The Cliffs and The Reserve at Lake Keowee Market Report December 31, 2023

The Cliffs and The Reserve at Lake Keowee Market Report December 31, 2023

Photo by Laurie Metzger

Prepared Especially For: Presented by David Vandeputte Your Cliffs and Reserve at Lake Keowee Real Estate Specialist

I trust you and your family had a healthy, safe and enjoyable holiday season!

Much changed in 2023: the global economy’s volatility, emerging from a worldwide pandemic, a new war in the Middle East, continued war in Ukraine, deepening US-China tensions and an extreme inflationary cycle which triggered rapid tightening of monetary conditions by the Fed. Once again, the defining characteristic of our market is extremely low inventory of homes and waterfront home sites. Let’s take a high-level view of the numbers.

For more details, visit prominentkeoweeproperties.com.

The number of real estate transactions in both Cliffs and Reserve communities decreased by 12% and 39% respectively as was the total dollar amount generated by those transactions were down 4% and 14% for each community.

Sales numbers were greatly influenced by the extremely low inventory levels, particularly in the Reserve with only 28 homes and home sites available. This metric is down 6% from one year ago. 46% of the available properties for sale at the Reserve are non-waterfront home sites.

The Cliffs inventory level is down 10% from a year ago to 100 properties. They have 72% more inventory available compared to the Reserve. 63% of the Cliffs inventory is non-waterfront home sites.

Forecast: Home prices will remain steady with as much as a 3% gain over 2023. Several factors come into play: 1. It’s an election year with an incumbent president running historically results in a bull market. (Which creates optimism.) Per the Stock Trader’s Almanac, since 1949 the S & P 500 averages a 13% gain in election years.

Typically, the incumbents implement new policies, possibly lower taxes (doubtful) or could increase domestic oil production to boost the economy prior to the fall vote.

THE CLIFFS AT LAKE KEOWEE WATERFRONT HOMES

THE RESERVE AT LAKE KEOWEE WATERFRONT HOMES

1/1/22– Metric 12/31/22 29 Homes Sold

1/1/23– 12/31/23 31

$2.73m

Median Sale Price

$2.99m +10%

$560

Median Price Sq. Ft. $578

74

Median Days on the 73 Market

2. Fed will cut rates as early as the beginning of the second quarter of 2024, demonstrating that inflation is under control and in response to slowing economic activity.

Mortgage rates will fall to the low 6% range by the end of the year.

3. Many experts believe that US GDP will grow by 1.5%, thus avoiding a recession with unemployment remaining at acceptable levels.

The art of selling and buying in this market requires a critical, analytical approach by expertly presenting and professionally marketing your property. Understanding the realities and setting realistic expectations, you can anticipate strong offers and a seamless sale. My team and I are here to help you!

1/1/22– Metric 12/31/22 13 Homes Sold

1/1/23– 12/31/23 12 -8%

$3.20m

Median Sale Price

$3.20m

+3%

$606

Median Price–Sq. Ft. $589

-1%

38

Median Days on the Market

+7%

MONTHS OF SUPPLY

0% -3%

+68%

64

MONTHS OF SUPPLY

Seller’s Market

Balanced

Buyer’s Market

Seller’s Market

Balanced

Buyer’s Market

5 or fewer months

6 months

7 or more months

5 or fewer months

6 months

7 or more months

4

NON-WATERFRONT HOMES

6

NON-WATERFRONT HOMES

1/1/22– Metric 12/31/22 30 Homes Sold

1/1/23– 12/31/23 20 -33%

1/1/22– Metric 12/31/22 15 Homes Sold

10

$1.31m

Median Sale Price

$1.23m -6%

$1.65m

Median Sale Price

$1.65m

$385

Median Price–Sq. Ft. $366

$387

Median Price–Sq. Ft. $389

11

Median Days on the Market

68

Median Days on the Market

39

-5% +255%

MONTHS OF SUPPLY

97

-33% 0% +1% +43%

MONTHS OF SUPPLY

Seller’s Market

Balanced

Buyer’s Market

Seller’s Market

Balanced

5 or fewer months

6 months

7 or more months

5 or fewer months

6 months

5

1/1/23– 12/31/23

7

Buyer’s Market

7 or more months

Your Neighbor is your best advocate.

Contact me for a personal market consultation.

864-508-1717 david@jha-sothebysrealty.com

prominentkeoweeproperties.com

For a more comprehensive Market Report, visit prominentkeoweeproperties.com THE RESERVE AT LAKE KEOWEE WATERFRONT HOME SITES

THE CLIFFS AT LAKE KEOWEE WATERFRONT HOME SITES 1/1/22– Metric 12/31/22 44 Home Sites Sold

1/1/23– 12/31/23 -18% 36

1/1/22– Metric 12/31/22 11 Home Sites Sold

14

$713k

Median Sale Price

$840k

+18%

$450k

Median Sale Price

$565k +26%

77

Median Days on the Market Median Sales to List Price Ratio

72

-6%

177

283

+60%

96%

-1%

96%

Median Days on the Market Median Sales to List Price Ratio

98%

+2%

97%

MONTHS OF SUPPLY Seller’s Market

5

5 or fewer months

+21%

MONTHS OF SUPPLY

Balanced

Buyer’s Market

Seller’s Market

Balanced

Buyer’s Market

6 months

7 or more months

5 or fewer months

6 months

7 or more months

3

NON-WATERFRONT HOME SITES 1/1/22– Metric 12/31/22 50 Home Sites Sold

47

$105k

Median Sale Price

97

Median Days on the Market Median Sales to List Price Ratio

94%

1/1/23– 12/31/23

NON-WATERFRONT HOME SITES

1/1/23– 12/31/23 -6%

1/1/22– Metric 12/31/22 31 Home Sites Sold

1/1/23– 12/31/23 -77%

7

$98k

-6%

$15k

Median Sale Price

$135k +800%

73

-25%

207

95%

+1%

94%

Median Days on the 104 Market Median Sales to List 95% Price Ratio

-50% +1%

MONTHS OF SUPPLY

MONTHS OF SUPPLY Seller’s Market

Balanced

Buyer’s Market

Seller’s Market

Balanced

Buyer’s Market

5 or fewer months

6 months

7 or more months

5 or fewer months

6 months

7 or more months

15

17

The months of supply calculates how many months it would take to sell a property given the current sales pace, inventory level and no new properties are offered for sale. The industry standard is that 6 months of supply is a balanced/neutral market, 5 months or less is a seller’s market and 7 months or more a buyer’s market.

If you have a brokerage relationship with another agency, this is not intended as a solicitation. The data contained in this report is for informational purposes only and is not endorsed by The Cliffs or The Reserve at Lake Keowee or any of its representatives. That data is based on Western Upstate Multiple Listing Service ending December 31, 2023. The information is deemed reliable but not guaranteed. It excludes private transactions and certain developer transactions that were not entered into MLS. As a result actual numbers could be different.

David Vandeputte Joan Herlong & Associates Sotheby’s Internatioal Realty 148 Thomas Green Blvd.

Clemson, SC 29631

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