Show Me the Market
There is one question realtors hear when they first begin talking to a potential client: What’s happening in the market?
The market changes with the seasons. It changes due to economic crisis (or booms). It might even change simply because Samsung decided to build a new factory in the area (Newberry County). The real question buyers and sellers ask about the real estate market is because they want to know if it’s the right time to move.
Below are the key metrics for the real estate market in the greater Columbia area.
New Listings: How many people put their house up for sale?
Pending Sales: How many houses had contracts submitted and accepted?
Closed Sales: How many houses had ‘SOLD’ in their yards?
Median Sales Price: The ‘middle man’ sales price.
Average Sales Price: On average, how much did the homes in this area sell for?
Pct. Of List Price Received: How much of the original asking price are home sellers netting?
Market Breakdown by Area
While the above chart gives us a great view of what is happening across a large market, each area has its own smaller market affected by local happenings.
The words we keep hearing in real estate are ‘we need listings’. In the month of February, the Irmo area increased its new listings by 27.5% over last year. Now while trends may not be consistent month-to-month, the Year to Date statistic for new listings comes in close at 25.8% increase. While this statistic only takes into account the first two months, it looks like homeowners in this area are ready to sell.
Cayce/West Cola/Airport/South Congaree
In the Cayce/West Columbia/Airport/South Congaree area, we find ourselves in a much different situation than Irmo. Closed sales are up 34.5% while we have slightly less new listings than in 2017. Houses in the West Columbia area are selling almost twice as fast as they were in 2017 (from just over 3 months to less than 2 months). This market is hot right now. People are hungrily buying in this area and the market cannot keep up.
Lexington and Surrounding Areas (Area 11)
Housing market prices across the entire MLS are rising, so it should come as no surprise that the Lexington prices are as well. Not only have the prices in this area been higher than the average MLS price, but they have also been climbing at a higher rate most recently.
The price increase could be in response to there being less new listings than this time last year. In February of 2017, Lexington listed 236 new homes! On the other hand, in February 2018, only 190 new listings were brought to the table. Less listings and increased buyer demand means prices can continue to climb and people will continue to buy.
Northeast Lexington County and Chapin (Area 14)
The Northeast Lexington County and Chapin area is an expanding market! Looking at the year to date statistics, we can see the market is not only closing many more sales than last year, but it also is getting more new listings for sale. Despite the influx of new listings, the days on the market are still declining by 28.3% year to date.