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)
2013-2014
- 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 For DOM, 25% added to compensate for sold listings that had expired and/or withdrawn status and ultimately re-listed and sold.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.
Currently:
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| 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
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| Mel Coker on Lake Murray |
RE/MAX Real Estate Consultants
(803) 318-2007
email:
melcoker@remax.net
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