The difference between Lake Wylie and Lake Norman

If you want to be close to Charlotte NC and live on the lake you have lakes to choose from:  Lake Norman, Lake Wylie and Mountain Island Lake.  Lake Wylie and Lake Norman are the larger lakes so many people want to know the difference between the two.  I’ve spent a lot of time on the water on both Lake Norman and Lake Wylie but I haven’t ‘lived’ at Lake Wylie so I will share my thoughts with that important disclaimer.  If you have any additional insight,  I would love for you to share in the comment section below.

Amenities:
The biggest knock for years on Lake Wylie was the amenities.  In the past, there wasn’t a lot down there.  There was one waterfront restaurant, T-Bones and it was typically crowded for boaters.  They sold it a year or so ago and now it is Papa Doc’s Shore Club– I haven’t been there yet.  The area has grown and there are restaurants and breweries close by depending on where you are on the lake.
Size:
Lake Norman is a little over twice as big.  49.81 square miles vs 21 square miles.  Lake Norman has 533 miles of shoreline while Lake Wylie has 325 miles of shoreline.  Lake Wylie feels more like a really wide river so to speak and doesn’t have the expansive open water like Lake Norman does especially on the southern end.  Think of Lake Wylie like the stretch on Lake Norman from Kiser Island up past the 150 bridge.
Also many people notice a difference in water color between the two lakes with Lake Norman being clearer and more blue.   The water color on Lake Wylie is more akin to the water color on the northern area of Lake Norman which is not as clear after a rain or in the shallower sections.
Value:
Most people went to Lake Wylie because they could get more bang for their buck.  Property values on Lake Wylie have risen over the years and the actual cost will come down to location on the water, the view and size and quality of the home.
I’ve also had people tell me that you can hear more air traffic on Lake Wylie from the Charlotte Douglas airport.  However, I believe that depends more on where you buy because the section that I visit a lot has very little noise from airplanes.  (Side note:  parts or Mountain Island Lake are in the direct flight path so be aware of that if it’s a air traffic is a concern.)
Here are some side by side stats of Lake Norman, Lake Wylie and Mountain Island Lake.

 

*How wide is Lake Wylie?  5 miles is the width from the damn to the further point west.  However, this not a straight line of clear open water.  Using google maps, the widest section of uninterrupted water is 2.33 miles.
**Mountain Island Lake Capacity:  I could not find a number.  MIL is not damn controlled.
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Impact of COVID-19 on Lake Norman Real Estate Market

Here in the Lake Norman area inventory overall is tight. Sales have dropped due to COVID-19 but so has the number of homes on the market. Currently we are running a 1.8 months supply of homes which typically benefits sellers. As the stay at home order relaxes, we will keep an eye on the number of new listings hitting the market and the demand for these homes.

Most Recent Update:

June 11, 2020

CHARLOTTE, N.C. – With North Carolina businesses slowly reopening under the state’s Phase 2 of operations, May home sales across the Charlotte region fell 30.4 percent with 3,598 homes sold, according to data from Canopy MLS.  Compared to April 2020, sales were up 1.8 percent as area Realtors® and consumers continue adjusting to buying and selling in the new normal of COVID-19.

Pending contracts, which point to future sales as well as buyer demand, rose 14.8 percent year-over-year with 5,926 contracts in the pipeline. Pending contracts compared to April 2020 were up 46.5 percent, showing a significant increase in buyer demand over the 16-county region.

2020 Canopy Realtor® Association/Canopy MLS President John Kindbom notes, “We are reassured by the positive growth in pending contract activity, especially the substantial increase over last month. Buyers have had to adjust to increased lending standards and documentation regarding income, credit and employment, which often adds additional time to the process. However, this shows us that buyers are adjusting. More of this activity will result in positive sales in the coming months.”

Prices, pressured by tightening inventory, continued to increase. The average list price ($375,709) rose 11.2 percent compared to last year and was up 11.6 percent compared to April 2020. Both the median sales price ($265,000) and the average sales price ($310,166) rose 1.9 percent and 0.2 percent, respectively. The original list price to sales price ratio was 97.6 percent, showing sellers are getting closer to asking prices.

There were 5,168 new listings added to inventory during the month, which is down 22.1 percent compared to new listings added in May 2019. However, compared to April 2020, new listings increased 21.4 percent, which is a positive sign of seller confidence rising.

Kindbom further notes, “This month-over-month increase in new listing activity, along with the increases in pending contract activity, are the signs we needed to see to know the market is actively recovering. And while full recovery is still some ways off, agents will continue working with buyers and sellers and will keep following strict guidelines to get homes sold in a safe manner.”

Inventory remains challenged, falling 37.0 percent year-over-year, which means the region will continue to experience strong seller’s market conditions with some 6,712 homes available for sale at report time. The 16-county Charlotte region currently has 1.6 months of supply, compared to 2.6 months of supply last May.

Days on market, the metric that accrues for “Active” and “Under Contract-Show” statuses, averaged 35 days in May 2020 compared to 42 days in May 2019. Faster home sales as displayed by days on market is yet another hallmark of a strong seller’s market. The average number of days a property was on the market from the time it was listed until it closed (list to close) was 90 days.

Alexander County, a rural county just outside of Hickory, N.C., and west of Iredell County, had a total of four sales in May, representing a 33.3 percent increase over sales last year. Pending sales were down 50.0 percent year-over-year, while new listings were down 42.9 percent year-over-year. The median sales price in May was $172,000 and is up 8.9 percent year-over-year, while the average sales price of $217,967 fell slightly and was down 0.2 percent compared to May 2019. Days on market in May averaged 65 days compared to 23 days last year. Inventory is down 69.6 percent, which leaves the county with 1.4 months of supply.

Anson County, just east of Union County, N.C., posted four sales in May 2020, down 73.3 percent compared to May 2019 when there were 15 sales. Pending sales, which totaled 11, rose 10.0 percent year-over-year, while new listings in May, which totaled five, declined 66.7 percent year-over-year. The median sales price rose 11.1 percent year-over-year to $169,950 and the average sales price fell slightly during the same period by 0.5 percent to $149,325. Inventory is down 42.6 percent, leaving the county with 3.1 months of supply, while days on market until sale averaged 38 days.

Cabarrus County home sales were down 27.1 percent year-over-year in May with just 283 homes sold compared to 388 homes sold during the same time last year. Pending sales counts rose 3.5 percent year-over-year as 438 contracts were added to the pipeline. New listing activity fell 27.7 percent year-over-year with 394 homes listed compared to 545 in May 2019. Both the median sales price ($246,000) and the average sales price ($262,801) rose slightly year-over-year by 2.3 percent and 3.2 percent, respectively. Inventory decreased 39.3 percent with just 416 homes for sale at report time, or 1.3 months of supply. Days on market averaged 34 days compared to 39 days last May.

Catawba County closed sales fell 29.3 percent year-over-year with 133 properties sold in May compared to 188 properties sold during the same period last year. Pending sales increased 20.7 percent year-over-year with 222 contracts written, while new listings activity declined 17.0 percent year-over-year with sellers listing 195 properties for sale compared to 235 that were listed in May 2019. Both the median sales price ($196,000) and the average sales price ($264,766) declined 4.4 percent and 0.9 percent, respectively, compared to a year ago. Inventory is tight and fell 36.2 percent during the month, leaving the county with 1.9 months of supply compared to 3.0 months of supply in May 2019. Days on market until sale averaged 37 days compared to 46 days in May 2019.

Cleveland County saw closed sales in May 2020 fall 42.7 percent year-over-year with 43 homes sold compared to 75 homes sold last year. Pending sales rose 50.0 percent year-over-year with 78 contracts signed during the month of May compared to 52 in May 2019. New listings, which totaled 85, increased 19.7 percent year-over-year, a notable rise in seller confidence compared to new listing counts last May. Prices are rising. The median sales price ($160,000) and the average sales price ($189,635) rose 14.3 percent and 4.7 percent year-over-year, respectively. Inventory at report time showed an increase of 1.4 percent with 144 homes for sale or 2.6 months of supply. Properties averaged 69 days on market until sale compared to 58 days last May.

Gaston County saw year-over-year sales decline 9.1 percent with 280 homes sold during the month compared to 308 homes in May 2019. Pending sales increased 26.6 percent year-over-year, with 442 contracts written during the month, while new listings also fell 21.9 percent year-over-year as sellers listed 343 homes for sale compared to 439 new listings in May 2019.  Both the median sales price ($205,000) and the average sales price ($226,945) rose 10.8 percent and 8.8 percent, respectively, over prices from a year ago. Inventory is down 33.0 percent year-over-year, and the county has 1.3 months of supply of homes for sale.  Days on market in Gaston averaged 41 days compared to 40 days on market until sale in May 2019.

Iredell County had a year-over-year sales decline of 30.8 percent with 249 homes sold during the month compared to 360 homes sold in May 2019.  Pending contracts, which totaled 434, increased 29.9 percent year-over-year, while new listings were down 17.8 percent year-over-year, with 355 properties listed during the month.  The median sales price ($287,690) is up 7.2 percent year-over-year, while the average sales price ($327,531) fell 1.2 percent compared to May 2019’s average sales price.  Inventory is down 39.2 percent year-over-year, with 611 homes on market at report time and 2.0 months of supply. Days on market averaged 43 days in May compared to 66 days in May 2019.

Lincoln County saw sales fall 27.0 percent year-over-year with 92 homes sold during the month of May, compared to 126 sold in May 2019.  Pending sales were positive, rising 9.9 percent year-over-year with 144 contracts written compared to 131 contracts written last year.  New listings fell 3.1 percent year-over-year, with 155 listings posted compared to 160 new listings posted in May 2019. Both the median sales price ($297,500) and the average sales price ($324,647) decreased 3.7 percent and 0.6 percent compared to prices last year. Inventory is down 20.0 percent, leaving the county with 2.8 months of supply compared to 3.5 months last May.   Days on market averaged 45 days compared to 58 days until sale in May 2019.

Mecklenburg County had a 37.5 percent drop in home sales year-over-year with 1,307 homes sold last month compared to 2,090 homes sold in May 2019.  Pending contracts increased 17.5 percent year-over-year, with 2,456 contracts added to the pipeline of sales. New listing activity was down 19.5 percent year-over-year with just 2,266 homes newly listed. The median sales price ($291,005) increased 5.0 percent while the average sales price ($349,773) dipped 1.1 percent when compared to prices last year. Inventory continues to tighten, down 38.1 percent with 2,448 homes for sale or 1.4 months of supply at report time. Homes sold quickly and averaged 30 days on market in May 2020.

Rowan County’s sales fell 17.2 percent year-over-year with 154 homes sold in May 2020 compared to 186 homes sold in May 2019. Pending sales rose 18.0 percent year-over-year to 210 contracts signed verses 178 contracts signed in May 2019.  New listing activity fell 15.9 percent year-over-year in May to 159 new listings on market.  However, year-to-date new listing activity is still positive, increasing 1.5 percent compared to year-to-date 2019.  Both the median sales price ($160,000) and the average sales price ($173,466) rose 10.6 and 7.1 percent, respectively, compared to a year ago. Inventory is down 30.6 percent with 254 properties on market at report time, or 1.7 months of supply. Days on market trended at 32 days during the month of May 2020 compared to 53 days in May 2019.

Sales in Stanly County fell 17.8 percent year-over-year with 60 homes sold during the month of May compared to 73 homes sold in May 2019. Year-to-date sales are up 6.2 percent year-over-year, with 275 homes sold during the first five months of the year compared to 259 homes sold during the same period last year. Pending sales were unchanged with 82 contracts written, while new listing activity fell 48.0 percent year-over-year as sellers listed 65 homes during the month compared to 125 homes in May 2019. Year-to-date pending contract activity is also positive year-over-year, rising 4.9 percent with 320 contracts written during the first five months of 2020. The median sales price ($175,750) and the average sales price ($191,238) declined 15.1 percent and 17.7 percent, respectively, compared to a year ago. Inventory is down 50.4 percent year-over-year, and the county has 1.8 months of supply at report time. Properties averaged 48 days on market in May 2020 compared to 53 days on market in May 2019.

Union County sales fell 30.7 percent year-over-year with 321 homes sold in May 2020 compared to 463 homes sold in May 2019. Pending contract activity declined 2.1 percent year-over-year to 473 contracts written during the month, while new listing activity declined 25.8 percent year-over-year with sellers listing 435 homes for sale compared to 586 homes listed in May 2019. Sales prices increased, with both the median sales price ($340,000) and the average sales price ($391,476) rising 11.5 percent and 8.8 percent, respectively, compared to last year. Inventory fell 37.5 percent year-over-year, with 562 properties for sale at report time.  This represents 1.5 months of supply compared to 2.5 months of supply in May 2019. Days on market until sale averaged 34 days compared to 43 days on market in May 2019.

Chester County, S.C., had a 34.6 percent year-over-year decline in sales during the month of May with 17 homes sold compared to 26 homes sold in May 2019.  Pending sales activity rose 100.0 percent year-over-year with 32 contracts written during the month compared to 16 contracts written last May. Year-to-date contract activity is up 24.1 percent compared to a year ago. New listings were unchanged compared to May 2019 with 21 new listings added on market. The median sales price increased substantially, rising 43.2 percent year-over-year to $191,100, while the average sales price rose 40.2 percent year-over-year to $215,568 during this past month. Inventory is down 42.6 percent, leaving the county with 1.9 months of supply of homes for sale. Days on market averaged 59 days in May 2020 compared to 40 days last year.

Chesterfield County, S.C., shows closed sales up 7.7 percent year-over-year with 56 properties sold compared to 52 properties sold in May 2019. Pending sales were also up 34.7 percent year-over-year with 66 contracts written during the month compared to 49 contracts written last year. New listing activity rose 38.0 percent year-over-year with 98 newly listed properties posted compared to 71 posted during the month of May 2019. The median sales price ($142,950) is up 9.3 percent year-over-year, while the average sales price fell 4.9 percent year-over-year to $131,143.  Inventory is up 14.3 percent year-over-year with 32 homes for sale at report time, leaving the county with 7.3 months of supply. Properties averaged 82 days on market in May 2020 compared to 84 days on market in May 2019.

Lancaster County, S.C.’s closed sales fell 31.3 percent year-over-year during the month of May with 158 homes sold compared to 230 homes sold in May 2019. Pending contracts rose 8.1 percent year-over-year with 227 contracts written during the month compared to 210 written in May 2019. Year-to-date contract activity is up 6.8 percent year-over-year when comparing to the first five months of May 2019. New listing activity was down 17.3 percent year-over-year with 182 properties listed during the month. Both the median sales price ($310,000) and the average sales price ($324,175) were up 9.2 percent and 11.3 percent, respectively, compared to a year ago. Inventory fell 32.6 percent, leaving the county with 302 homes for sale at report time, or 1.8 months of supply. Days on market averaged 57 days compared to 41 days in May 2019.

York County, S.C., sales in May 2020 were down 22.4 percent year-over-year with 461 homes sold compared to 594 homes sold in May 2019. Pending contract activity increased 5.0 percent year-over-year with 611 contracts written. Year-to-date there have been 2,452 contracts written during the first five months of the year, an increase of 0.7 percent over the same time period last year. New listing activity was down 38.8 percent year-over-year as sellers listed 449 properties for sale in May 2020 compared to 734 listed in May 2019. The median sale price is roughly unchanged ($274,900) compared to a year ago, and the average sales price ($301,742) rose 1.4 percent compared to the same period last year. Inventory is down 44.9 percent year-over-year, leaving the county with 1.3 months of supply of homes for sale at report time. Days on market during May 2020 averaged 29 days compared to 41 days in May 2019.

The Canopy Realtor® Association provides monthly reports on residential real estate market activity for the Charlotte Metro region based on data from Canopy MLS. The Charlotte Metro region, which this report is based on, includes 12 counties in North Carolina and four counties in South Carolina.


From our Charlotte Area MLS: A county by county break down of sales for the month of April, 2020. See image below.

May 11, 2020

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. – COVID-19 and the economic crisis continued in April, impacting the buying and selling of residential real estate in the Charlotte region. Sales fell 20.8 percent year-over-year, with 3,534 homes sold in April 2020 compared to 4,464 homes sold in April 2019, according to data from Canopy MLS. Closed sales compared to the previous month (March 2020) were down 16.9 percent. Year-to-date sales show the Charlotte region’s sales up 0.7 percent compared to sales during the first four months of 2019.

Pending contract activity, which is usually an indication of buyer demand and future sales, declined 17.6 percent year-over-year as buyers complied with state and county stay-at-home orders, resulting in 4,045 contracts signed in April 2020. In April 2019 there were more than 4,900 pending sales in the pipeline. Compared to March 2020, contracts declined 15.7 percent.

2020 Canopy Realtor® Association/Canopy MLS President John Kindbom notes, “Given the state and local stay-at-home orders, we knew that contract and new listing activity would be impacted and that sales would be slower and not as strong as they normally would be during this time. On a positive note, buyer demand has historically been strong in our region, which makes us confident that the market can recover.”

While home sales declined, home prices are still strong. Though the average list price in April 2020 ($336,523) was down 4.1 percent year-over-year, both the median sales price ($275,000) and the average sales price ($325,403) rose 8.1 percent and 7.1 percent, respectively, compared to prices last April. The original list price to sales price ratio was 97.7 percent in April 2020. Prices in the Charlotte region have been rising due to inventory lows that continue to persist.

New listings, which are typically a sign of seller confidence, fell 26.6 percent year-over-year with 4,258 new listings posted during the month. Compared to March 2020 when new listings totaled 5,933, overall listing activity was down 28.2 percent as sellers, showings and open houses were put on hold during the month.

“The region is moving toward reopening the economy, and real estate agents are now able to do more as long as they follow strict state and CDC guidelines. The Mortgage Bankers Association also announced a recent uptick in mortgage applications last week. We believe both of these factors will lead to the spring market, though temporarily delayed, resuming with real estate agents working with buyers and sellers to get homes sold in a safe manner,” Kindbom said.

Inventory remains challenged, down 24.9 percent year-over-year, and the region continues to experience strong seller’s market conditions with 7,556 homes available at report time. The 16-county Charlotte region currently has 1.8 months of supply, compared to 2.5 months of supply last April.

Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, average 38 days in April 2020 compared to 47 days in April 2019. The average number of days a property was on the market from the time it was listed until it closed (list to close) was 89 days.

April 2020 residential sales activity for the 16-county Charlotte Region

Alexander County, a rural county just outside of Hickory, North Carolina and west of Iredell County, had no change year-over-year in closed sales in April 2020, with just four transactions. Pending sales were down 33.3 percent year-over-year and new listings were down 62.5 percent year-over-year. The median sales price ($60,750) was down 57.3 percent compared to last April, when the median sales price was $142,250. The average sales price ($79,125) was down 44.9 percent from April 2019’s average sales price of $143,625. Inventory is challenged and is down 60.0 percent with 1.9 months of supply. Days on market for the county averaged 101 days compared to 50 days last year.

Anson County, just east of Union County, N.C., posted 15 sales in April 2020, down 16.7 percent compared to April 2019. Pending sales were also down 71.4 percent year-over-year, while new listings were down 36.4 percent year-over-year with only seven homes listed during the month. Both the median sales price ($119,000) and the average sales price ($109,153) were down 7.5 and 14.5 percent, respectively, compared to a year ago. Inventory was down 28.3 perc
ent, leaving 3.8 months of supply. Days on market during the month averaged 144 days compared to 124 days on market in April 2019.

Cabarrus County posted 257 closed sales during the month of April 2020, down 20.7 percent compared April 2019 when 324 sales closed. Pending sales also declined 12.1 percent year-over-year with 304 contracts written compared to 346 written last April. New listings fell 22.6 percent year-over-year with 335 listings this past month, compared to 433 in April 2019. Both the median sales price ($263,750) and the average sales price ($276,926) increased 11.1 percent and 5.6 percent, respectively, compared to prices a year ago. Inventory fell 27.5 percent, leaving the county with 1.5 months of supply of homes for sale. Days on Market in April trended at 36 days compared to 46 days last April.

Catawba County closed sales fell 3.1 percent with 155 properties sold in April compared to 160 properties sold during the same period last year. Pending sales declined 4.9 percent year-over-year with 176 contracts written, while new listings activity declined 23.1 percent year-over-year with sellers listing 163 properties for sale compared to 212 listed in April 2019. Both the median sales price ($195,000) and the average sales price ($261,080) rose 5.4 percent and 10.5 percent, respectively, compared to a year ago. Inventory is tight and fell 27.0 percent during the month, leaving the county with 2.1 months of supply compared to three months of supply in April 2019. Days on market until sale averaged 43 days compared to 52 days in April 2019.

Cleveland County saw closed sales in April 2020 rise 18.0 percent year-over-year with 59 properties sold compared to 50 properties sold in April 2019. Pending contracts also rose 3.0 percent year-over-year, with 68 contracts written, while new listing activity fell 4.6 percent year-over-year with only 62 properties listed compared to 65 listed during April 2019. Both the median sales price ($173,200) and the average sales price ($193,057) rose 15.9 percent and 12.8 percent, respectively, over prices from a year ago. Inventory is up 1.5 percent year-over-year in Cleveland County with 2.5 months of supply. Properties averaged 34 days on market in April 2020 compared to 52 days in April 2019.

Gaston County saw year-over-year sales decline 23.6 percent with 243 homes sold during the month compared to 318 homes in April 2019. Pending sales were down 4.3 percent year-over-year, with 309 contracts written during the month, while new listings also fell 18.0 percent year-over-year as sellers listed 291 homes for sale compared to 355 new listings in April 2019. Both the median sales price ($210,000) and the average sales price ($235,273) rose 9.4 percent and 13.5 percent, respectively, over prices from a year ago. Inventory is down 9.9 percent year-over-year, and the county has 1.7 months of supply of homes for sale. Days on market in Gaston averaged 40 days, which is unchanged compared to days on market until sale in April 2019.

Iredell County had a year-over-year sales decline of 23.5 percent with 260 homes sold during the month compared to 340 homes sold in April 2019. Pending contracts, which totaled 290, were down 20.5 percent year-over-year, while new listings were down 21.1 percent year-over-year, with 321 properties listed during the month. The median sales price ($290,000) is up 7.5 percent year-over-year, while the average sales price ($328,779) fell 6.7 percent compared to April 2019’s average sales price. Inventory is down 27.2 percent year-over-year, with 703 homes on market at report time and 2.4 months of supply. Days on market averaged 45 days in April compared to 67 days in April 2019.

Sales rose year-over-year in Lincoln County, up 13.0 percent with 113 homes sold in April 2020 compared to 100 homes sold in April 2019. Pending sales were also positive, rising 3.1 percent year-over-year with 132 contracts written compared to 128 contracts written last year. New listings fell 15.0 percent year-over-year, with 136 listings posted compared to 160 new listings posted in April 2019. Both the median sales price ($285,000) and the average sales price ($327,713) rose 6.9 percent and 13.6 percent, respectively, from a year ago. Inventory is down 20.4 percent, leaving the county with 2.8 months of supply compared to 3.5 months last April. Days on market averaged 57 days compared to 59 days until sale in April 2019.

Mecklenburg County had a 25.9 percent drop in home sales year-over-year with 1,370 homes sold last month compared to 1,850 homes sold in April 2019. Pending contracts were down 31.5 percent year-over-year, with 1,399 contracts signed compared to 2,041 contracts signed last year. New listing activity was also down 35.3 percent year-over-year with just 1,593 homes newly listed. Both the median sales price ($305,425) and the average sales price ($379,451) rose 13.9 percent and 11.4 percent, respectively, from a year ago as inventory tightened, declining 26.6 percent with 2,640 homes on market at report time. Mecklenburg County has 1.5 months of supply, and days on market was trending at 32 days in April 2020 compared to 38 days in April 2019.

Rowan County’s sales fell 7.9 percent year-over-year with 129 homes sold in April 2020 compared to 140 homes sold in April 2019. Pending sales rose 1.9 percent year-over-year to 157 contracts signed verses 154 contracts signed in April 2019. New listing activity fell 7.8 percent year-over-year in April to 166 new listings on market. However, year-to-date new listing activity is up 6.1 percent year-over-year, while year-to-date pending contract activity is up 11.4 percent in the county compared to year-to-date 2019. Both the median sales price ($191,500) and the average sales price ($208,320) rose substantially year-over-year, up 25.8 percent and 25.0 percent, respectively. Inventory is down 19.5 percent with 317 properties on market at report time, or 2.2 months of supply. Days on market trended at 37 days during the month of April 2020 compared to 52 days in April 2019.

Sales in Stanly County fell 8.0 percent year-over-year with 46 homes sold during the month of April compared to 50 homes sold in April 2019. Year-to-date sales are up 12.9 percent year-over-year, with 210 homes sold during the first four months of the year compared to 186 homes sold during the same period last year. Pending sales were up 11.1 percent year-over-year with 70 contracts written, while new listing activity fell 31.1 percent year-over-year as sellers listed 51 homes during the month compared to 74 homes in April 2019. Year-to-date pending contract activity is also positive year-over-year, rising 9.9 percent with 245 contracts written during the first four months of 2020. The median sales price ($190,000) and the average sales price ($204,047) rose 11.1 percent and 8.1 percent, respectively, compared to a year ago. Inventory is down 33.7 percent year-over-year, and the county has 2.1 months of supply at report time. Properties averaged 37 days on market in April 2020 compared to 47 days on market in April 2019.

Union County sales fell 28.9 percent year-over-year with 297 homes sold in April 2020 compared to 418 homes sold in April 2019. Pending contract activity declined 22.0 percent to 340 contracts written during the month, while new listing activity also declined 35.9 percent year-over-year with sellers listing 332 homes for sale compared to 518 homes listed for sale in April 2019. Sales prices are steady in Union County, with both the median sales price ($325,000) and the average sales price ($384,252) rising 4.8 percent and 5.0 percent, respectively, compared to last year. Inventory fell 29.8 percent year-over-year, with 609 properties for sale at report time. This represents 1.6 months of supply compared to 2.5 months of supply in April 2019. Days on market until sale averaged 38 days compared to 60 days on market in April 2019.

Chester County, South Carolina, had a 40.0 percent year-over-year decline in sales during the month of April with 12 homes sold compared to 20 homes sold in April 2019. Year-to-date sales are up 10.0 percent year-over-year with 55 homes sold during the first four months of the year. Pending sales activity rose 28.6 percent year-over-year with 27 contracts written during the month compared to 21 contracts written last April. Year-to-date contract activity is up 12.7 percent year-over-year. New listings were also positive in April, rising 22.7 percent year-over-year with 27 newly listed properties added to the market compared to 22 new listings in April 2019. The median sales price dropped 6.4 percent year-over-year to $140,450, while the average sales price rose 30.9 percent year-over-year to $201,124 during this past month. Inventory is down 35.5 percent, leaving the county with 2.4 months of supply of homes for sale. Days on market averaged 46 days in April 2020 compared to 45 days last year.

Chesterfield County, South Carolina, shows closed sales up 11.8 percent year-over-year with 57 properties sold compared to 51 properties sold in April 2019. Pending sales were also up 13.0 percent year-over-year with 61 contracts written during the month compared to 54 contracts written last year. New listing activity rose 11.5 percent year-over-year with 87 newly listed properties posted compared to 78 posted during the month of April 2019. The median sales price ($145,000) is up 20.8 percent year-over-year, while the average sales price fell 5.5 percent year-over-year to $133,496. Inventory is up 7.1 percent year-over-year with 30 homes for sale at report time, leaving the county with 6.9 months of supply. Properties averaged 80 days on market in April 2020 compared to 85 days on market in April 2019.

Lancaster County, South Carolina’s closed sales fell 13.6 percent year-over-year during the month of April with 133 homes sold compared to 154 homes sold in April 2019. Year-to-date activity shows home sales up 10.6 percent year-over-year with 582 homes sold already during the first four months of the year. Pending contracts rose 5.5 percent year-over-year with 211 contracts written during the month compared to 200 written in April 2019. Year-to-date contract activity is also up 8.5 percent year-over-year when comparing to the first four months of April 2019. New listing activity was down 7.3 percent year-over-year with 217 properties listed during the month. Both the median sales price ($296,500) and the average sales price ($311,484) were up 2.1 percent and 7.8 percent, respectively, compared to a year ago. Inventory fell 23.8 percent, leaving the county with 353 homes for sale at report time, or 2.1 months of supply. Days on market averaged 45 days compared to 64 days in April 2019.

York County, South Carolina, sales in April 2020 were down 15.4 percent year-over-year with 405 homes sold compared to 479 homes sold in April 2019. Pending contract activity slipped 2.7 percent year-over-year with 511 contracts written. New listing activity was also down 17.1 percent year-over-year as sellers listed 518 properties for sale in April 2020 compared to 625 listed in April 2019. Both the median sale price ($273,500) and the average sales price ($305,154) rose 4.2 percent and 6.6 percent, respectively, compared to the same period last year. Inventory is down 24.4 percent year-over-year, leaving the county with 1.7 months of supply of homes for sale at report time. Days on market during April 2020 averaged 39 days compared to 48 days in April 2019.

The Canopy Realtor® Association provides monthly reports on residential real estate market activity for the Charlotte Metro region based on data from Canopy MLS. The Charlotte Metro region, which this report is based on, includes 12 counties in North Carolina and four counties in South Carolina.

For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.”  For an interview with 2020 Association/Canopy MLS President John Kindbom, please contact Kim Walker.

COVID 19 &Lake Norman Real Estate Market

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