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MONTHLY MARKET STATS

MAY 2018
(Single family homes including condos, townhouses and patio homes. Mobile homes excluded)

LEXINGTON, SC 
29072 & 29073                                MAY                APRIL              

Number of Closed Sales:                 252                 198                                     
Average Sales Price:                        $222,373        $208,518
Average Days on Market:                 45                   50   

The number of home closings increased in May and so did the average sales price while days on market decreased slightly.                                                                                                     

LAKE MURRAY, SC All Areas-Waterfront

Number of Closed Sales:                   31                 21                                                
Average Sales Price:                         $550, 449      $466,119                             
Average Days on Market:                  59                  73                                                                                 

For the Lake Murray, SC market the number of closed sales and average price increased slightly. Average days on market decreased.                                                   

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

OVERALL MARKET UPDATE
**June 2017 - May 2018**
All Areas of the CMLS Region

MEDIAN SALES PRICE:                                 $168,055  1.9% increase

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

PRICE RANGE w/ QUICKEST SALES:          $100,000 - $150,000 at 56 days

NEW LISTINGS:                                              1,816 11.5% increase 

PENDING SALES:                                           1528  17% increase 

DAYS ON MARKET:                                         55 Days  19.1% decrease

Just like last year at this time, prospective home buyers should expect a competitive housing market for the next several months. With payrolls trending upward and unemployment trending downward month after month in an extensive string of positive economic news, demand remains quite strong. Given the fact that gradually rising mortgage rates often infuse urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings and make their offers quickly. As lower days on market and higher prices persist year after year, one might rationally expect a change in the outlook for residential real estate, yet the current situation has proven to be remarkably sustainable likely due to stronger fundamentals in home loan approvals than were in place a decade ago. New construction optimism is tempered by building costs, but clever builders will figure out ways to turn profits while the economy is ripe for production. 

Source: CMLS Reports: Housing Supply Overview and Monthly Indicators May 2018

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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APRIL 2018
(Single family homes including condos, townhouses and patio homes. Mobile homes excluded)

LEXINGTON, SC 
29072 & 29073                                   APRIL             MARCH              

Number of Closed Sales:                    198                   198                  

Average Sales Price:                           $208,518          $209,596                                         
Average Days on Market:                    50                     49     

Very little change was seen in the Lexington, SC market in April vs. March, 2018                                                                                     

LAKE MURRAY, SC All Areas-Waterfront

Number of Closed Sales:                       21                       20                             

Average Sales Price:                              $466,119            $548,715                 
Average Days on Market:                       73                       77                                                             

For the Lake Murray, SC market, there was not much change in April except the average sales price decreased.                                                              

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

OVERALL MARKET UPDATE
**May 2017 - April 2018**
All Areas of the CMLS Region

MEDIAN SALES PRICE:                                 $166,854  4.3% Increase

PRICE RANGE w/ MOST SALES:                  $200,000 - $300,000  13.8% Increase 

PRICE RANGE w/ QUICKEST SALES:          $100,000 - $150,000 at 57 days

NEW LISTINGS:                                              1,737 16.7% Increase 

PENDING SALES:                                           1497  30.4% Increase 

DAYS ON MARKET:                                         64 Days 4.5 % Decrease

Many sellers and builders are in a good position for financial gains, as the economy continues to favor putting existing homes on the market and building new homes for sale. We are finally beginning to see some upward movement in new listings after at least two years of a positive outlook. There may not be massive increases in inventory from week to week, but a longer-term trend toward more new listings would be a good sign. Low inventory should continue to create a competitive situation for buyers, causing price increases over the next several months. As the seasons change to something more palatable, wages and consumer spending are both up, on average, which should translate positively for the housing market. 

Source: CMLS Reports: Housing Supply Overview and Monthly Indicators April 2018

MARCH 2018
(Single family homes including condos, townhouses and patio homes. Mobile homes excluded)

LEXINGTON, SC 
29072 & 29073                                   MARCH             FEBRUARY              

Number of Closed Sales:                     198                  176

Average Sales Price:                            $209,596         $210,464                                
Average Days on Market:                     49                    62                              

The number of home closings increased again in March. The average sales price decreased and so did the number of days on market.                                                   

LAKE MURRAY, SC All Areas-Waterfront

Number of Closed Sales:                    20                             21

Average Sales Price:                          $548,715                 $436,957
Average Days on Market:                    77                            122                                 

In March 2018, the number of closed sales remained about the same as last month. The average days on market decreased while average sales price increased.                                                                  

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

OVERALL MARKET UPDATE
**April 2017 - March 2018**
All Areas of the CMLS Region

MEDIAN SALES PRICE:                                 $166,000 5.7% Increase

PRICE RANGE w/ MOST SALES:                  $200,000 - $300,000  9.3% Increase

PRICE RANGE w/ QUICKEST SALES:          $100,000 - $150,000 at 57 days

NEW LISTINGS:                                              1,760 4% Increase

PENDING SALES:                                           1470 8.8% Increase

DAYS ON MARKET:                                        66 Days 19.5% Decrease

Despite there being fewer homes for sale, buyer demand has remained strong enough to keep prices on the rise, which should continue in a consistently improving economy. The Federal Reserve raised its key short-term interest rate by .25 percent in March, and at least two more rate increases are expected this year. Borrowing money will be more expensive but rising wages and a low national unemployment rate would seem to indicate that we are prepared for this. And although mortgage rates have risen to their highest point in four years, they have been quite low for several years.

Source: CMLS Reports: Housing Supply Overview and Monthly Indicators March 2018

FEBRUARY 2018
(Single family homes including condos, townhouses and patio homes. Mobile homes excluded)

LEXINGTON, SC 
29072 & 29073                       FEBRUARY              JANUARY

Number of Closed Sales:           176                          111                             
Average Sales Price:                  $210,464                 $217,652                  
Average Days on Market:           62                           57        

The number of home closings increased again in February. The average sales price decreased and days on market increased slightly.                                                   

LAKE MURRAY, SC All Areas-Waterfront

Number of Closed Sales:           21                            17                               
Average Sales Price:                 $436,957                  $781,005                   
Average Days on Market:          122                          113           

The number of closed sales and average days on market increased slightly. The average sales price decreased.                                                                                                    

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

OVERALL MARKET UPDATE
**March 2017 - February 2018**
All Areas of the CMLS Region

MEDIAN SALES PRICE:                                 $166,788   7.6% Increase

PRICE RANGE w/ MOST SALES:                  $200,000 - $300,000  11.1% Increase

PRICE RANGE w/ QUICKEST SALES:          $100,000 - $150,000 at 59 days.

 

 

NEW LISTINGS:                    1,314                  3.8% Decrease.

PENDING SALES:                 1,084                  1.0% Increase.

DAYS ON MARKET:               72                      13.3% Decrease.  

The three most prominent national market trends for residential real estate are the ongoing lack of abundant inventory, the steadily upward movement of home prices and year-over-year declines in home sales. Sales declines are a natural result of there being fewer homes for sale, but higher prices often indicate higher demand leading to competitive bidding. Markets are poised for increased supply, so there is hope that more sellers will take advantage of what appears to be a ready and willing buyer base. In February, prevailing mortgage rates continued to rise. This has a notable impact on housing affordability and can leave consumers choosing between higher payments or lower-priced homes.

Source: CMLS Reports: Housing Supply Overview and Monthly Indicators February 2018

JANUARY 2018
(Single family homes including condos, townhouses and patio homes. Mobile homes excluded)

LEXINGTON, SC 
29072 & 29073                       JANUARY              DECEMBER (2017)

Number of Closed Sales:           111                             98
Average Sales Price:                  $217,652                   $273,000
Average Days on Market:           57                              65                                                   

The number of home closings increased in January. The average sales price decreased and days on market decreased slightly.                   

LAKE MURRAY, SC All Areas-Waterfront

Number of Closed Sales:           17                                20
Average Sales Price:                  $781,005                    $453,300
Average Days on Market:           113                             112                                                                 

Not much changed in January in terms of the number of closed sales and average days on market. However, the average sales price increased significantly.

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

OVERALL MARKET UPDATE
**January 2017 - January 2018**
All Areas of the CMLS Region

MEDIAN SALES PRICE:                                 $160,000   5.3% Increase

PRICE RANGE w/ MOST SALES:                  $200,000 - $300,000  13.3 % increase

PRICE RANGE w/ QUICKEST SALES:          $100,000 - $150,000 at 59 days.

SINGLE FAMILY HOME PRICES:                   1.9% Increase to $166,000

Home sales have been lower in several markets over the last few months. Whether this is related to there being not enough homes for sale, prices getting too high or less buyer interest remains to be seen.

NEW LISTINGS:                    1,413                  15.5% increase.

PENDING SALES:                 1,096                 12% increase.

DAYS ON MARKET:               70                      21.3 % decrease.  

Last year, consumers appeared to have fresh but cautious optimism  and there was competition among home buyers. Not much has changed in 2018. The trend for several years has been rising home prices and low inventory. As sellers attempt to take advantage of rising prices, expect buyers to be more selective. The desire to buy a home remains strong enough to drive prices upward.  New sales are not necessarily following that trend, but monthly increases are expected until at least late summer.

Source: CMLS Reports: Housing Supply Overview and Monthly Indicators January 2018

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

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 Chester was referred to us, by Carolina One Realty. She is a personable, hardworking REALTOR that shares her faith. Sallie is quite a negotiator with her clients needs in her heart. Burnette and Ken W. ~August 2018
I can truly say Sallie Chester was of great help to us. From the moment we first met Sallie, she was very professional and courteous. She could not have done more to assist us with all our needs. I personally can't thank her enough for all her help. Sandy and Jay J. ~August 2018
Sallie was a great asset while selling our home. She communicated often and provided needed information. Her assistance alleviated much of the stress associated with selling our home of 25 years. Lisa and Mel M. ~July 2018
Moving from out of state can be stressful! Barbara LeRoux did everything she could to make our experience as stress free as possible from beginning to end. She was great about helping with anything we needed prior to our move that we couldn't do ourselves because of our location. We would highly recommend Barb to anyone who wants the best possible real estate experience! Melanie and Bill P. ~May 2018
Barbara LeRoux and Sallie Chester were absolutely the best to work with. We really could not have asked for better customer service. They were honest and really helped with our questions and never left us without an answer. Our expectations were exceeded! Lisa and Ryan M. ~May 2018
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