandemic, sales spiked (blue line), while sellers delayed listing their homes or decided to stay put. Up until 2019, the number of listings was sufficient to cover annual demand, providing buyers a fair number of listings to choose from. 
 
Currently, there are just 69 waterfront homes on the market, and 38 of those are under contract. Pre-pandemic, there were usually around 30-35 homes under contract at any given time during the summer. Last year during the pandemic, when people began moving from urban areas to the suburbs, lakes and resorts, there were 40-55 homes under contract during summer months. We’re now below that point — mainly because available inventory is so low.
 
A similar situation exists for waterfront lots:
The number of dockable waterfront lots listed (red line) has declined dramatically since 2017, falling from around 120 to just 42 current listings. Even though building costs are high due to the demand during the pandemic, plus tariffs, buyers are purchasing lots to build waterfront homes.
 
It is an excellent time to list property if you are considering selling!
 
Details for recent sales are available on my website: Recent Waterfront Home Sales and Recent Waterfront Lot Sales  If you’d like to discuss the potential for your property, please give me a call. As the #1 Lake Wylie Realtor each year for over a decade, I can provide unparalleled expertise and marketing for your home or lot.