lake wylie waterfront sales

Lake Wylie Waterfront Sales Update 

 

While we had a moderately slow start in the waterfront real estate market in 2019, we seem to be catching up as the summer lingers, and lingers, and lingers.

 

Fifteen waterfront homes and five dockable waterfront lots closed in September, resulting in a 9% drop in home sales and a 19% drop in lot sales in comparison to last year’s stats — the most favorable position we’ve been in all year.  Sales “in the hopper” on the lake are particularly strong, with 32 waterfront homes under contract and 11 waterfront lots, indicating that we could catch up to last year’s sales — or at least come close!

 

Sales trends for waterfront homes and lots

lake wylie waterfront sales by month

 

 

In the chart above, the dark blue line represents the average number of waterfront homes sold per month, calculated over a 3-year period.  The light blue line represents number of homes sold each month in 2019.  With 32 homes currently under contract, sales for the remainder of 2019 are expected to exceed the 3-year average.

Sales trend compared to multi-years, year-to-date at the end of 3rd quarter on Lake Wylie, as reported on the Charlotte MLS:

lake wylie waterfront sales

In the chart above, number of Waterfront Home sales (in blue) through 3rd quarter peaked in 2016, and have tapered off each year since.  However, sales levels are still above 2007 — the year before the recession hit.

Number of dockable Waterfront Lots sold have been more volatile year-to-year.  2017 was a record breaking year for lot sales, and the past two years have been more in the “average” range.

Average prices continue to climb for both waterfront lots and homes on Lake Wylie:

 

The highest point in the tracked period for waterfront home prices (red line) and lot prices (blue line) was in 2008, the beginning of the recession.  However, the number of sales during that period (see first chart) was a low point.  The waterfront home sales during that period were primarily distressed “mega-homes” — large, newly constructed homes in new developments.  One third of the homes sold in 2008 were originally priced over $1 million.

 

In 2019, we’ve achieved highest average price for waterfront homes since 2008, but in a much healthier economic environment.   There have been little to no distressed (short sales/foreclosures) properties in recent years, and buyer demand is strong:

 

  • Average time on market for waterfront homes sold is just 115 days, the best performance in the time period tracked.  During the recession, the average time was over a year for homes.  Last year’s average was 130 days.

  • Almost 40% of home sales occurred with less than a month on market.

  • Waterfront homes sold year to date closed at prices 92% of the original asking price. Since 2015, this stat has ranged from 91% – 93%, the highest point since prior to the recession, when the percentage fell as low as 64% of original price.

 

Average price for waterfront homes is driven by two factors: increase in price for individual prices, and shifts in buying trends towards newer or more luxury priced homes.  We’ve had both occur:

 

  

In the chart above, the blue bars represent percentage of waterfront home sales for properties priced under $500k, the red bars represent the $500k - $699k segment, the green bars $700k - $999k, and the purple bars are homes priced over $1mm.  The far right set represents the current listings on Lake Wylie.

 

The distribution of luxury properties ($1mm plus, purple bars) have held steady the past three years, after a significant jump from 2016.  The percentage of properties listed in that higher priced segment is still a bit “heavy” in comparison to sales, but it has fallen in line with demand during the past few years.  

 

The under $500k segment (blue bars) has declined dramatically, from 38% in 2016 to just 17% of the market this year. Availability of lower priced properties has become more and more scarce, and listings under $700k generally sell quickly, if in good condition and in a good location.

 

The fastest growing segment in the past four years is the $700k – $999k category.  That price segment usually offers buyers homes that are a little newer and in more “move-in-ready” condition than the lower priced homes, and a stronger economy in recent years has produced buyers who can afford to pay higher prices.

 

Based on averages for the past 12 month sales, the profile of homes in each price segment is as follows:

 
  • Less than $500k - 42 years old, 1,980 square feet

  • $500k - $699k     - 36 years old, 2,900 square feet

  • $700k - $999k     - 23 years old, 4,100 square feet

  • $1mm+                - 11 years old, 5,725 square feet

 
  

If you’d like to see details of recent sales, please visit my webpages Recent Waterfront Home Sales and Recent Waterfront Lot Sales

 

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.