lake wylie waterfront sales

It is hard to believe that summer is almost over!  It has been fun, with weekends on the sand bar, sunset boat rides, plenty of sunshine, and a robust real estate market on Lake Wylie.  Once again, the Lake Wylie Man is leading sales on the lake, with more than three times the number as the next highest selling agent!  Lake expertise means a lot when buying and selling waterfront real estate.  As many of you know first hand, issues unique to lake property come up during the process, and having an experienced agent may make a difference in getting the property to the closing table.  Over the past 5 years, The Lake Wylie Man has averaged 50 waterfront transactions closed each year - - that's a lot of practice with pricing, marketing, selling, and closing.

 

Across the lake, total waterfront sales this year have been strong.  Though the total number of homes and lots sold have dipped below the past two years, the market is still significantly above a few years ago, and there are some positive trends:


real estate sales lake wylie

In the chart above, the blue bar is the total number of waterfront homes sold on Lake Wylie through the end of June each year, and the red striped bar is the number of dockable waterfront lots.  Lack of inventory (number of available listings) seems to be the primary factor in the drop off from last year.  The average time on market is at its lowest point in over a decade, with almost a third of the homes that have sold being on the market for a month or less.

 

Sales price for waterfront homes averages 93% of original asking price, which is the highest average in over a decade as well.  Both of these measures indicate a healthy market, and an excellent time to be selling real estate.  

 

For dockable waterfront lots, sales have dropped considerable from last year, which was a record breaking year for lots.  Increases in building costs and lack of inventory have contributed to the slowing of land sales on the lake, but with 7 properties currently under contract, we should have a strong year for lots.

 

Average sales prices for waterfront properties are very strong for houses, and holding steady for lots:

prices waterfront lake wylie

In the chart above, the blue line represents the average sales price for waterfront homes on Lake Wylie, and the red line represents lot prices.  Thus far this year, the average price for a waterfront house is $743,000.  The increase is mostly due to the change in mix of homes sold.  We have far fewer homes in the lower priced segments, mainly due to inventory restrictions, and a record number of $1mm+ homes selling.  Year to date, eleven homes have sold in this luxury price range, three more than sold year-to-date in 2017 (which was a record breaking year for $1mm+ homes.)  

 

On average, homes sold this year average 23 years old, about 5 years newer than recent year averages.  We've seen quite a few new construction sales, which contribute to a higher price point.  

 

The chart below shows the trends in home sales by price point:

sales prices lake wylie waterfront homes for sale

In the chart above, the bars indicate the PERCENTAGE of home sales by price category, with the blue bars being total year 2016, red bars total year 2017, and green bars 2018 year to date.  Homes priced under $500k, traditionally the largest segment of sales, has dropped off to about 17% of the total.  Homes priced $500k-$699k have also dropped in sales.  Both of these segments have struggled with low inventory.

 

Homes priced $700-$999 have increased in sales.  Some buyers unable to find homes in the $600's, for instance, have increased their budgets in order to buy waterfront.  Also, some homes priced over $1mm, a segment which has had an excess in inventory and the longest time on market, have been reduced to prices in the $800's and $900's, and sold in those ranges.  

 

More luxury buyers have been attracted to Lake Wylie in recent years, and homes priced over $1mm are selling at record numbers.  The buyers in this segment expect lots of extras, however.  Features such as beautiful outdoor living areas, outdoor fireplaces, pools, and interior "extras", in addition to strong locations and views, are in demand by this discriminating buyer.  There is pent up demand for luxury homes with such features, as evidenced by the quick sales for many new listings in this price segment.  

 

The following chart tells the story in listing trends for waterfront homes:

waterfront homes for sale lake wylie

In the chart above, the red bar represents number of listings by price segment on July 1st of 2016, the blue bar represents July 2017 listings, and the yellow bar is current year listings at the first of July.  The dramatic drop in the lower price segment correlates to the drop in sales.  There simply aren't many properties to sell!  About half of the current listings in the under $500k segment are under contract.

 

Inventory is down also in the mid-priced segments, as well.  While inventory in the $1mm+ segment is more than sufficient to meet demand, what we see is that some newly listed properties in that price range go under contract very quickly.  About 1/3 of the $1mm+ sales this year to date were on the market for less than a month.  That indicates that while the NUMBER of homes on the market in this segment may be enough, the TYPE of properties may not meet demand of the current buyers.  Homes on the lake are so unique.  Buyers are waiting in the wings for particular locations, particular styles, particular amenities.

 

Lot listings are at a low point, with just 106 dockable lots in current inventory.  This is down about 40% from three years ago.  

 

 

Waterfront properties are selling faster and for more money. Inventory is low and demand is high. You can find details for recent waterfront sales here.  If you would like to discuss your property in more detail, please feel free to send me an email or give me a call.

 

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*All information provided is deemed reliable but is not guaranteed and should be independently verified.  Copyright by The Lake Wylie Man, all rights reserved.