Mel's Columbia, SC Blog

Greater Columbia, Chapin, Irmo, Lexington and Lake Murray.

Wednesday, January 7, 2015

Lake Murray Sales Report - Covering 2006 - 2014

What's Happening At Lake Murray?

The Most Comprehensive Lake Murray Market Analysis Follows...

The Golden Year (The Standard)
The Year was 2006...
  • The average closed price in 2006 was $558,387.  This was an all-time high and represented a 19.2% price increase over 2005.
  • The all time high in annual sales was in 2005 with 162 closings (at that time) and 2006 saw a slight decrease to 141 closings.
  • The average days on market (DOM) was "only" 125 days in 2006.
  • There were 11 homes sold for $1 million or more
  • The year 2007 began the downturn with slightly lower numbers for sales and average sales price

The Downturn (The Bad)
2008 - 2012
  • 4 straight years of average closed price decreases (2007 - 2010)
  • Average closed price during this period $488,604 (a 12.5% decrease) with the lowest point being in 2012 at $457,489 (an 18.1% decrease from 2006)
  • Average annual closings decreased to 113 with a low of 88 in 2009
  • Average DOM was up significantly to 208 days with a high in 2011 of 243
  • During this period just 4 homes per year (on average) closed at $1 million or more

The (Partial) Recovery (The Not So Bad)
  • Average closed price during this period up 5.98% over 2012
  • Average price in 2014 was at $479,951 - still down 14.0% from 2006, however, this is up 4.9% over 2012
  • Closings averaged 180 per year, up 59.3% over the previous 5 year period
  • Average DOM down to 196 days - down 5.8%
  • During this period, 7 homes per year closed at $1 million or more
  • 183 closings in 2014, an all-time high
Home closings criteria for analysis:  Waterfront on Lake Murray; minimum 75 feet water frontage; single family home with minimum 1200 square feet; minimum price $150,000.  For DOM, 25% added to compensate for sold listings that had expired and/or withdrawn status and ultimately re-listed and sold.

More interesting data:
There are four Multiple Listing Service areas:  Irmo/Chapin, Lexington, Newberry County, Saluda County - the Lexington and Chapin areas accounted for 79% of all closings on the lake.
Prices in the Lexington / Chapin areas were 55.9% higher than the average for Newberry and Saluda counties combined.

Lake Murray Living is GREAT!

  • 151 homes for sale waterfront on Lake Murray
  • Average asking price is $665,632 - notice this is significantly higher than the closed average for 2014
  • In 2014, for the homes closed, the final average asking price was $514,839 (compare to the current overall asking price).   The average price reduction was 6.78%
  • Conclusions: many homes are overpriced and buyers are drawn to the homes priced to sell; lower priced homes attract more buyers
  • 20 homes for sale at $1 million or higher - enough to last almost 3 years at recent sales

To view or print my detailed Lake Murray market analysis, CLICK HERE FOR PDF REPORT.

The most important NEWS here is that NOW still is the time to BUY a home on or near Lake Murray.  To BUY or SELL on Lake Murray, Contact Mel Coker.  I know Lake Murray.  I SELL Lake Murray.  I live on Lake Murray.

Mel Coker
Mel Coker on Lake Murray

RE/MAX Real Estate Consultants
(803) 318-2007

MLS Internet Search

Mel Coker on the Internet

Monday, January 5, 2015

Happy New Year - Columbia, SC Real Estate

Is this the year you move to Greater Columbia, including Chapin, Lexington, Irmo and Lake Murray?  Columbia is a GREAT place to call home.  Make your SMART move in 2015... move to Greater Columbia and contact MEL COKER for real estate professionalism.

Contact Mel Coker
RE/MAX Real Estate Consultants
(803) 318-2007
email Mel Coker

Saturday, December 27, 2014

Another South Carolina BEST!


South Carolina State Flag - Ranked Best Flag for a Great State!

Where does your state rank in the flag ranking?  CLICK HERE for the Yahoo Travel list.

Our state flag has existed in similar form since 1775.  The present design dates from 1861.  The flag is blue with a crescent moon and the state tree, the Palmetto.  Click here for more information on the South Carolina State Flag.

So, ready to move to South Carolina (preferably Lake Murray, Lexington, Irmo, Chapin, Columbia) to unfurl your South Carolina state flag in fine weather and around lots of friendly people?  Contact Mel Coker, a life-long Columbia area resident, to buy your new home.

Call Mel Coker to relocate
Mel Coker
Realtor - RE/MAX Real Estate Consultants
(803) 318-2007
Search MLS for Columbia, Lake Murray, Irmo, Chapin, Lexington

Wednesday, November 19, 2014

Home Renovation Projects

Considering a HOME RENOVATION PROJECT?   You should view and utilize !

As a Realtor, I am a member and used to get ideas (and used the IdeaBook feature) to plan my new home gym.  This project began in October 2014 with an expected completion in early December 2014.  I turned a blah walkout basement storage room into a nice home gym.   No excuses now for not working out!

CLICK HERE to see my HOME GYM project

Mel Coker
Realtor - RE/MAX Real Estate Consultants
Selling Lake Murray, Columbia, Chapin, Lexington, Irmo
(803) 318-2007
Search Columbia & Lake Murray MLS

Tuesday, October 21, 2014

Checklist for South Carolina Relocation

South Carolina... A Great Place to Live.

The Checklist:  Print PDF version

Mel Coker
Realtor - Chapin, SC
MLS Search

Wednesday, October 15, 2014

Irmo Home For Sale

NEW Listing: 146 Stonemont Drive in Irmo

This is a really nice home near great Lexington District 5 schools and Lake Murray.  The home is in excellent condition with a number of updates and has 4 bedrooms and 2 1/2 bathrooms.  The home is priced right to sell at $205,000.

For complete information, CLICK to view my virtual tour.

For Sale in the Irmo area

To see this home OR any other home, contact:

Mel Coker
RE/MAX Real Estate Consultants
(803) 318-2007
SEARCH Irmo, Lake Murray and Columbia homes

Thursday, October 9, 2014

Most Patriotic State? South Carolina.

Want to live in the MOST patriotic state?

Yes, it's true.  The real estate website, Movoto, performed a study to find the most patriotic states and the least patriotic states.  Interesting stuff.   SOUTH CAROLINA came out #1 !!!  Of course, we knew that here in South Carolina.

We have the largest Army basic training installation in the USA at Fort Jackson, the Marine Corps Parris Island, Shaw Air Force Base and a number of other important military installations.  The Congressional Medal of Honor Museum is even located in South Carolina!  A high number of military retirees choose to live in South Carolina.   Friendly South Carolina is the America-loving winner!

TOP TEN MOST PATRIOTIC STATES: (notice that 6/10 states are in the South?)
  2. Maine
  3. North Carolina
  4. Wyoming
  5. Virginia
  6. Florida
  7. Georgia
  8. Alaska
  9. Alabama
  10. Arizona
Read about the Military presence in South Carolina

Interesting, a while back, I read a study that also ranked South Carolina as one of the most friendly and well mannered states.  What are you waiting on?

Least Patriotic States: (California absolutely worst) (no Southern states listed!)
  1. California
  2. Minnesota
  3. Rhode Island
  4. Vermont
  5. Hawaii
  6. Michigan
  7. New Jersey
  8. Kansas
  9. Connecticut
  10. Oregon
 Want to  move?  I can help.  Contact Mel Coker at (803) 318-2007.  
I am a life-long Columbia area resident.  I know Columbia real estate... and, Lake Murray, Lexington, Irmo, Chapin, West Columbia, Cayce and other surrounding areas.   If you are ready to escape one of the 10 least patriotic states, contact me and allow me to serve as your buyer's agent and I will provide a $500 Lowe's gift card at closing when you mention this article to me during our home hunting time.

Mel Coker is located at the "star"
Mel Coker
Realtor, CRS, ABR, GRI, SRES, MilRES
RE/MAX Real Estate Consultants
(803) 318-2007

REMAX 2.0 Personal Real Estate App

It's here now from Mel Coker - your Columbia and Lake Murray Realtor:
The updated RE/MAX real estate app.  It's FREE and it's state-of-the-art COOL!

3 Easy Steps:
  1. CLICK -
  3. Enter "melcoker" when app asks for "agent key"
Get the RE/MAX Search App from Mel Coker

Ready to BUY or RELOCATE?  Contact Mel Coker.  Life-long Columbia area resident.

Mel Coker
RE/MAX Real Estate Consultants
(803) 318-2007
Columbia & Lake Murray MLS Search