Lake Murray Market Analysis

    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)
    2013-2014

    • 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
    Lake Murray is HOT!
    2015-2016

    • 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.

    Currently:

    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.

    >>To view or print my detailed Lake Murray market analysis, CLICK HERE FOR PDF REPORT.


    CLICK Here to Search MLS

    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.

    Mel Coker

    RE/MAX Real Estate Consultants
    (803) 318-2007
    email:  melcoker@remax.net

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