September 18th Market Update for August 2018 – Columbia and Surrounding Areas
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.
City of Columbia (North to 1-20)
The City of Columbia area had a busy August. We see an upwards spike of 36.1% in new listings in August 2018. We also can see an increase in closed listings of 32.4%. While an increase in closed listings and new listings are good, August 2018 also saw a increase in a market with already low % of list price received. Sellers in city of Columbia are getting just 93.4% of their asking price, which is still up from August 2017. The low % of List price received in addition to the increase in new listings and the increase of days on the market all indicate more power shifting from the sellers to the buyers in this market.
Columbia Northeast had 336 new listings in August, up 15.1% from this time last year. Home sales also increased from 250 to 306. However, even with the number of new listings increasing over 2017, the closed listings for the month were still greater than new listings on the market. This, in addition to the decreased days on the market indicate this area is still sustaining a strong sellers market. This is a great time to sell if you live in Columbia northeast.
Columbia East’s real estate market has grown in the month of August. Not only have the number of new listings increased, but so have closed listings. Columbia East is a market in between the Columbia Downtown market and the Columbia Northeast Market. It has more closed listings than new listings, indicating sellers power, but its % of list price received is low, even decreasing by 1.4% over 2017. In addition, its days on the market increase to 61, which is still fairly low, but is much higher than the 38 days in 2017.
Homes in Lexington are selling like crazy! Just 45 days on the market! If you are looking to buy in Lexington, you had better move fast once you find a home you like. This is great news, however, if you are looking to sell your home in Lexington.
We can also see sellers are getting, on average, 98% of their asking price when they sell. The sellers’ market is very strong in Lexington. Despite how hot this market is, we see a steady number in closed listings of 236, just 1 more than in 2017. There was an increase in new listings in August 2018, which is great for giving buyers more options as they look to buy in this hot market.