Lake Murray Home Sales Analysis

Mel Coker's Analysis of Lake Murray Home Sales

Homes on Lake Murray in the Chapin area

I have completed a detailed analysis of Lake Murray home sales* over the past (almost) 11 years.    2006 was the "high-water mark" for home sales on Lake Murray by most measurements. 

Please keep in mind that sales prices on Lake Murray can vary widely due to a number of factors, including: location, view, amount of water frontage, age of home, construction quality of home.  And, the lake is relatively large, encompassing 4 counties (Richland, Lexington, Saluda, Newberry) and over 620 miles of shoreline.  During the past 3 years, the breakdown on sales among areas of the lake are:
Irmo/Chapin (Richland and Lexington Counties): #163 (49.2%), Avg. Price $497,705
Lexington (South side of the lake): #80 (24.2%), Avg. Price $541,382
Newberry County: #58 (17.5%), Avg. Price $340,206
Saluda County: #29 (8.8%), Avg. Price $304,585

In 2006, there were 139 closings on Lake Murray, with an average sales price of $560,091.  There were also 11 closings of homes valued at $1 million or more.  By comparison: in 2011, 120 closings with average sales price of $477,642 and  5 closings of homes valued at %1 million or more.

Lake Murray Closings 2002 - 2012 (estimated)

For 2012, there have been 107 closings thru September 30th, with an average sales price of $447,982.  This average price is down 6.2% since 2011 and down 20.0% since 2006.  I estimate there will be 138 closings for the year in 2012, the 3rd straight year of increased number of closings.  Also, the number of closings will be in line with the number of closings seen in 2006-2007.  Pricing remains down over the past 3 years in line with pricing seen during 2004-2005.

Lake Murray Average Prices 2002 - 2012

More interesting data: there were 4 straight years of fewer closings between 2006-2009.  This resulted in two consecutive years of lower average prices during 2009-2010, with 2010 down 10.5%.  With increasing numbers of closings again over the past 3 years, I expect in time prices will also begin to increase somewhat.

As of October 10th, there are 200 homes for sale on Lake Murray with an average asking price of $672,382 (it's evident, that "the market" is for the lower priced and smaller homes).   These "listed" homes on average are larger too (by 17%) than the average square footage for homes closed so far in 2012.  There are 26 homes priced at $1 million or more - only one sale so far in 2012 at $1 million or more.  So, it's a buyer's market for million dollar homes!

NOW IS THE TIME TO BUY AT LAKE MURRAY!
Lake Murray was named as one of the Top Ten Lakes in America for Boating and Living by Boating Magazine in 2011.   Compared to most other nice lakes, Lake Murray offers tremendous value.  When you are ready to BUY (or sell) at Lake Murray, contact Mel Coker.   Mel lives on Lake Murray and owns and maintains this blog and a Lake Murray website.  Mel knows Lake Murray!

Mel Coker
CRS, ABR, GRI, SRES, ePRO
Member: RE/MAX Hall of Fame
Lake Murray Realtor and Resident
RE/MAX Metro Associates
(803) 318-2007
email
Columbia Real Estate


*For purposes of my analysis, I measured Lake Murray homes sales with the following criteria: minimum 1200 square feet, 75 feet water frontage, minimum price $175,000.

Lake Murray Video

Link to video


Mel Coker
Lake Murray Resident and Realtor
RE/MAX Metro Associates

Wanted: Facebook Love for Lake Murray Real Estate Page

I Need Some Facebook LOVE LIKES!
Please LIKE my Facebook Page.

My COLUMBIA & LAKE MURRAY REAL ESTATE page on Facebook is relatively new, so I need some "LIKES" to get a higher standing with Facebook.  Please consider taking a moment to link over to my page and clicking on LIKE to help me out.  THANK YOU!

Several people will be selected by random drawing among those "LIKING" my page between September 25th and October 31st (2012) to win a Chic-Fil-A gift card.

CLICK: Mel Coker's Real Estate Facebook Page

Mel Coker
Columbia's Technology Realtor!
RE/MAX Metro Associates
Internet

Marine Fuel Stablilizer

Sta-Bil Marine Formula Fuel Stabilizer.  This stuff works!
I use it every time I add fuel to my boat or personal watercraft.

From the manufacturer:  Extra corrosion protection and fuel system cleaning: Keeps fuel fresh, prevents gum and varnish; Prevents corrosion from moisture and ethanol-induced water attraction; Cleans fuel injectors and intake valves to improve engine performance.


It is especially effective for gasoline with ethanol.  The price is really great at Amazon.  It's actually very inexpensive compared to possibly high repair bills due to repairs on motors with damage or hard starting due to moisture in gasoline.

The marine (green bottle)formula is the way to go compared to the original (red) formula.  It costs more for 32 ounces (about  35% more), BUT, it really is much less expensive.   The reason: the red formula calls for one ounce per 2.5 gallons of gasoline, whereas the marine (green) formula calls for only one ounce per 10 gallons of gasoline.   So, it lasts 4 times longer for a bottle, resulting in pricing about 66% lower.   Thirty-two ounces of marine formula will treat 320 gallons.  The original formula, priced slightly lower for the bottle, will only treat 80 gallons.


Buy a bottle (or two) today of Sta-Bil Marine Formula to protect and make your boat motor perform better.


Marine Formula Sta - Bil

Mel Coker Uses Sta-Bil Marine Formula

Mel Coker
Lake Murray Resident & Realtor
Chapin, SC
RE/MAX Metro Associates

500 Columbia, SC Real Estate Closings

Coming Soon: Mel Coker's 500th Real Estate Closing

Very soon, I will have my 500th Columbia (S.C.) real estate closing.
That's 500 closings since 1998 covering Columbia, Northeast Columbia, Lexington, West Columbia, Cayce, Irmo, Chapin, Prosperity, Saluda, Elgin and Lake Murray.  I've enjoyed helping many families and individuals buy and sell in the Greater Columbia area.  And, I'm looking forward to an improving economy and helping many more clients buy, sell and relocate.

My 500 closings represent an average of over 33 closings per year and a total sales volume in excess of $83 Million.  During these 15 years, I have only worked at two Columbia real estate firms.  For the past 11 1/2 years, I have been associated with the world leader in Real Estate sales - RE/MAX.  In 2006, I was inducted into the RE/MAX Hall of Fame for sales volume leadership.

My 500th real estate closing client will receive a special gift package in recognition of this special milestone.  Will it be you?    When you're ready to BUY or SELL in Greater Columbia, contact Mel Coker.

Mel Coker
RE/MAX Metro Associates
Columbia Real Estate Website
Columbia MLS Search
(803) 223-6214 office
Mel Coker's email

Lake Murray Sunset

Lake Murray sunset taken August 23rd at South end of Dreher Shoals Dam on Lake Murray.

CLICK:  Mel Coker's Lake Murray Website

CLICK:  Mel Coker's Real Estate Website

Boating Safety: Propeller Dangers

A whirling cutting machine, spinning at 3200 rpm, able to inflict 160 impacts in a second.
Sound like the diabolical weapon of a movie villain? Think again – it's the three-blade
propeller on your boat.

Children and other passengers love to dangle their legs over the side as a boat speeds through the water. They think it's fun and exciting. Maybe so, but it's also illegal, and extremely dangerous.

Passengers riding with legs over the side can easily slip, fall in the water, and be struck by a moving propeller. This is particularly true in a pontoon-type boat, where the pontoons "funnel" a passenger who slips off the front of the deck directly into the propeller blades.

For these reasons "bowriding" as well as riding on a seatback, gunwale (side), transom (rear), or swim platform while the boat is moving at greater that 5 miles per hour may be considered negligent operation and, in some cases, grossly negligent operation. A propeller can continue to spin after an engine is put into neutral, or even for some time after it is turned off, posing a hazard for swimmers, skiers, and tubers.

I saw an Internet article published today about a girl being cut by a propeller after falling from a boat on a Georgia lake.  This has happened at Lake Murray too - even resulting in death.  Link to article  

Please be careful of propellers while driving a boat or in the water around boats!

Don't Wreck Your Summer Video from U.S. Coast Guard