Personally, I’d term 2007 a moderately successful year. I closed 43 transactions in 2007 for a sales volume of $8.39 million. I met many new clients last year and 19 came to me through my Internet presence. My 2007 closed transactions covered the following areas: Irmo/Chapin 37%; West Columbia/Lexington 30%; Northeast Columbia/Blythewood 14%; Lake Murray 7%; Downtown Columbia 7%; Other areas 5%. In other words, I cover ALL of the Greater Columbia area!
For ALL Greater Columbia residential sales in 2007, the results were mixed with the nationwide slump finally hitting Columbia especially during the last quarter of 2007. For the year, the number of residential sales was down approximately 4.4% compared to 2006. The median sales price in 2007 ($144,000) was up approximately 3.5% compared to 2006. The average sales price in 2007 ($174,139) was up approximately 2.4% compared to 2006. Other market measures showed somewhat negative results. Average “days on market” (DOM) in 2007 was up approximately 9.0% in 2007 and inventory accumulation was up 23.9% in 2007.
For a few popular areas of Columbia:
One really good barometer of higher end sales in Columbia are Lake Murray home sales. For 2007, Lake Murray home sales (*) were up to 129 compared to 124 in 2006 (essentially unchanged). However the average sales price fell to $552,755 compared to $595,458 in 2006 (a drop of 7.2%). Another negative indicator is the 44.6% increase during 2007 for "expired" and "withdrawn" listings for Lake Murray homes. Most of these were re-listed and/or eventually sold at lower prices. This factor along with a 36% decrease in the number of Million dollar home sales (11 in 2006 to 7 in 2007) on Lake Murray contributed to the lower average Lake Murray home sales price during 2007. NOW is the time to buy at Lake Murray! Call Mel Coker.
(*)Criteria - Lake Murray waterfront min. 75 ft.; min. 1500 s.f.; min. price $100k
Another interesting statistic that I examined was new home sales in 2007. For the year, new home sales were essentially the same as in 2006 (up less than 1.0%). During the first nine months in 2007, new home sales were running 4.2% ahead of 2006. However, during the last 3 months of 2007, new home sales were down 9.3% compared to the same period in 2006. NOW is the time to buy a new home with good inventory and special pricing incentives from a number of builders. Call Mel Coker.
The “average” real estate sales agent (I can’t call them Realtors, because not all sales agents are actually Realtors), sold about 6 homes in 2007. So, the “average” real estate sales agent doesn’t sell too many homes. If an agent is in the top 5% of Columbia area sales agents, this equals at least 37 (app.) closed transactions during 2007.
NOW is a great time to buy a home! Interest rates are at historically low levels and inventory of homes to choose from is plentiful. Also, many new home communities are offering special incentives. When you’re ready to buy (resale OR new) or sell, or know of someone needing to buy or sell, please remember to contact MEL COKER.
Mel Coker
Realtor, CRS, ABR, GRI, SRES
My cool accomplishments last year included: 1)induction into the RE/MAX Hall of Fame (January 2007), 2)membership in the CyberStars group, and, 3)the start of my Blog (September 2007). I’m looking forward to 2008!
During 2007, I was accepted into the Allen F. Hainge CyberStars group. I am the exclusive CyberStars member for the Greater Columbia area and one of only 4 in all of South Carolina. Acceptance is by invitation only. Each member must be a leading sales associate in the local marketplace, commited to using today's technology to the fullest and regular attendance at CyberStars annual meetings.
After a period of research and development, I started my Columbia SC real estate blog on September 27, 2007. I've commited to regular and interesting updates to the blog. I've read and seen that many blogs start out with good intentions but typically fail because the authors run out of topics or devotion to the blog. I've got so many ideas for future blogs! Past and future blog topics will include: Columbia information and points of interest, New home "Community Spotlights", property tax information, tourism information, Lake Murray updates, Home repair and improvements, Selling tips, and much more.
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"Selling Columbia, Lake Murray, Irmo,
Northeast Columbia, Lexington!"
Mel Coker
RE/MAX Metro Associates
690-B Columbiana Drive
Columbia, SC 29212
Office : 803-749-5800
Home : 803-932-2144
Toll Free: 888-528-2258e-mail: homes@ColumbiaSouthCarolina.com
Columbia, South Carolina Real Estate and homes
Mel Coker, Realtor - RE/MAX Metro Associates
Columbia - Lexington - Irmo - Chapin - Northeast Columbia - Lake Murray