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)
Lake Murray is always a popular spot for real estate. What we see in the statistics for October 2018 around Irmo and Chapin side of Lake Murray is less of a sellers’ market than in the past. New listings have increased over October 2018, but closed listings have decreased by 38%. Sellers are only receiving just under 93% of their listed price. And, in addition, the homes are sitting on the market longer. This all contributes to more buyer power in the Irmo and Chapin side of Lake Murray.
Lake Murray (Newberry Area)
The Newberry side of Lake Murray has increased its listings from this time of last year. Closed Listings are down, which may indicate less of a seller’s market here than elsewhere. More new listings and less sales means more houses for buyers to choose from. The low % of list price received also indicates buyers here have more power, compared to areas like Lexington, where buyers are paying around 96% of the list price.
Lake Murray (Lexington Side)
The market in Lexington side of Lake Murray is growing, with over twice as many new listings as last year. But, it has decreased its closed listings, indicating people are more willing to sell here than buy. There was an increase in days on the market up to 92 days. Right now is a good time to buy here. The median sales price decreased by 35% from October 2017 to $390,000. If you want to buy on the lake, then Lexington is a great area to buy in right now.
Lake Murray (Saluda Side)
Saluda side of Lake Murray is growing in popularity. While its new listings for July 2018 were down, its closed listings were up by twice as much as last year. Another strong variable in market popularity is days on the market. Saluda Side of Lake Murray has decreased its days on the market to just 8 days in October 2018. While this could be a short-term trend, the year to date show an overall trend for the year of 2018 that indicates a higher demand for this area around Lake Murray.