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 a factory closed down. The real question buyers and sellers have about the real estate market is: is it 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.
While many areas may be suffering from a low inventory of listings, the Irmo area continues to circulate new listings into the market. New Listings haven’t just risen slightly compared to June 2017, they have increased by 13%. Despite the increase in new listings, the market is far from becoming over-saturated. The number of closings in June 2018 has increased from June of 2017 by 20%. Thus, while Irmo is getting an increasingly higher number of listings on the market, it is also closing houses at a faster rate than it is getting new homes. Irmo is a healthy, growing real estate market.
In the Cayce/West Columbia/Airport/South Congaree area, new listings are also up compared to this time last year. The closed listings have also increased, but they increased at half the rate of listings. This means the inventory of homes for sale for West Columbia area for June decreased. Buyers are going to have a little more power here than in other areas where it is a sellers’ market. If you are a buyer, West Columbia area is a great place to buy a home right now.
The good news in the Lexington market for sellers is the low days on the market at just 49! This is 30% LOWER than in June of last year. Lexington homes are flying off the shelves. Unfortunately for buyers here, this makes buying a home challenging. Many homes are selling within days of going on the market, often times with multiple offers. More bad news for buyers is the percentage of list price received is rather high at a solid 98.5%. Anyone buying in this area will be paying very close to the listing price. But bad for buyers if great for sellers. If you live in Lexington, then now is the time to sell!
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. The days on the market are also competitive for the month of June at 64. It is taking just over two months here for homes to sell! A healthy, growing market which is great for buyers and sellers.