Lake Murray Real Estate Market Update – April 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. To view homes for sale in Lake Murray, Click HERE.

     

    Lake Murray (Irmo/Chapin Side)

    Lake Murray is always a popular spot for real estate. What we see in the statistics for April 2018 is less people willing to sell compared to last year. In addition, the homes on the market in Lake Murray Irmo are selling in 33% less time that in 2017. 32 days is just over a month. The homes here are selling in about a month’s time! This insane demand for lakefront property is also reflected in the rising median sales price. Up almost 50% from 2017, the median sales price in Lake Murray Irmo side is $556,000! This area is in high demand; buyers want to buy here now and sellers don’t want to move. This is a great area to sell a home in, but a competitive one if you want to buy here.

     

    Lake Murray (Newberry Area)

     

    The Newberry side of Lake Murray has upped its new listings year to date from 2017 to 2018 by 33.3%. Though this trend hasn’t been reflected in the month of April, which has the same amount of new listings as 2017. The days on the market for April 2017 to April 2018 are down by 9.4% compared to the year to date figure which shows increasing days on the market. Buyers are buying up homes slightly faster in the month of April in this area.  

     

    Lake Murray (Lexington Side)

    The market in Lexington side of Lake Murray is showing 42.3% fewer listings in 2018 YTD compared to 2017 YTD. To go along with fewer listings in the market, closed listings are up by 300% in the month of April 2018, and up 30% year to date. More closings and less new listings on the market means less inventory for buyers to buy from. Many buyers and agents now are waiting for listings to come onto the market in certain areas because there isn’t enough inventory. As summer approaches, the areas around the lake will continue to be in high demand as people seek access to Lake Murray.

     

    Lake Murray (Saluda Side)

     

    Saluda side of Lake Murray is an expanding market. Its new listings are up both in April and year to date. Its closed listings are up year to date, but down slightly in April. We also saw a rather dramatic decrease in days on the market for April. In April 2017, the DOM were 72, but in April 2018, they are down to 48. More closings and fewer days on the market indicate higher buyer demand. But the market is also bringing in new listings, which is keeping the market from having too low of an inventory. An interesting statistic is the decrease in percent of list price received. In both April and year to date, sellers are receiving less of their asking price than they were in 2017. This in addition to median sales price falling by 30% since this time of year in 2017 means it is a great market to buy in.

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