Mel's Columbia, SC Blog: Lake Murray Home Sales Update

Wednesday, October 8, 2008

Lake Murray Home Sales Update

What's happening with Lake Murray home sales?
The summary answer is: number of sales down somewhat, prices are stable overall, lots of current inventory with an especially large number of million dollar homes for sale.

I analyzed home sales over the current year and past 2 years (sales through September 30th of each year). Significant findings:

Number of sales down 18.9%
Average and median prices UP slightly 4.87% - 6.0%
Avg. Days on Market for closed transactions has remained stable over the 3 years at around 100 days
The Avg. $ per square foot for closed transactions has remained stable over the 3 years at around $188 to $193 per square foot

Regarding "average" prices, a property with a significantly better home and/or lot will demand a much higher price than average.

For current homes for sale at Lake Murray:

Lots of inventory (208)
Average "asking" prices somewhat higher than past year's actual closed results

Another interesting fact: There are currently 38 homes for sale over $1 million. In each of the past 2 years, there were only 3 sales per year of million dollar homes. So, lots of these homes will not sell or will be on the market for a long-time. Certainly, there should be real buying opportunities with these homes!

For my complete Lake Murray home sales analysis in PDF format, CLICK HERE.

When you are ready to complete a Lake Murray real estate transaction, be sure to contact Mel Coker. I can assist you with buying an existing home or waterfront lot. Also, I offer the best marketing program to get your home sold in this very competitive market, along with a very competitive commission rate.