real estate

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.

Waterfront Sales Update – Fall 2017

Jan Todd

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.

Hidden Gems

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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!

 

Time to Winterize your boat!

lakewylieman

The frost is on the pumpkin, so guess what? Time to winterize! If you’re a new boat owner on Lake Wylie and have never had to winterize your boat, don’t panic. It isn’t that difficult. But don’t put it off too long, either! The time and effort you spend now will save you boatloads in the spring.

The best place for your boat during the winter is out of the water, under cover. Whether on a lift or on a trailer on your driveway, make sure your boat is covered with a tarp or fitted boat cover. If you must leave your boat in the water over the winter, be sure to close all seacocks and gate valves in order to protect the thru-hulls.

You should check your owner’s manual of your boat for information on winterizing, but here is some basic information:

Fuel: Fill your fuel tank to avoid a build up of condensation over the winter months. (Condensation can lead to corrosion and clogging.) Add a fuel stabilizer. Change the fuel filter and water separators.

Inboard Engine: First, change the oil (best done when the engine is warm, so that impurities in the oil are drained away.) Change the oil filters. Then flush the engine with fresh water. Circulate antifreeze through the manifold by using a pickup hose from the waterpump to a bucket of antifreeze. Check the fluid in the tranmission.

When an engine is not being used, oil tends to settle at the bottom, exposing pistons and valves to air and humidity, which can cause corrosion. To avoid this, remove the spark plugs and spray “fogging oil” inside the carburetor. Then, clean and replace the spark plugs.

Replace the engine’s old gear oil with fresh oil. You can dispose of any used oil at an authorized recycling center.

Interior: Open all drawers and bins and clean thoroughly. Leave refrigerators, hatches, etc. open so that air can circulate. Of course, make sure to remove any food, valuables, and flammables. If possible, bring cushions and life jackets inside. At the very least, turn cushions up on ends to prevent growth of mildew. You can also use moister absorber products such as “Damp Away” to absorb excess moisture while your boat is under wraps for the winter.

If this all sounds intimidating to you, you can take your boat to a marine service center and and they’ll do it all for you. Visit my website for a list of local Lake Wylie Boat Service and Repair.

Whatever option you choose, do not neglect this maintenance chore. When that first beautiful spring day arrives, you want to be enjoying your boat on Lake Wylie. You don’t want to spend that gorgeous day joining the long waiting list who need boat repairs because they didn’t get around to properly winterizing their boats!

Disclaimer: The author is not responsible for damage or injuries that may occur as a result of this information.

For more waterfront resources for boaters and homeowners on Lake Wylie, visit TheLakeWylieMan.com.  And when you’re in the market for Lake Wylie waterfront real estate, contact the lakefront specialist – – The Lake Wylie Man!