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MONTHLY MARKET STATS


OCTOBER 2017
(Single family homes including condos, townhouses and patio homes. Mobile homes excluded)
 

LEXINGTON, SC
29072 & 29073                      OCTOBER          (september)

Number of Closed Sales:     102                      197                   
Average Sales Price:            $236,769             $211,797          
Average Days on Market:     60                        60 

Although number of closings was down in October from September, sale prices increased slightly.                   

LAKE MURRAY, SC All Areas-Waterfront

Number of Closed Sales:           26                     23                               
Average Sales Price:                  $501,203          $489,913          
Average Days on Market:           71                     183                  

The number of closings and sales prices are up slightly, while days on market decreased significantly in October. This means that more homes sold for a higher price in less time. 

All data comes from the Consolidated Multiple Listing Service, Inc which is reliable but not guaranteed.

 

OVERALL MARKET UPDATE
**November 2016-October 2017**
All Areas of the CMLS Region

Supply will dip for the remainder of the year, but there are some hopeful signs that we may see a bump in the new year. To say that more inventory will immediately impact housing markets is premature, especially if affordability continues to drop and prices continue to rise. For the 12- month period spanning November 2016 through October 2017:

MEDIAN SALES PRICE:  $159,900  1.2 percent Increase.

PRICE RANGE w/ MOST SALES: $200,001 -  $300,000   10.6 percent increase.

PRICE RANGE w/ QUICKEST SALES: $100,001 - $150,000 at 63 days.

For residential real estate in 2017, the news has continued to provide a relative sense of calm for both buyers and sellers. The national unemployment rate registered in at 4.1 percent for October 2017, which means that joblessness has not been this low in the U.S. since December 2000. Another positive, mortgage rates have held steady at or near 3.9 percent. Historically, the average rate has been around 6.0 percent. These factors help to keep the pool of potential buyers full, even during the so-called off-season of home sales.

NEW LISTINGS:        1,348     21.9 percent increase.

PENDING SALES:     1,026.    16.1 percent increase.

DAYS ON MARKET:   67          14.1 percent decrease.  

Although inventory levels are low in many markets, there has largely been enough listing and building activity, or at least conversation about future activity, to maintain a positive attitude about the prospects of buying or selling a home. Low affordability has started to become a recent topic of conversation and is worth watching. But with a healthy economy, level of demand and national unemployment rate, sellers are going to continue to see strong prices for their homes.

Source: CMLS Reports: Housing Supply Overview and Monthly Indicators October 2017

MARKET CHARACTERISTICS

Sellers' Market:

  • Booming local economy. Local businesses are hiring at a brisk pace. New companies are opening up shop.
  • Low existing housing inventory. More jobs are coming into a market where there's not enough inventory to house all the workers, thus creating financial pressure on local resale units.
  • Builders are not producing enough homes to fill the job base.
  • Home sales prices are escalating.
  • Buyer contracts begin to come in non-contingent. Buyers want to purchase a house, period. They no longer offer under list price, ask to sell their house first before settlement, or try to buy without financing already approved. There is no negotiating for the "perfect" terms. Getting the house is the perfect term.
  • Seller subsidies disappear. While buyers used to ask for some sort of assistance -- lower price, points paid, closing costs -- the buyers must come to the table without any help from the seller.
  • High down payments become the norm. Buyers benefit from high appreciation and begin bringing down payments such as 25-plus percent to the transaction.
  • Appraisals are no longer needed to qualify for the purchase price. With down payments of $100,000-plus, there's plenty of equity coming to the table to ease the risk factor for most lenders so that the appraised value is not as important as the actual purchasing price. If the appraisal comes in $20,000 less than asking price -- that's okay, because the buyer has enough cash to compensate for the lower value.

Buyers' Market:

  • Job growth eases or turns into job losses. Local companies are closing; a particular sector goes bust (telecom, manufacturing, etc.); and there are no longer enough people in town to support the local housing inventory.
  • The above situation creates a higher standing inventory, thus more houses appear on the market as people move out of town to find jobs elsewhere. Builders, who may have been building homes in the tail end of a sellers’ market, may find that they are now stuck with speculation homes they can't sell.
  • Foreclosures increase as the local job market softens. This creates a new venue of market with investors moving in to find good deals.
  • Home prices begin to depreciate and some homeowners will find themselves "upside down" in their property -- owing more on the house than what it's worth.
  • Some sellers may have to come to the table with money to sell the house instead of reaping a large amount of equity. Meanwhile, other sellers will option for a short sale where they take action to return the property back to the lender instead of filing foreclosure.
  • A first-time buyer market emerges as the once high prices drop to a level where some can afford to purchase now. This will bring about the use of low- to no-down payment mortgages in a market where they can negotiate the use of such mortgages.
  • Seller subsidies increase. Price drops, closing costs assistance, and other seller subsidies become the norm.

If you noticed, interest rates and the prices of houses did not determine a sellers' or buyers' market. Some of the hottest markets in the past existed in high priced and high interest rate environments.

agent photo
THE SALLIE CHESTER TEAM
EXIT Real Estate Consultants
5175 Sunset Blvd, Ste 3
Lexington, SC 29072
Phone: 803-707-8595
Fax:  803-358-0889
Email: salliechester@exitrec.com

Client Testimonials

Sallie and Jennifer, Thank you so much for taking time Friday to shepherd us around Harbour Watch, showing us homes of interest and most importantly sharing your insights on the current housing situation. WE appreciate your professionalism and depth of knowledge! We made progress in finding a home designer to put our vision to paper. The weekend overall was productive and fun. Thanks again for your time and efforts on our behalf. Becky and Jeff F. ~October 2017
We are so very thankful to our Lord and to Sallie for making the purchase of our home a reality. We really appreciated her diligence and fortitude at the closing! Since we were first time new home buyers, we were not prepared for the hassle that would ensue as we moved toward the closing. Problems with workmanship and conflicts with the builder caused us to reconsider whether we should proceed with the purchase. Sallie was always available for consulting and continued to reassure us that she would be with us every step of the way. At the first walk-through she was very insistent that the builder rectify several obvious issues. Then we realized that there were discrepancies in the final amount we would have to pay. Sallie stood up to the builder and basically demanded all that they had promised to cover. We would highly recommended Sallie should the opportunity present itself. Dee and Jim G. ~July 2017
Sallie really knows real estate. She was with us through listing our house to closing and during all the bumps in the road. She really cares for her clients and goes the extra mile for them.  Renee and Ray T. ~July 2017
Sallie Chester and her team are the ultimate professionals! Everything - from the advice she gave us before we listed our lake condo - to the quality photos she had taken - to the flyers created for prospective buyers - were all top quality! Sallie understood what we wanted and worked hard to get us the best price in a reasonable amount of time. Her knowledge and expertise helped us throughout the process. We highly recommend Sallie Chester and her team ! Colette and Jim F. ~July 2017
Sallie Chester was an exceptional REALTOR. With her assistance and knowledge of the area, I was able to find my dream home here in Lexington. Jeff G. ~May 2017
Sallie Chester has been a friend of our family for some time, taking care of our sales and purchases after the death of my father in law in 2012. So when it came time to sell my daughters' house when my she got married, Sallie was the only person we considered as our agent. She walked us through the process of staging the house and putting it on the market. We had multiple offers the first day, driving the price up, and we accepted a bid of $8000 over list price. Sallie also negotiated a fantastic deal on the purchase of their next home. We could not be more pleased! Tillman (Bud) C. ~May 2017
Sallie was wonderful to work with. She was very detailed and gave great advice of what I could do to help sell my property. Sallie was very prompt in answering any questions with regard to the selling process. Actually, my wife has already referred one of her friends to Sallie. In the future, I would certainly work with Sallie again and refer anyone I know needing real estate services. Turner F. ~May 2017
We purchased our Lake Murray home on May 11, 2017 and had the pleasure of working with Sallie. She is a true professional, very knowledgeable and great to work with. She made us feel comfortable from the first day and was there every step of the way. She went above and beyond for us and kept us updated on everything. We like to think somewhere along this ride we became friends! All we can say is that if you are looking for your dream home, you can't go wrong with Sallie on your side! Angie and Scott W. ~May 2017
Sallie was wonderful to work with and always made sure we were satisfied. She sold our old house in two days and was very patient with us as we searched for a new home. We couldn't find anything that we loved, so we decided to build instead and Sallie helped us negotiate a great deal with the builder. Sallie was even great with our newborn holding her while we signed papers during our closing. Anyone looking for a REALTOR that goes above and beyond for her clients shouldn't look any further than Sallie! Jennifer and Justin P. ~May 2017
Sallie was great during the whole process. With this being our first home purchase, I was really nervous about everything. She made life easy. We love the house and could've have picked a better one. Sallie Chester is an awesome REALTOR. Hailey and Joshua C. ~April 2017
I thought Sallie was very professional, super friendly, and very informative. I am very glad that we had Sallie as our realtor to purchase our property. Shane M. ~April 2017
Sallie was extremely professional and easy to work with during our land purchasing process. She proved to be a great communicator, which put us at ease and reduced our stress level. In our experience in buying/selling property, Sallie was among the best and we would definitely use her again in the future. Carrie M. ~April 2017
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