The numbers are in for 2014, and the outlook is great! This time last year, we were expecting big sales on Lake
Wylie for the coming year. Several months in, we were scratching our
heads, with a rather slow start to 2014 in the market. Bad weather had
taken its toll, slowing down what we thought was going to be a grand economic
recovery in our real estate world. Well, we're glad to report that fourth
quarter 2014 more than made up for the sluggish start, and we finished the year
with record sales on Lake Wylie:
Source: CMLS
Yowza! One hundred and seven waterfront homes, and
thirty dockable waterfront lots. Closings really started cranking up
mid-September, continuing strong through New Year's eve. Lot sale
closings were strong in December (five properties closed), but not enough to
make up for the relatively slow year. However, average prices were strong
for both waterfront homes and lots in 2014:
Source: CMLS
Average price for waterfront homes sold in 2014 was about
$592,000, which was 88% of the original asking price (best since 2007!).
Average lot price rose in 2014 to just under $240,000 - - a high point since
2009 and 84% of its original asking price, which is a vast improvement since
the economic downturn. Some key observations:
Waterfront Home Sales
- Dollar sales for Lake Wylie waterfront home sales topped $63.3 million in 2014, approaching pre-recession levels of $66 million in 2007.
- Average waterfront home price in 2014 was $592k, compared to $710k in 2007. Why? People are buying smaller, more modest priced homes.
- Average size waterfront home sold in 2014 was about 3250 square feet. This compares to 4100sqft home average in 2010.
- Four waterfront home sales exceeded $1mm price tag in 2014, with the highest sale $1,250,000 as reported on the MLS.
- Only 9% of waterfront home sales were short sales or foreclosures, the lowest percentage since 2008.
- New construction sales on the lake are finally making a comeback: Four new construction waterfront "spec" homes sold in 2014, and there are currrently two more under contract.
- Average days on market for waterfront homes sold fell to 200 days, its lowest number by far since the downturn which began in 2008.
Waterfront Lot Sales
- With the weather challenges in 2013 - early 2014, home sales slowed and inventory built up a bit. With a few more homes to choose from, lot sales could have been affected in a negative way as buyers chose the "ready made" options.
- There was also a marked decrease in distressed lots on the market. Just 10% of waterfront lot sales were short sales or foreclosures in 2014, as compared to over 50% just three years ago. The "desperate deals" are gone, and the number of lot sales reflect that.
- Average sales price of $239.5k for waterfront lots sold on Lake Wylie was at its highest point since 2009.
- Average days on market for sold lots was 382, the lowest average since 2008.
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What to Expect
We expect positive trends to continue into 2015.
Mortgage interest rates are still very favorable, and growth rate in our area
is strong. Waterfront home inventory is most needed in the moderately
priced ranges (high $400's up to high $700's). Inventory in the higher
priced category ($1mm+) still exceeds demand, but we know there are buyers in
that category that are waiting for just the right property. When
something hits the market that is in the right place, with the right features,
we've seen the sale happen very quickly.
We
work with some buyers who take years to make the purchase decision. And
for every one of these buyers that are currently working with our team, there
are quite a few more that are regularly on our website, watching,
waiting. The Lake Wylie Man team had a tremendous year, with FORTY EIGHT
waterfront home and lot transactions. The next highest selling agent in
our area had 17 waterfront transactions in 2014. We rely on the strength
of our marketing program, the power of our website, and our waterfront
expertise to continue to sell the most waterfront property on Lake Wylie, year
after year.
Visit our website TheLakeWylieMan.com to see current Lake Wylie real estate for sale, recent Lake Wylie waterfront sales, and Lake Wylie resources for potential and current property owners.
