lake wylie waterfront sales

Lake Wylie Waterfront Sales Update 

 

The new decade dawned on a strong real estate market in Lake Wylie.  2019 posted increases in waterfront home sales in comparison to the previous year — up 6% with average price up 4%.

The Lake Wylie Man team once again led the market, with 41 waterfront transactions (more than 3 times that of our nearest competitor!).  Since 2007, The Lake Wylie Man has outperformed all other waterfront realtors — hundreds and hundreds of transactions adding to our waterfront expertise to better serve our clientele.

Waterfront sales — particularly for homes — have been bullish since 2016, and show no signs of slowing down:

 

Sales trends for waterfront homes and lots

In the chart above, the blue bars represent number of dockable waterfront homes sold on Lake Wylie, and the red bars are dockable lots.  Despite a slow start in early 2019, sales caught up in second half and surpassed last year’s sales for homes.  The lakefront market enters 2020 in a stronger position than last year, with 18 homes and 11 lots under contract (compared to 11 homes and 7 lots pending at the end of last December.)

 

Average sales prices have risen for waterfront homes and have held steady for lots:

In the chart above, the red line represents average sales price for dockable waterfront homes, and the blue line is the average price for lots. 

In 2019, waterfront homes sold for an average price of $754,000, up 4% from the previous year, and up 27% from 5 years ago.  While some of the increase is from higher prices on any given home, most of the increase result from a market shift towards buyers purchasing higher priced homes.  

Five years ago, only 4 homes (just under 4%) of home sales on the lake were priced over $1 million.  This year?  Twenty-five sales exceeded the $1 million mark, representing 18% of the number of waterfront homes sold on Lake Wylie.

In the general real estate market, buyer preferences have shifted to expect higher finish levels on homes, with even entry-level homes including features such as granite countertops, wood floors, and stylish architectural features.  The popularity of remodeling and real estate television shows have likely influenced buyer demands, which coupled with tightened inventory of available homes, has driven purchases into higher price segments.  This trend has carried over into the waterfront market as well.  "Move-in-ready" homes with up-to-date features are poised for quicker sales.

 

What type of homes are selling on Lake Wylie?

The trend of sales by price category can be viewed in the chart below:

In the chart above, the first four sets of bars represent yearly sales — percent of number of waterfront homes sold by price category— from 2016-2019.  The final set represents current inventory (active listings) on Lake Wylie.

In 2016, the lower priced segment (blue bar) of waterfront homes led sales with 37% of the market.  This segment has declined dramatically, representing just 18% of the market in 2019.  Highlights include:

  • In 2016, end of year listings in the lowest price category totaled 33 homes; in the end of 2019 there were only 12.  The number of homes available in this segment has declined considerably.

  • The buyer can expect an older property in this segment.  Average age of home sold is 43 years, and average size is 1,750 square feet.

  • The type of home has also changed in this segment.  In 2016, about 25% of sales in the lower price segment were considered “cabins.”  In 2019, 65% of the lower priced segment were “cabin” sales.  Waterfront homes designed for full-time living are becoming rare in under $500,000 price range.

  • The number of cabin sales have increased in the past couple of years, as buyers are once again investing in second homes and vacation property.  And - - they’re paying more for those properties, particularly when the condition is good.  

  • In 2016, waterfront cabins sold for an average of about $365,000.  In 2019, the average was $415,000. Several cabin properties topped over $500k this past year.

  • Average time on market for the lowest priced segment is about 3 months — one month less than the average for all waterfront.  Almost half of sales in this segment occurred in the first month of listing! This indicates pent-up demand, guaranteeing any new listings in this segment will receive quick attention from buyers.

The $500-$6990k price segment (red bar) took the top spot in sales in 2019, closely followed by the $700-$999k segment (green bar).  In these price ranges, buyers can expect the following: 

  • For homes priced $500k-$699k, the average size is about 3,100 square feet, and the average age of the home is 32 years.

  • In the $700-$999 segment, the average size of home is 4,100 square feet, with an average age of 21.

  • For more modern styles, with open floor plans, upgraded baths and kitchens, and outdoor living spaces, buyers should be prepared to spend more.  

  • Buyers have a wide range of choices in the mid-priced waterfront market, but have to decide what is most important to them.  A big view with a flat yard — where the lot alone would run $300,000 or more — might be paired with a more modest home, in need of a few updates.  A nicer, more modern home might be found on a cove lot.

  • Inventory is tight, relative to demand, in the $500-$699 segment.  In the $700-$999 segment, inventory is more in line with sales.

In the $1 million plus segment, home sales have grown significantly in the past few years.  In 2019, this luxury segment represented 18% of waterfront home sales on Lake Wylie.  

  • Average home sold in this segment was 5,600 square feet, 10 years old.  There were quite a few new construction homes in this segment in 2019.

  • Average time on market for a $1mm waterfront home was 5 months in 2019.  Available inventory mix is heavily weighted towards the more expensive homes.  Almost a third of current listings are priced at $1mm+.

  • Despite relatively heavy inventory, a third of $1mm home sales occurred in the first month of listing.  This indicates buyers are waiting in the wings for waterfront homes in all price segments.  Particularly in the luxury segment, buyers are less willing to compromise on their desired features/location in waterfront homes, and wait for new listings that will tick all of the boxes.   

If you'd like more information about the market, including sales by area, general market trends, and more, please send us your email address and we'll forward a more detailed analysis. 

Thinking about listing your property this spring? Sales begin their uptick in March/April, with homes and land that has gone under contract in February. Listings are at a low point, and new entries into the market will be quickly perused by potential buyers. You’ll want to have your property in the best shape possible, and our team will be happy to provide an assessment and recommendations.

 

If you have any questions or wish to discuss your property, please call at 803-242-4700.

 

 

 

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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.