lake wylie real estate

First Quarter 2023 Lake Wylie Real Estate update

Jan Todd
Real estate sales are starting to pick up — in spite of record low inventory. In the past few weeks, I’ve seen several new listings snatched up in under a week, with multiple offers. Buyer demand is still quite strong, outpacing supply — a trend we’ve seen for a couple of years now.
Because of the strain on available listings (inventory), sales for the first quarter are well below last year’s:
In the chart above, the blue bar represents the number of dockable waterfront homes sold on Lake Wylie during the first quarter of each year, and the red bar represents waterfront lots.
Compared to 2022, the number of home sales is down 21% and the number of lot sales is down 57%. Available home listings are down 30% vs. last year — which at the time was a record low. The good news for sellers is that, when properly priced, their home is likely to sell quickly.
Inventory shortages are also an issue for waterfront lots. Currently, there are only 25 listed.
In the general market surrounding Lake Wylie, single-family home sales are down 27% compared to last year. Prices are holding steady — with homes selling at an average of $197 per square foot, up only 3% compared to last year.
Waterfront prices continue to climb for both lots and homes:
In the chart above, the red line represents average price paid for waterfront homes on Lake Wylie during first quarter of each year. The climb since the beginning of the pandemic has been sharp and steady — waterfront home prices are up 57% since 2020, and rose 6% over last year to an average of almost $1.2 million.
Lake Wylie waterfront lot prices are up 49% since 2020, with an average sales price of just over $400k — however much of that growth has been driven by premium pricing in McLean developments. About 45% of the sales in the past year and a half have been McLean properties, with an average price in the high $400’s. Inventory shortages have also contributed to price hikes.
We are entering the key sales periodfor waterfront real estate:
In the chart above, the blue line represents the average number of waterfront homes sold over the past five years, and the green line represents this year’s sales.
June through August typically have the highest number of closings. With most closings occurring about 6 weeks or so from the date of the offer, summer closings reflect offer dates beginning in mid-April.
For sellers interested in listing their homes, now is a great time. Spring fever turns buyers minds toward lake fun — and there is no better way to enjoy the lake than living waterside. The Lake Wylie Man team finished in the top sales spot for waterfront property last year — as we have for the past 15 years. Our experience in handling waterfront transactions on Lake Wylie is unparalleled, and you can rely on us to know the regulations and special considerations of buying and selling lake property.
Give me a call if you have any questions or would like to discuss your property. Many thanks!
Drew

Spring is almost here! Real estate update

Jan Todd

The calendar may not say spring yet, but Mother Nature seems to have different ideas. The warm weather is bringing folks out on the lake!

Typically our real estate market warms up in early spring, and recent listings have garnered quick interest: Fourteen waterfront homes have been listed since the first of the year, and eight of those are already under contract.

However, Lake Wylie sales performance year-to-date is lagging significantly behind the last two years, and listing inventory is down as well. Through the end of February, numbers are as follows:

Off the lake, trends are similar. The number of homes sold in the greater Lake Wylie area (including Belmont, Charlotte and York County) is down 35% from last year, and the number of listings are down 23%.
The average time on market is lengthening in the general market, with homes in the area taking an average of 53 days to go under contract, compared to just 19 days a year ago.
With mortgage rates at their highest point in 20 years, and home prices at record highs, some buyers have been priced out of the market for the moment. Slower sales will put pressure on sellers to lower prices, and the buyers — particularly those with cash to purchase — will be in a better position.
Lakefront sales outlook
Lakefront sellers still have an excellent opportunity to profit from the sale of their homes. Both on and off the lake, home prices are up more than 50% compared to pre-pandemic. Waterfront property is premium priced, and this increase translates into hundreds of thousands of dollars above many sellers’ original purchase amount — which can be very advantageous for those wanting to downsize, sell a second home or move off the lake.
Demand for lake property is still strong. In this dynamic market, it is important to work with a seasoned Realtor who specializes in waterfront property. For well over a decade, the Lake Wylie Man has outsold all other real estate agents on Lake Wylie. You can rely on me and my team to help you market your property successfully. Please give me a call if you have any questions or would like to discuss your home or lot.

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.

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!

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

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!

 

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.