It is impossible to drive through Lake Wylie without noticing all of the new development. Our community is booming, with growth in single family homes, townhomes, and commercial building. In the 29710 ZIP code, Clover and Lake Wylie home sales in 2015 increased a whopping 25% over previous year sales, and condo/townhome sales were up by 56%! That’s great news for local retailers, restaurants, and businesses.
The 29710 ZIP code was by far the fastest growing in York County. Tega Cay and York posted just 4% increases in single home sales over the previous year, and Rock Hill (29732) increased 9%. Average home sale price in the 29710 zip code was just under $260,000 in 2015, a more affordable price point than Tega Cay’s $337,000 average priced home.
Lakefront realty sales performed quite well in 2015, in spite of a weather pattern that delivered both extremes of an unusual drought in the summer months, followed by heavy rains in the fall. Weather tends to impact lake property sales much more than off-the-lake sales, as boat traffic on the lake is affected as well as water levels.
We’re lucky to live around a lake that is managed year-round, and typically water levels do not fluctuate much. We’re able to enjoy boating and fishing year-round, unlike some other lakes where water levels vary greatly from season to season. The summer of 2015, however, limited use for many boaters during extreme drought conditions. Lake-related business sales and real estate activity were definitely impacted during this time.
In spite of Mother Nature, waterfront home sales in 2015 were on par with 2014, and waterfront lot sales were actually up significantly.
Average sale prices have been flat for several years, about $590,000 for waterfront homes and $225,000 for dockable waterfront lots. Typically, the $500k-$700k price segment represents the highest number of lakefront sales. In 2015, however, we noticed significant increases in the $350-$500k category. Cabin and second home sales were up, which is a strong sign of economic health. There was also an increase in home sales priced $1 million or more, with eight sales in that category (up from four sales in 2014.)
The outlook for 2016 is very strong, both on and off the lake. We’re entering the year with a lot of momentum, and the Charlotte and Lake Wylie area continues to grow and prosper. Particularly with such strong sales during the past couple of years, inventory of homes for sale is needed to satisfy anticipated buyer demand.
For more market stats on Lake Wylie waterfront sales, please visit TheLakeWylieMan.com, your resource for lake information and real estate.