2007 - The Year in Review
In mid-summer 2007, we thought we had a record year shaping up for Lake Wylie waterfront home sales. Dollar sales were up almost 20% over the year before, and average home prices were up as well.
Then, after August (see chart to the left), the market changed dramatically. Waterfront home sales suffered a "double whammy" resulting from the overall real estate (mortgage) downturn, as well as the impact from the drought. At the end of the year, total 2007 waterfront home sales in the Lake Wylie area were down 8% vs 2006.
Charlotte fared better than other markets across the region, being one of the few markets to post an increase in home prices and strong sales despite the gloomy news across the rest of the country. In particular, sales for homes above $500,000 climbed 71% in 2007 vs 2006. After August, the increase vs previous year was +10%. Not astronomical, but still a healthy increase!
On the lake, however, sales for September - December 2007 fell 68% vs 2006 sales. Ouch! In fact, during the last three months of the year, only five waterfront homes listed on Charlotte's MLS sold. Five of the 120 homes on the market!
As Milli Vanilli sang in their 1989 hit, "Blame it on the Rain". (Ok, so they weren't really singing, but that's another story.) Anyway, the drought did a number on the market. As public boat ramps closed, fewer people were on the lake. Boat lifts were on the ground. Waterfront properties were puddlefront. You get the idea. Buyers were hesitant.
The good news is that the drought is a temporary situation. Spring is just around the corner, and we'll all be singing "Raindrops Keep Falling on My Head." Already we've had enough glorious little raindrops that the Buster Boyd access ramp has reopened. We've had good news of new jobs and new people moving to the area. SC taxes have been lowered. Lake Wylie and Fort Mill are reporting explosive growth. The demand for lakefront property will continue to climb. Life is good!
For a complete list of waterfront property available for sale right now, visit my website, Lake Wylie Waterfront Real Estate. You'll also find many resources for waterfront property owners, Lake Wylie area activities and events, and virtual tours of the area.
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