Wow, it is great to see the sun shining on Lake Wylie today! I love to show properties on days like today, when the water looks blue and calm. Sales have definitely been picking up the last couple of months, and we’re ahead of last year in NUMBER of waterfront homes sold (see chart).
Number of waterfront lots sold (only 11 so far this year) are still rather dismal compared to 2008 and a “normal” year 2007. Reality is redefining “normal” in many ways this year:
Sales of “distressed” properties (those labeled as short sales, foreclosures, etc.) represent 26% of total this year.
Almost half of the sales in the last two months have been short sales/foreclosures. I anticipate this to be a continuing trend into 2010. The government has even announced a tax credit for borrowers completing a short sale.
Waterfront homes labeled as short sales/foreclosures have sold for 54% of their original asking prices.
Remaining WF homes (not labeled distressed) have sold for 77% of original price. This compares to 83% in 2008, 92% in 2007.
Average time to sell has increased dramatically. In 2007, sold homes had been on the market for 4.5 months. In 2009, it’s about a year. Waterfront lots sold this year average 459 days on the market.
High dollar homes and lots are not selling well this year. Only four homes have sold for >$1 million in 2009. Average sales price of home is down to $569,000, from $785,000 in 2008. The lower priced homes are the ones that are selling. Twenty-three of the homes sold this year were in the under $500k range - - compared to just 8 homes in that category last year!
That being said, the “new reality” is bringing some more buyers into the marketplace in recent months. I’ve got lots of buyers calling and looking, but taking more time to make a decision because 1) there are more choices, and 2) economic uncertainty, and 3) waiting for prices to “hit bottom”. I have written several contracts on waterfront property in the past couple of months, and am encouraging buyers to commit to some of the excellent values that are available.
Typically, buyer activity drops off significantly in December as we approach the holidays, and then we pick up again in late January/February (depending on the weather!). So, sit back and enjoy the holiday season. Visit my website for market updates, as well as Events and Activities to enjoy over the next few weeks!
Sales of “distressed” properties (those labeled as short sales, foreclosures, etc.) represent 26% of total this year.
Almost half of the sales in the last two months have been short sales/foreclosures. I anticipate this to be a continuing trend into 2010. The government has even announced a tax credit for borrowers completing a short sale.
Waterfront homes labeled as short sales/foreclosures have sold for 54% of their original asking prices.
Remaining WF homes (not labeled distressed) have sold for 77% of original price. This compares to 83% in 2008, 92% in 2007.
Average time to sell has increased dramatically. In 2007, sold homes had been on the market for 4.5 months. In 2009, it’s about a year. Waterfront lots sold this year average 459 days on the market.
High dollar homes and lots are not selling well this year. Only four homes have sold for >$1 million in 2009. Average sales price of home is down to $569,000, from $785,000 in 2008. The lower priced homes are the ones that are selling. Twenty-three of the homes sold this year were in the under $500k range - - compared to just 8 homes in that category last year!
That being said, the “new reality” is bringing some more buyers into the marketplace in recent months. I’ve got lots of buyers calling and looking, but taking more time to make a decision because 1) there are more choices, and 2) economic uncertainty, and 3) waiting for prices to “hit bottom”. I have written several contracts on waterfront property in the past couple of months, and am encouraging buyers to commit to some of the excellent values that are available.
Typically, buyer activity drops off significantly in December as we approach the holidays, and then we pick up again in late January/February (depending on the weather!). So, sit back and enjoy the holiday season. Visit my website for market updates, as well as Events and Activities to enjoy over the next few weeks!
For more Lake Wylie real estate information, visit my website, TheLakeWylieMan.com.
