Lake Murray Real Estate Market Update – July 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)

    Lake Murray is always a popular spot for real estate. What we see in the statistics for July 2018 is less people willing to sell compared to last year. In addition, the homes on the market in Lake Murray Irmo YTD are selling in 30% less time that in 2017. 61 days is just over two months. This insane demand for lakefront property is also reflected in the rising median sales price. Up almost 21% from 2017, the median sales price in Lake Murray Irmo side is $617,500! 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 doubled 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 97% of the list price.  

    Lake Murray (Lexington Side)

    The market in Lexington side of Lake Murray is growing, with twice as many new listings as last year. It also has increased its closed listings by 20%. There was an oddly high increase in days on the market, which can probably be attributed to one listing which was on the market for a year, thus throwing off the number. There was a rather large increase in % of list price received from July 2017 to July 2018. The Increase was by over 3%, bringing the % of list price to 97.1% for July 2018. It looks like the sellers in July made out better than the sellers in the Lexington side of Lake Murray in July 2017.

     

    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 over 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 by over half. Houses here are selling in about a month. 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.

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