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MONTHLY MARKET STATS

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

LEXINGTON, SC 
29072 & 29073                       DECEMBER                          NOVEMBER


Number of Closed Sales:            98                            115
Average Sales Price:                   $273,000                 $259,910
Average Days on Market:            65                            63                                                   

The number of home closings decreased slightly in December. The average sales price increased while days on market remained about the same.                   

LAKE MURRAY, SC All Areas-Waterfront

Number of Closed Sales:              20                 14
Average Sales Price:                    $453,300      $497,821
Average Days on Market:             112               76                                                                 

The number of closings increased in December and the average sales price was down, while days on market increased.

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

OVERALL MARKET UPDATE
**December 2016 December 2017**
All Areas of the CMLS Region

MEDIAN SALES PRICE:                                 $160,000   3% Increase

PRICE RANGE w/ MOST SALES:                  $200,000 - $300,000   13% increase.

PRICE RANGE w/ QUICKEST SALES:          $100,000 - $150,000 at 61 days.

Inventory was again a driving metric in residential real estate in 2017, whether the fewer number of homes available put a damper on sales or created lower affordability due to competitive demand between eager buyers willing to raise the percent of original list price received at sale. The property type with the largest price gain was the Single-Family Homes segment.. Market-wide, inventory levels were up 9.2 percent.

NEW LISTINGS:               1,033     31% increase.

PENDING SALES:             839       10% increase.

DAYS ON MARKET:           67         19% decrease.  

The number of homes for sale, days on market and months of supply were all down in year-over-year comparisons in a majority of the country for the entirety of 2017, as was housing affordability. Prices were consistently up in most markets. Buyers may not benefit from higher prices, but sellers do, and there should be more listing activity by more confident sellers in 2018..

Unemployment rates have remained low throughout 2017, and wages have shown improvement, though not always to levels that match home price increases. Yet housing demand remained incredibly strong in 2017, even in the face of higher mortgage rates that are likely to increase further in 2018. Home building and selling professionals are both cautiously optimistic for the year ahead. Housing and economic indicators give reason for this optimism, with or without new federal tax.

Source: CMLS Reports: Housing Supply Overview and Monthly Indicators December 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.

 

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

LEXINGTON, SC 
29072 & 29073                      NOVEMBER          OCTOBER

Number of Closed Sales:            115                         102                                         
Average Sales Price:                   $259,910                $236,769                       
Average Days on Market:            63                           60                        

The number of home closings increased in November. The average sales price increased as well while days on market remained about the same.                   

LAKE MURRAY, SC All Areas-Waterfront

Number of Closed Sales:             14                           26                                                     
Average Sales Price:                    $497,821                $501,203                    
Average Days on Market:             76                           71                                      

The number of closings decreased in November and the average sales price was down slightly, while days on market increased.

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

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

In year to year comparisons, the number of homes for sale has been fewer in most locations, and homes have been selling in fewer days for higher prices. New tax legislation could have ramifications on housing. The White House believes that the tax reform bill will have a small impact on home prices, lowering them by less than 4 percent, and could conceivably boost homeownership

MEDIAN SALES PRICE:                                 $159,900   6.6% Increase.

PRICE RANGE w/ MOST SALES:                  $200,000 -  $300,000  12.4% increase.

PRICE RANGE w/ QUICKEST SALES:          $100,000 -  $150,000 at 62 days.

For the past two years, housing demand has been high with steady interest rates. There are a few signs that indicate an increase in the number of homes for sale in 2018. For now, inventory remains low in most markets.

NEW LISTINGS:           1,294            26.7% increase.

PENDING SALES:         971              19.4% increase.

DAYS ON MARKET:      70                12.5% decrease.  

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


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
**October 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

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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 was so helpful in the process of selling my house. She was professional. She was available and answered my questions at any time. She truly cares about her clients!! Sallie worked tirelessly to make sure everything was done and done right. I am so appreciative of her diligence and knowledge. I will highly recommend her to anyone I know who needs to sell or buy a house!! Louise C. ~February 2018
We met Sallie because we were riding around one Sunday afternoon looking at homes for sale and found one of her listings. When we called, she just happened to be right down the street so she came and showed us the house. From the moment we met Sallie, she was the most honest real estate agent we had ever dealt with. She was very patient with us in our home search. She knew we were looking for something very specific and showed us a good many homes before we were able to find the right one.. Sallie is very knowledgeable and was able to point out stuff, whether good or bad, to help us in our decision making. Sallie isn’t just our realtor, we consider her our friend. I would recommend Sallie to everyone! Darla and Rodney C. ~Feb. 2018
Barb LeRoux with the Sallie Chester Team was exceptional and I feel very blessed to have been matched up with her. She was very attentive and prompt. She became more than a realtor to me. Barb became a friend that I could rely on and I knew she wouldn’t steer me wrong. She is most definitely an asset to the Exit team and I loved working with her!! I would gladly refer anyone I know to either Sallie or Barb with Exit Real Estate Consultants. Sallie started me on my journey and Barb finished that journey and helped me to purchase my first home!! Thank you for all the help! Heather M. ~January 2018
We were very happy with Brandon Diffee. He is very pleasant and knowledgeable. His pictures of the property, for marketing purposes, were awesome. He kept us informed throughout the process. Overall our experience with Brandon was great and will recommend him to anyone looking for a REALTOR. Nancy S. ~Dec. 2017
Sallie was amazing. She had my best interest in mind at all times. She knew exactly what I was looking for and helped me find it. Not being from the area, her knowledge made me feel safe and I never worried. I recommend Sallie as a great real estate agent. Melinda L. ~December 2017
In the beginning we were considering not using a REALTOR but now we are so thankful that we chose to work with Sallie! She is 100% about doing what is best for her client and making sure they are taken care of. I can't imagine where we would be in our home buying process without her. In any of our future home buying endeavors, we will most certainly be using Sallie Chester. Dixie and Charlie C. ~November 2017
Barbara LeRoux helped me purchase my home and she also helped me sell it. Barbara had initially contacted me from their website. I was very impressed with her prompt reply. Not only was she quick to respond but we went looking at houses within the next two days. I needed to find a place fast and she met me after work at whatever time I had available. Barbara did an awesome job of helping find what I wanted and didn’t waste my time showing me houses I didn’t like. I was a first time homeowner, and she took time to thoroughly explain the process to me. Barbara made this process easy, exciting and stress free. I am so thankful and I would highly recommend her to anyone buying or selling their home. Barbara is an amazing Realtor and I have told all my friends and family about her. She really knocked it out of the ballpark and if I had to do it all over again, wouldn’t change a thing. Emily M. ~November 2017
It was a long process but Barbara was very patient and was willing to help from start to finish. She didn't hesitate to show me homes that met my needs and were in the area where I wanted to live. Also, she was always ready to assist me with any paperwork during the process. Thank you, Barbara, for all the help. Manuel B. ~October 2017
Brandon Diffee made my home buying experience so much less stressful than it could have been. Brandon worked tirelessly, often at night and on the weekends, to search for the 'right' house for me and my daughter. I am very happy at my new home and will recommend Brandon and The Sallie Chester Team to anyone looking to purchase a home. Amie B. ~October 2017
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
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