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

Monday, October 1, 2012

New Home Sales in Columbia, SC

Mel Coker's Analysis of NEW Home Sales in Greater Columbia, SC

I have completed a detailed analysis of NEW home sales over the past (almost) 7 years.    2006 was the high-water mark for home sales in the Greater Columbia area.  The fourth quarter of 2007 saw the beginning of the real estate downturn in the Coumbia area.  The results since then have not been very good (especially to Sellers).

New home in Columbia, SC area
In this analysis, I looked at NEW home sales ONLY.  Furthermore, the review includes only new homes closed at $100,000 or more, but does include all areas in the Greater Columbia Multiple Listing Service.

There were 3439 new home closings in 2007, slightly more than 2006.  But, new home closings have fallen every year since then, ending with only 1585 closings in 2011  - down 53.9% or an average decrease of 13.5% each year.  Prices have been down too, although not as much percentage wise.  Considering the review criteria above, the average price of a new home closing fell from $211,804 in 2007 to $194,897 in 2011 - down 7.98% or an average decrease of 2.0% each year.

Further review of certain areas of Greater Columbia (Northeast Columbia; Irmo/Dutch Fork; Lexington; Lake Murray) for 2007 to 2011 new home closings reveal:
Northeast Columbia - closings down 55.8%
Irmo/Dutch Fork - closings down 40.7%
Lexington - closings down 34.0%
Lake Murray waterfront - closings down 85.7%

Now, some slightly positive news.  Thru September 2012, there have been 1305 new home closings.  My estimate for the final number of 2012 closings is 1690 - more than the 1585 in 2011, but still slightly less than the 1771 closings in 2010.

Call Mel Coker to buy a NEW home.
NOW is the time to buy a NEW HOME!   Prices are still down (compared to pricing  from 2010-2011), builders are offering more as far as construction amenities than just 5-6 years ago, and mortgage rates are at all time lows.   Buy now, before prices start to increase noticeably and mortgage rates increase.

Call Mel Coker to start the process of finding and buying your NEW home.  I can represent you on any NEW home from any new home builder.  Get FREE buyer representation from Mel Coker for any new home.  Call Mel Coker at (803) 223-6214 or email.

Mel Coker
RE/MAX Metro Associates
Columbia Real Estate Website

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