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
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 April 2017, they have increased by 20%. Despite the increase in new listings, the market is far from becoming over saturated. The number of closings in April 2018 have increased from April of 2017 by 26%. 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.
Cayce/West Cola/Airport/South Congaree
In the Cayce/West Columbia/Airport/South Congaree area, new listings are also up compared to this time last year. The difference, however, is that the West Columbia area has decreased in closed listings. This combined with the decrease in percentage of list price received indicates buyers have more power in this area. If you are a buyer, West Columbia area is a great place to buy a home right now.
Lexington and Surrounding Areas (Area 11)
The good news in the Lexington market is the new listings are increasing over this time last year. This is great news since Lexington is such an in-demand area for buyers. The bad news for buyers is the percentage of list price received is at a solid 99%. Anyone buying in this area will be paying very close to the listing price. Also bad news for buyers is the declining days on the market. When homes are on the market for just over a month, buyers have to be ready to take action on their dream home while also being prepared to compete with other buyers.
Northeast Lexington County and Chapin
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 back up to 90 days compared to a mere 65 days at this time in 2017. This is a great area to buy and sell in.