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.

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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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