What’s Happening At Lake Murray?
FROM Realtor MEL COKER:
The Most Comprehensive Lake Murray Market Analysis Follows: 2005 – 2016
The Golden Year (The Standard)
The Year was 2006… (maybe to be eclipsed in 2016?)
- The average closed price in 2006 was $546,099. This was an all-time high and represented a 19% price increase over 2005. There were 148 closings.
- The average days on market (DOM) was “only” 123 days in 2006.
- There were 11 homes sold for $1 million or more
- The year 2007 began the economic/real estate downturn with a slightly lower average sales price
The Downturn (The Bad)
2007 – 2012
- 4 straight years of average closed price decreases (2007 – 2010)
- Average closed price during this period $486,530 (a 10.9% decrease compared to 2006) with the lowest point being in 2012 at $448,163 (an 18.3% decrease from 2006)
- Average annual closings decreased to 123 with a low of 89 in 2009
- Average DOM was up significantly to 193 days with a high in 2011 of 246
- During this period just 4.8 homes per year (on average) closed at $1 million or more
The (Partial) Recovery (The Not So Bad)
- Average closed prices still down somewhat during these two years at $478,53
- Average annual closings up to 186
- Average days on market in 2014 at 183 – lowest since 2008
- Average sales price in 2016 (thru August) at $574,032 — A RECORD!
- 209 closings in 2015 — A RECORD! 2016 is on pace to break 2015.
- Average days on market at 160 – lowest since 2008
- 10 million dollar closings in 2015 – highest since 2006
- 14 million dollar closings so far in 2016 — A RECORD!
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.
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.
|Lake Murray Living is GREAT!|
- 162 homes for sale waterfront on Lake Murray
- Average asking price is $641,628 – notice this is significantly higher than the closed average for 2016 ($574,032).
- In 2016, for the homes closed, the final average asking price was $611,501 (compare to the current overall asking price above). The average price reduction was 6.13%
- Conclusion: PRICE your home right to get it sold. Call Mel Coker for a market analysis.
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.
|Call Mel Coker to BUY or SELL at Lake Murray.|
RE/MAX Real Estate Consultants