Slowdown in Lake Wylie real estate

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

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!

1st Quarter 2022 Real Estate Recap

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

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.

A roller-coaster ride in real estate – November 2020

October numbers are in for Lake Wylie real estate activity, and It has certainly been a roller coaster ride!

TWENTY-SIX waterfront homes closed in October — a month that usually averages 8-10 closings. Last year the market had a record-breaking October, with 16 closings. Check out this year’s performance in comparison to the past 3-year average:

In the chart above, the dark blue line represents the last 3-year average number of closings per month for dockable waterfront homes on Lake Wylie. The light blue line represents 2020 performance. It has been an unusual year indeed, with closings falling far below normal during the first couple months of the pandemic, then higher than normal thereafter.
About a third of the homes closed in October were on the market for less than a week, and many sold at or above full asking price. Eight of the closings were in the luxury price category (over $1 million).
Low mortgage rates and changes in lifestyle have contributed to the uptick in lake property, as well as pent-up demand from the past couple of years as we have seen inventory decline. Offerings at different price points have not been able to keep up with demand.
Here at the beginning of November, the number of listings has reached another low point. Only 49 dockable waterfront homes are currently listed, with 22 of those under contract!
Looking at listings the past few months, the decline is pronounced:
In the chart above, the blue portion represents the number of waterfront homes under contract at the first of each month since June, and the red represents the number of available waterfront homes.  In the MLS, the number of listings reported includes “Active” plus “Under Contract,” because sometimes properties under contract can continue to be shown for back-up offers, and occasionally offers do fall through.
In June and July, the total number of listings hovered around 90 waterfront homes. Typically, the number of lakefront listings peak in the summer, and this year was no exception. However, in comparison to the summer months of 2019, total listings were down 30%! Combine that statistic with record sales, and it is a classic low supply/high demand situation.
The small number of homes available becomes even more dire when we break the listings into price points or areas on the lake. There are zero – – yes, zero – – listings under $500,000. Almost half of the available homes are priced over $1 million. Looking for something in the $700,000 range in the Clover School District? There is one house.
Waterfront lots are also in demand. While year-to-date sales are about level with the past two years, inventory is very tight. Currently, there are 74 dockable lots listed, and 14 of those are under contract. The number of listings is down over 20% in comparison to the past couple of years. With waterfront home inventory so tight, buyers will consider building and need land for their lake homes. Many will consider purchasing a cabin or lower-priced older home to remove and use as their building site.
To see details on recent sales activity all over Lake Wylie, please visit my web pages Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
Now is a great time to sell Lake Wylie waterfront property, even though (in a typical year) we’d be entering the slower season of selling. But this is no typical year. Now more than ever it is important to use a Lake Wylie waterfront expert to help you price, market and sell your property.  The Lake Wylie Man has led the market in waterfront sales each year for over a decade, and can offer unparalleled insight and service. Give us a call!

Is your boat ready for spring weather?

The warm weekend has kicked spring fever into high gear. A few early birds were out on the lake this past weekend, and the deck at TBones on the Lake was hopping with activity as folks got out to enjoy the sunshine.

I remember all too well the summer that my boat was at the mechanic’s from Memorial Day until a few days before Labor Day. It wasn’t pretty. The mechanics get awfully busy during the warm months, and that particular year, they were overwhelmed. So, before you find yourself landlocked, make sure your craft is ready to launch!

Do it yourself, or take ‘er in for a good cleaning and annual maintenance.

Spring Cleaning
– Clean the exterior and put on a good coat of wax.
– Clean the upholstery, polish the metal.
– Make sure all of the compartments are tidy and free of debris.

Engine & Battery
– Check the battery for corrosion, make sure it is fully charged
– For inboard motors, change oil and filters.
– Check transmission fluid & bilge blower.
– For outboards, check & replace spark plugs if needed.

Check lights on boat and trailer. Make sure your boat is fully stocked with anchor, ropes, life jackets, bumpers.

boating lake wylie
Boating on Lake Wylie

For more tips and resources for enjoying Lake Wylie, visit the best site for Lake Wylie real estate.  The Lake Wylie Man is consistently the top selling waterfront realtor in the area, and is your source for all Lake Wylie waterfront homes for sale and events on Lake Wylie.

 

 

Waterfront Lots – The Market is Hot!

After analyzing monthly waterfront sales for well over a decade now, I know not to put too much importance on what happens in January. Weather, lake levels, and inventory levels are often off-kilter in the winter months, and all of these impact buyer activity. Plus, the winter months are the least active for sales both on and off the water, so first quarter closings don’t always provide a great indication of how the year will turn out.

That being said, with SEVEN waterfront home closings and SIX dockable lot closings in January, the market came out of the gate the strongest it has in several years. In addition, there are currently 24 waterfront homes under contract, and 6 lots, which is impressive given the low inventory levels that plagued us in recent months. Of the homes that are currently under contract, six (25%) were on the market for less than a month.

We have buyers waiting in the wings, ready to purchase, and with record low inventory levels, new listings get a lot of attention quickly. (Pause for a commercial break!) It is particularly important to price your property correctly, prior to listing, and make sure that potential issues are addressed and the property is ready to sell, and having a Realtor experienced in waterfront is vital.

So, what’s selling? Homes under contract are equally disbursed between Belmont, Lake Wylie (Clover School District), and Charlotte, plus a couple of properties in Tega Cay area. The higher priced properties represent the bulk of sales, with 9 over $1 million, and 8 priced $800-$999k. The tightest segments in active inventory are mid-priced and lower priced properties. That tight inventory is limiting sales. There are currently 7 homes under contract that are priced under $800k.

Waterfront lot sales are benefitting from low home inventory, as buyers unable to find ready waterfront homes shift their focus to building. Here’s something interesting: Of the waterfront lots that closed in January, half had been on the market for under five weeks, and two had been on the market for 3-4 YEARS. So average time on market if pretty meaningless! We noted that throughout last year’s lot sales; quite a few lots that had been on the market for years finally sold!

Here’s a closer look at waterfront lot sales since January 2017:

  • Belmont, 31 lots, average price $224,000
  • Reflection Pointe (in Belmont), 14 lots, average price $154,000
  • McLean (in Belmont), 5 lots, average price $432,000
  • Lake Wylie (Clover School Distr.), 24 lots, average price $280,000
  • Charlotte, 17 lots, average price $317,000
  • Rock Hill, 3 lots, average $287,000
  • Tega Cay/Fort Mill, 3 lots, average $370,000

Reflection Pointe in Belmont still has a number of dockable waterfront lots selling for less than $150,000.  This development was hardest hit by the recession, and slowest to recover.  Meanwhile, just down the road in McLean, lots are commanding premium prices.  Woodland Bay and choice main channel lots are also yielding prices over $300,000.

In Lake Wylie, properties go up in price as the location gets closer to the Buster Boyd Bridge.  Handsmill on Lake Wylie is also beginning to sell well.  There have been lots on the southern end of the lake, around Allison Creek, selling above $300,000, but similar lots in the 29710 zip code generally sell for 10-15% higher.

Good news for sellers of waterfront cabins!  Average sale prices have been on the rise for the past few years.  Take a look:

Waterfront cabin sales on Lake Wylie, Average Price by Year

2013 – $311,000

2014 – $355,000

2015 – $355,000

2016 – $364,000

2017 – $386,000

The price for waterfront cabins is impacted by the buyer’s planned use for the property.  If they plan to remove the cabin and build a permanent home, the presence of the cabin can be seen as a negative.  But often a buyer wants to enjoy the cabin as it is, prior to building or as a second home indefinitely.  Cabins that are neat and in good condition command a premium price.

If you’d like to see more data on recent sales, visit The Lake Wylie Man Waterfront Market Sales Report for 2017.  The Lake Wylie Man is the leader in waterfront sales on Lake Wylie.  Rely on the market expert for buying or selling waterfront real estate!

Waterfront Sales Update – Fall 2017

It has been nice to have a little chill in the air this week, a sure sign that fall is on its way.  There were a dozen waterfront home closings in September, down from last year’s record setting level of 18.  We’re now lagging in closings by 7 homes vs last year, but still posting some very positive market trends.  In addition, waterfront LOT sales are at an all time high, with 56 closings to date.  That is more than the year end number for any year in the past decade!

Here are some highlights for this year’s waterfront market:
• Average waterfront home sales price is $712,000 – highest since 2008!
• Average time on market for waterfront homes is just 144 days, fastest since 2007
• Average WF home sales price is 93% of the original price, best performance in over a decade
• Waterfront lot sales prices average $254k, highest since 2010.
• Number of waterfront lot sales is the highest in over a decade
• Twenty percent of waterfront lots sold so far this year had time on market in excess of 1,000 days.  Some “old” inventory is beginning to clear out.
• Listings are at a low point, both for waterfront lots and waterfront homes.  Lack of inventory is affecting market dynamics significantly.

Waterfront Sales trend over time:

The solid blue bar represents number of waterfront home sales through 3rd quarter of each year.  The red striped bar represents waterfront lot sales.  While 2016 hit record levels for home sales, 2017 performance follows closely behind.  If it weren’t for the shortages in inventory (number of listings available), I feel sure that this year’s performance would surpass last year’s.  In DOLLAR sales, however, 2017 is ahead of last year and is at record levels, with $76.5 million in total waterfront home market sales.  That’s about 8% above last year.

Waterfront LOT sales are at record numbers, with 60 lots closed to date, and 11 currently under contract.  Average price of waterfront lot sold on Lake Wylie this year is $254k, the highest since 2010 and a 12% improvement over last year.  Lot sales by area:

•21 lots in Belmont, averaging $186k.  Highest priced lot in Belmont was $500k, in McLean.  Lot sales in Reflection Pointe brought the average price down, with 13 lots sold at an average of $154k.

•18 lots in the Clover School District, averaging $290k.

•134 lots sold in Charlotte, average price $308k.  Three sales in The Sanctuary (or adjacent), plus a couple of premium priced lots in The Palisades area brought the average sales price up.

•2 lots in Rock Hill (average price $285k), and 2 lots in Tega Cay ($337 average price.)

Sales price trend is as follows:

The blue bar (on top) represents sales price for waterfront homes, through 3rd quarter of each year.  The red (bottom) line is average sales price for lots.  After several years of “flat” performance, the average prices are ticking upward.  This doesn’t necessarily translate to price increases on individual properties, however.  Rather, the average price is driven more by the mix of properties purchased.  This year, we’ve seen RECORD LEVEL sales of $1 million plus homes, and have seen an increase in PREMIUM waterfront lots.

McLean homes and lots represent a premium priced waterfront development, however its impact has not been significant yet.  The higher priced lot sales are scattered all over the lake: Handsmill in York, The Sanctuary and The Palisades in Charlotte, Woodland Bay, Reflection Pointe and McLean in Belmont, Fort Mill/Tega Cay, Allison Creek, Concord Road.  As home inventory tightened up, buyers turned to waterfront lots to build their own homes rather than buy established.

Million-plus dollar home sales were scattered around the lake as well:  a couple in McLean, a few more in Belmont, York, Tega Cay, quite a few in “non-neighborhoods.”  In addition to the 16 homes sold to date in the $1 million category, there are 11 currently under contract.  Four of these are new construction (McLean), and may not close in this calendar year, depending on completion schedule.  In 2016, there were 15 sales in this price segment for the entire year, so already we’re significantly ahead of last year’s record breaking numbers.

New homes in The Vineyards on Lake Wylie (upper lake area) have several sales in the $800’s and $900’s, newer construction homes not found in abundance on the southern part of the lake.

Waterfront Homes by Price Point:

In the chart above the blue bar represents last year’s sales through 3rd quarter, and the red bar represents number of waterfront homes sold this year.  Sales surpass last year most significantly in the $1 million plus segment, followed by homes in the $500-$799k segment.

The GREEN bar represents number of homes currently listed in each price segment, and the percentage differences below the chart depict listings vs. last year.  The most dramatic story is in the lower priced homes, where there are just 9 homes currently listed (including some under contract!).  Stacked up against “demand,” more accurately represented by last year’s sales, you can see that the decline in sales for homes under $500k can be blamed on lack of inventory, which is about 71% lower than it was last year!

Inventory in the $500-$799k segment is down 22% vs last year, and sales for this year show a modest increase over last year’s, in spite of the inventory shortage.

Inventory in the $800-$999 price range is probably the “healthiest,” with a good number of choices relative to the number of buyers.  In the $1mm+ segment, homes available still outweigh demand, but with the increase in demand in this price category, the outlook is improving over what we’ve seen in recent years.  There have been quite a few new listings in this segment, and more than a third of this year’s sales have occurred with homes on the market less than 2 months.

If you’d like to see more details about recent home and lot sales, please visit my webpages for home sales:https://thelakewylieman.com/waterfront-home-sales

and recent lot sales: https://thelakewylieman.com/recentlysoldlots

As always, I welcome your calls and emails to discuss your property in more detail.  Thanks!

Check out my website for Lake Wylie real estate.  We specialize in Lake Wylie waterfront homes and land.

Development Update – Fall 2017

As the heat of summer begins to subside and we settle into our fall routines, the real estate market generally begins to slow down a little. This year, however, the bullish market is still blazing!
Lake Wylie waterfront home listing inventory is at record low levels, particularly in the mid- and lower-priced ranges. This is having a profound impact on the market. Waterfront homes are selling at a much faster rate, at an average of four months on market, compared to about six months in 2016. Sellers are also seeing offers closer to their asking price, and the average waterfront home sale is about $687,000, up 14% from 2014.
Increased demand for quality homes is motivating buyers to stay on top of new listings. Since May, over half of waterfront homes sold were on the market for less than a month! While most of these quick sales were in the moderate price waterfront segment ($500,000 – $800,000), several were in higher priced, “luxury” segments. As true in recent years, inventory levels in the million-dollar plus price range is still much higher than demand levels. However, buyers in this category often have specific criteria, and when a new listing meets those criteria, they are ready to buy.
What is selling on the lake?
In reviewing sales from the current year, along with what is currently under contract, we can get an idea of what is driving today’s buyers. Sales have occurred all around the lake, with 70% on the South Carolina side. Almost half of sales (45%) were in the Clover School District.
Waterfront homes in the 500K and under price point average about 40 years in age. More than half of these sales went under contract in under two months. Current inventory is less than 25% of last year’s levels, the most pronounced shortage of any price segment.
In the $500,000 to $1 million category, the median age of sold homes is 24 years, with average time on market about four months. While the current inventory is higher in this price point, it still demonstrates a deficit with about 30% less than last year this time.
Homes over $1mm are selling at record levels, with ten homes sold in this luxury price segment through the end of July.
Waterfront lot sales are outpacing last year’s by about 30%, quite likely a result of some buyers deciding to build their home after being unable to find an existing property that met their needs.
Market Trends Off the Lake
In general, the market is very strong within the Clover School District. The median home price off the lake is $283,000, up a little from a year ago. Homes in the Clover School District spent an average of ten weeks on the market. The excellent Clover School District remains a strong selling point, motivating buyers to make strong offers. In fact, sellers are receiving an average of 98% of their asking prices, which is a slight increase from 2016. Almost a third of home sales off the lake this year have been new construction.
The little haven of Lake Wylie is an attractive place to live with great schools, low taxes and plenty of southern charm. Because of this, expect the housing market to remain strong and lead us to another record breaking year.
Drew Choate, “The Lake Wylie Man” specializes in Lake Wylie waterfront homes and lots, and other homes in the Lake Wylie community. He is affiliated with Wilkinson ERA Real Estate and has an office in Lake Wylie.

Hidden Gems

The internet is a fabulous tool, isn’t it?  Want to make Oysters Rockefeller?  One Google search and you have dozens of recipes at your fingertips.  Want to figure out how to get a coffee stain out of your tile grout?  We used to have to call our mothers for such wisdom, but now it is just a Siri inquiry away.  How about finding out the most beautiful beaches in the world?  TripAdvisor and dozens of other sites offer pictures and reviews.

What about finding your perfect house?  Zillow, Trulia and dozens of real estate sites provide easy to use property searches.  However, as great as the technology is, some properties simply fall through the cracks.  For instance, suppose you want to find a home in a particular school district.  Or a home anywhere on the shorelines of Lake Wylie.  Or, you’d like to find a building lot on the lake.  This is where things may get dicey.

Most online searches begin with a zip code or a city, and that might not be sufficient for your criteria.  Did you know, for instance, that some school districts, for instance Clover SC, include homes in TWO different zip codes, and more than one town?  And the shorelines of Lake Wylie stretch through TWO states, three counties, and six zip codes.  If you’re looking for land to build on the lake, other considerations come into play.  For instance, many potential properties that would be best suited for building are not coded as land, but as “single family homes,” as they may have a cabin or mobile home currently on the property.  These structures could easily be removed to make way for the home you’d like to build.

Some available properties are missed for other reasons as well.  For instance, particularly in new developments, addresses may not tie over to the map search functions of some online tools.  Also, depending on a particular realtor’s affiliations and subscriptions, some listings may not show up on syndicated sites at all.

So what’s the answer?  Use the tools available to begin your search, getting an idea of what’s available and at what cost.  Then, ask your realtor to search for “hidden gems” based on your criteria.  Make sure you use an experienced realtor who knows the area and category of home that you’re searching for.  Particularly when searching for specialty property, it is very important to enlist the help of a realtor who specializes in that type property and has a proven record.

Looking for Lake Wylie lakefront?  Contact The Lake Wylie Man team, leader in sales for waterfront property each year for the past eight years!