If I had a dollar for every time I’m asked, “Is now a good time to sell or should I wait?” I’d be a lucky girl. I wish that I had a crystal ball that would actually be accurate, but since I don’t, I use the statistics that I do have. Let’s look at the real estate market, based upon the statistics for the month ending September, 2016.
For the Greater Columbia area: closed sales are up 9.4%; the median sales price for all property types is up 9.1% to $163,500; days on market (DOM) are down by 13.3% to 85.
For the Lexington, SC area: closed sales +14.4%; the median sales price +6.1% to $177,900; DOM - 9.3% to 75.
For the Lexington side of Lake Murray, SC: closed sales +7.6%; median sales price +14.4% to $448,888 ($555,655 for single family homes); DOM +2.3% to 127.
For the Irmo/Chapin side of Lake Murray: closed sales +12.1%; median sales price +11.1% to $500,000 ($561,839 for single family homes); DOM -3.1% to 124.
For the Newberry area of Lake Murray: closed sales -9.1%; median sales price -.2% to $286,000 ($336,460 for single family homes); DOM -15.5% to 124.
No analytical data is currently available for the Saluda area of Lake Murray; however, there are 13 single family homes for sale ranging from $179,900-$997,000 with the average DOM being 70; average sales price of all property types closed 9/1/2015-9/30/2016: $193,982 (29 single family homes: Ave sales price: $298,133; 124 DOM).
In summary, demand has remained high through the first three quarters of 2016, propping up sales and prices in most areas despite heavy reductions in inventory and months of supply. With employment opportunities in a consistent climb, increases in home buying are probable for the rest of the year, but not guaranteed. In general, today’s demand is driven by three factors: millennials (those born 1977-1994) are at a prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. Despite your location, IF you price your home to sell, it will sell.
Lake Murray SC Real Estate - Sallie Chester of Exit Real Estate Consultants
Sallie specializes in residential real estate on Lake Murray, SC. She lives on the lake and her clients value her knowledge, professionalism and business experience. Sallie Chester takes pride in providing each client with superior service. Contact her today at 803-707-8595.