Sunday, July 5, 2009

Lake Murray Sales Update

Lake Murray Sales Update

My semi-annual Lake Murray sales update follows:

Sales Report as of July 5, 2009:
Current waterfront homes for sale on Lake Murray: 230
Average Price: $707,271
Avg. square feet: 3294
Avg. $/s.f.: $214.72
Avg. Days on Market (DOM): est. 214 *

*Avg. DOM: the MLS provides a DOM number, but, this does not include homes listed for sale and never sold, and homes listed and withdrawn from market and re-listed and those listed that expired and were re-listed. My previous analysis of such situations reveal on average a number that is in the range of 25% higher for DOM. So, my DOM figures includes this 25% upward adjustment.

The current average listing price is somewhat higher than expected or normal due to the somewhat higher number of Million dollar listings currently active on Lake Murray. Currently, there are 30 homes for sale on Lake Murray listed at $1,000,000 or more. Only 5 homes sold on Lake Murray in 2008 for $1,000,000 or more. Consequently, there is enough current inventory to last 6 years.

Further analysis of Lake Murray waterfront home sales over the past 5 years:

2004: (over the previous year)
Number of sales: UP 19.6%
Avg. Price ($/S.F.): UP 18.0%

Number of sales: UP 21.9%
Avg. Price: UP 7.2%

Number of sales: DOWN 10.9%
Avg. Price: UP 12.9%

Number of sales: DOWN 2.9%
Avg. Price: UP 3.4%
Number of sales: DOWN 19.3%
Avg. Price: DOWN 4.2%

Closed waterfront homes on Lake Murray in the first six months of 2009: 32
(Down 49.2% from the first 6 months of 2008)
Average Price: $487,758
Avg. S.F.: 2721
Avg. $/S.F.: $179.26 (Down 4.4%)
Avg. DOM: 176

Lake Murray is still the water playground for central South Carolina! When you're ready to buy or sell on Lake Murray, contact Mel Coker.

Mel Coker
More Lake Murray information:
Mel Coker's Lake Murray website
Mel's Lake Murray Blog

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