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 a factory closed down. The real question buyers and sellers have about the real estate market is: is it 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 Irmo is not as hot of an area as Lexington, it has been in increasing demand over the month of September 2018. New listings are down by over 10% over this time last year. But the buyers are still buying here, closed listings going up by almost 12%. The decrease of new listings and the increase of closed listings is leading to less inventory of homes for sale, meaning less options for buyers. If you are thinking of selling in the Irmo area, now is the time to list!
In the Cayce/West Columbia/Airport/South Congaree area, new listings are also up compared to this time last year. The closed listings have decreased significantly, almost a quarter of September 2017. The gap has also widened between asking price and selling price. Days on the market is steady in the month of September. Right now is a great time to buy in West Columbia area.
While the new listings and closed listings have significantly decreased compared to September 2017, there are some positives in the Lexington market. Sellers are receiving 99% of their asking price. The days on the market has also decreased slightly, implying buyer demand is still high here. In addition, the median sales price has also increased, hitting $203,000 for Lexington. If you are thinking of selling in the Lexington area, now is a great time.
The Northeast Lexington County and Chapin area is slower than we have seen in the past. New listings are half of what they were in 2017. Even closed listings decreased for Chapin in September 2018. Days on the market are up, meaning the houses are sitting on the market longer rather than being snatched up. On the positive side, sellers are still getting over 99% of their asking price. The median sales price in Chapin is also the highest around the area at $246,226.