lake wylie waterfront sales

 

Lake Wylie Waterfront Sales

The calendar says, “Fall,” but it still feels like summertime!  The waterfront real estate market seems to think it is still summer as well, with September closings on par with the summer months.  Usually, closings begin to dip a little as we go into Fall, tapering off through the end of the year.  Right now, the market is about 5% behind last year’s levels to date for Waterfront Home Sales, and about 52% behind on dockable Waterfront Lot Sales:


Lake Wylie waterfront sales

The solid blue bars in the chart above represent number of Waterfront Home sales on Lake Wylie through third quarter of each year.  We peaked in 2016, and have dropped off in the past two years, mainly due to challenges with inventory (number of listings), which hasn’t kept up with buyer demand.  

The red striped bars above represent number of Waterfront Lot sales.  We’ve added in activity in McLean, which is not fully reported on the MLS but does represent significant sales.  This year to date, there have been 6 waterfront lots sold in McLean in Belmont, four of which were NOT reported on the MLS.  Average sales price for the McLean lots is about $410,000.

Though Waterfront Lot Sales are down significantly from last year, sales are in line with recent years.  Last year’s sales were unusually high.  

Average sales prices continue to climb for both Homes and Lots: 

average price waterfront homes lake wylie

 

The blue line in the chart above represents average Waterfront Home prices, and the red line represents Waterfront Lots.  This year, Waterfront Home prices have climbed to an average of $722,000.  With inventory at very tight levels in the lower price segments, sales have shifted to higher priced homes.  Prices for individual homes have shown modest increases as well, particularly in the mid-priced segments that are in such high demand.

 

The increase in average Waterfront Lot prices are a result of higher priced lots (such as those in McLean) capturing a higher percentage of sales, and the supply of lower priced lots drying up on the lake.  At the beginning of summer 2017, there were 35 lots listed for under $200,000.  Today, there are only 13 lots listed in that lower price range.  

 

Home sales by price segment have shown significant shifts in the past two years:

sales by price waterfront lake wylie

In the chart above, % of sales by price point are shown for total 2016 (blue bars), total 2017 (red bars), and year to date 2018 (green bars.)  Two years ago, homes in the Under $500k segment represented the largest portion of Waterfront Home sales on Lake Wylie, with 38% of sales that year.  This year, that segment is only 20% of sales.  Again, we can blame inventory levels as the main culprit.  In summer 2016, there were 41 Waterfront Homes listed at prices under $500,000.  Today, there are only 18 in that price segment.

 

Inventory isn’t the only factor, however.  Buyers ARE shifting their purchases to higher priced homes.  With the robust economy and strong employment numbers, the higher priced homes are in reach for more of the buyers, and we’ve seen demand shift to the luxury homes on the lake.  We’re on tract to match or exceed last year’s sales of $1mm+ homes on the lake, and the $700-$999k segment is very strong as well, now claiming the #1 spot in price segment sales.

 

Relative to inventory (number of listings), we’re seeing the most pronounced shortages in the lower priced waterfront homes:

waterfront listings lake wylie

 

Buyers have the most choices in the $700k+ price category.  In the chart above, the green bars represent number of current listings at each price point, and the red bars represent number of sales year to date.  Even as we approach the end of the year, new listings are needed to satisfy the buyer demand!

 

Average time on market is at its lowest point in over a decade, just 123 days for Waterfront Homes sold on Lake Wylie this year to date.  Homes are selling at an average of 93% of original asking price, also its most favorable point in over a decade.  We’re still very much in a “Sellers’ Market.”  I’d love to talk to you more about your property, so if you have questions or would like to discuss, please give me a call.

 

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.

 

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