Lake Murray Market Update – February 2018

    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 for Lake Murray

    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.

     

    Lake Murray (Irmo/Chapin Side)

    Price is important in real estate, not just to buyers and sellers, but to the real estate agents too (that is, after all, how they get paid). Thus, the statistic of Percent of List Price Received is a very important number. In the summary chart above which contains metrics for all of greater Columbia area, we can clearly see the average percent of list price received was 96.9% last year, and 97.1% in 2018.

    Upper 90% is typical for list to sale price percentage, but in the Irmo Lake Murray region, we see an average of just 94.7% in 2017. This matched with the extensive days on the market time of 143 days could indicate the market as having been overpriced. Interestingly, this year that number jumped up to 96.2%, a 1.7% increase from last year! Sellers in this area are getting more of what they ask for in this market.

     

    Lake Murray (Newberry Area)

    The Newberry side of Lake Murray suffered just 2 closed sales in 2017, but this year it is back up to 6, a 200% increase! Not only were the closed listings up for February 2018, but they are up in this area year to date as well! Being a more rural area, the higher days on the market and lower closed sales are to be expected. This year’s statistics, however, do look optimistic for a growing market in Newberry by Lake Murray.

    Lake Murray (Lexington Side)

    Wow, the market on Lexington by Lake Murray is crazy! The days on the market in this area of Lake Murray real estate decreased by more than 50%! That means homes here are selling twice as fast as they were at this time last year.

    Not only are houses selling faster, but they are selling at a higher price. The Average Sales price for Lexington Side of Lake Murray in 2017 was $425,000, whereas in 2018, the average sales price is up to $677,875. That is an increase of 59.5%!

     

    Lake Murray (Saluda Side)

    The statistics for Saluda side of Lake Murray are much different than the other areas thus far. Last year, we had no closings in this area! In 2018, two homes were closed here. Unfortunately, the number of listings in this area is down by over 50%. The average days on the market for Saluda side of Lake Murray is 91, which is consistent with Lexington side and Irmo side. This could be a potentially lucrative market for homeowners!

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