Cliffs at Lake Keowee Market Report--June 30, 2022

Laurie Metzger Photography Art Gallery on Pendleton Square lauriemetzgerphotography.com

The Cliffs at Lake Keowee Market Report June 30, 2022

David Vandeputte · prominentkeoweeproperties.com · david@jha-sothebysrealty.com · 864.508.1717

David Vandeputte, Broker Prominent Keowee Properties Email: David@JHA-SothebysRealty.com Mobile: 864.508.1717 prominentkeoweeproperties.com Joan Herlong and Associates Sotheby’s International Realty 148 Thomas Greene Blvd., Clemson, SC 29631 1 McDaniel Greene, Greenville, SC 29601

Driven to be the

BEST not the Biggest

Each affiliate independently owned and operated.

The Upstate region as well as the Cliffs continues to be a destination of choice for many who visit the area. Once the plan from the new owners of the Reserve gets rolling, I expect their marketing budget is going to draw additional prospects to the Lake Keowee communities.

Primarily due to the unprecedented low inventory of homes and waterfront homesites, the number of transactions in the three Cliffs lake communities was down 38% and the dollar amount down 29% when comparing the twelve-month period that ended June 30, 2022 to 2021. The good news is that most of the statistics in the report are positive, especially the percentage increase of median and average sales price as well as estimated price per square foot. Another piece of good news for those who are building, according to Fortune, lumber prices are down to $648 per thousand board feet. In May of 2021, that price hit a record high of $1,607, due to soaring demand of new construction, extensive home renovation, production challenges due to labor shortage and supply chain issues. Lumber led the inflation charts from April 2020 through May 2021.

In speaking with local builders, most of the other big ticket items have come down in price since their highest level, however, they are still significantly above pre-pandemic prices. One prominent custom home builder said, recently two excavating companies had reached out to him to determine if their services are needed. Remember excavating companies are the first contractor on the job for new construction. This could be a leading indicator that home building could be starting to slow.

When that happens the contractors labor prices should decline as well. There are a few families who have delayed construction until prices come down.

Nationally, in many areas the supply of luxury homes has experienced a slight increase in homes for sale, especially compared to one year ago. Also, there has been a slower rate of price escalation. Most of the markets are still a seller’s market– demand still outpaces supply. It will take more sellers or the building of new spec homes to create a balanced market. Median sales prices increased approximately 16% year over year. Still a substantial percentage increase, but it paled compared to 2020 which was 24%. Despite the rising inventory levels, the other metrics demonstrate a strong market as well.

Selling in our market at or near the top is both art and science. Homes need to be professionally staged by an accredited individual so that they appeal to the highest number of potential buyers. Properties must be photographed by a seasoned pro in ideal lighting including video, drone and 3D to enhance the home’s attributes while allowing a prospective buyer to make an emotional connection so that they can see themselves living in the home. Just because it is a seller’s market for homes now is not the time to skimp on the presentation. If you want top dollar for your home let me, my team and Joan Herlong & Associates Sotheby’s International Realty go to work for you.

David Vandeputte · prominentkeoweeproperties.com · david@jha-sothebysrealty.com · 864.508.1717

Waterfront Homes July 1 - June 30 2020

2021

2022

Median Sales Price $1,550,000

$1,800,000 +16%

$2,668,550 +48%

Median Sale to List Price 95%

96% +1%

99% +3%

Median Price per Square Foot $328

186

$370 +13%

Median Days on the Market 91 -51%

$473 +28%

49 -46%

David Vandeputte · prominentkeoweeproperties.com · david@jha-sothebysrealty.com · 864.508.1717

Waterfront Homes July 1 - June 30 07/01 – 06/30 Total Sales 2022 25 2021 51 2020 37

Variance -51% +38%

Falls North 1 2 1

Falls South 6 15 8

July 1, 2021 - June 30, 2022 Price Band >$4.5m

Inventory 3

Sales 2

Pending 2

$4.25m–$4.5m

3

1

0

36/Buyer’s

$4.0m–$4.25m

0/Seller’s

Springs 3 14 12

Vineyards 15 20 16

July 1 - June 30

Months Supply 9/Buyer’s

0

0

1

$3.75m–$4.0m

2

0

0

–/Seller’s

$3.5m–$3.75m

0

2

0

0/Seller’s

$3.25m–$3.5m

1

2

0

6/Balanced

$3.0m–$3.25m

1

2

0

6/Balanced

$2.75m–$3.0m

0

1

0

0/Seller’s

$2.5m–$2.75m

2

5

0

5/Seller’s

$2.25–$2.5m

0

0

0

–/Seller’s

$2.0m–$2.25m

0

4

0

0/Seller’s

$1.75m–$2.0m

0

0

1

0/Seller’s

<$1.75m

0

6

1

0/Seller’s

TOTAL

12

25

5

5/Seller’s

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.

13-Month Trend

13 9

3

Jun ‘21

6

Jul ‘21

Aug 21

Sep ‘21

3

3

Nov ‘21

Oct ‘21

2

2

2

Dec ‘21

Jan ‘22

Feb ‘22

Inventory Month Median Price

12

6

1

0

11

8

7

2

12

11

11

6

14

2

1 Mar ‘22

Apr ‘22

3 1 May ‘22

Jun ‘22

Sales

Jun ‘21

Jul ‘21

Aug ‘21

Sep ‘21

Oct ‘21

Nov ‘21

Dec ‘21

Jan‘ 22

Feb ‘22

Mar ‘22

Apr ‘22

May ‘22

Jun ‘22

0

$1.82m

$2.08m

$1.65m

$2.13m

$3.45m

$3.31m

$1.56m

$2.94m

$4.4m

$3.16

$2.67m

$3.70m

David Vandeputte · prominentkeoweeproperties.com · david@jha-sothebysrealty.com · 864.508.1717

Non-Waterfront Homes July 1 - June 30 2020

2021

2022

Median Sales Price $684,500

$725,000 +6%

$982,500 +36%

Median Sale to List Price 96%

97% +1%

100% +3%

Median Price per Square Foot $212

94

$226 +7%

Median Days on the Market 91 -3%

$234 +4%

40 -56%

David Vandeputte · prominentkeoweeproperties.com · david@jha-sothebysrealty.com · 864.508.1717

Non-Waterfront Homes July 1 - June 30 07/01 – 06/30 Total Sales 2022 18 2021 34 2020 20

Variance -47% +70%

Falls North 2 2 2

Falls South 4 8 6

July 1, 2021 - June 30, 2022 Price Band >$1.8m

Inventory 0

Sales 1

Pending 1

Springs 1 8 4

Vineyards 11 16 8

July 1 - June 30

Months Supply 0/Seller’s

$1.7m–$1.8m

1

1

0

12/Buyer’s

$1.6m–$1.7m

1

1

1

6/Balanced

$1.5m–$1.6m

0

0

0

–/Seller’s

$1.4m–$1.5m

1

0

0

–/Seller’s

$1.3m–$1.4m

0

1

0

0/Seller’s

$1.2m–$1.3m

0

1

0

0/Seller’s

$1.1m–$1.2m

0

1

0

0/Seller’s

$1.0m–$1.1m

1

3

0

4/Seller’s

$900k–$1.0m

1

1

0

12/Buyer’s

$800k–$900k

0

2

0

0/Seller’s

$700k–$800k

0

1

0

0/Seller’s

<$700k

0

5

0

0/Seller’s

TOTAL

5

18

2

3/Seller’s

13-Month Trend 5 3

3

3 3

2

2

2

2

2

2 2

Jul ‘21

Aug 21

Sep ‘21

Oct ‘21

Nov ‘21

Dec ‘21

Inventory

2

1

0 Jun ‘21

5

3

2

1

4

2

2

May ‘22

Jun ‘22

1

0

0

0

Jan ‘22

Feb ‘22

Mar ‘22

Apr ‘22

Sales

Month

Jun ‘21

Jul ‘21

Aug ‘21

Sep ‘21

Oct ‘21

Nov ‘21

Dec ‘21

Jan‘ 22

Feb ‘22

Mar ‘22

Apr ‘22

May ‘22

Jun ‘22

Median Price

$1.46m

$1.40m

0

$850k

$1.11m

$1.11m

$832k

$855k

0

$1.65m

0

$885k

$447k

David Vandeputte · prominentkeoweeproperties.com · david@jha-sothebysrealty.com · 864.508.1717

Waterfront Homesites July 1 - June 30 2020

2021

2022

Median Sales Price $405,000

$375,000 -7%

$389,500 +4%

Median Sale to List Price 92%

205

95% +3%

Median Days on the Market 176 -14%

96% +1%

153 -13%

David Vandeputte · prominentkeoweeproperties.com · david@jha-sothebysrealty.com · 864.508.1717

Waterfront Homesites July 1 - June 30 07/01 – 06/30 Total Sales 2022 46 2021 107 2020 34

Variance -57% +215%

Falls North 3 17 6

Falls South 24 50 11

July 1, 2021 - June 30, 2022 Price Band

Inventory

Sales

$>1.2m

5

6

Pending 3

7/Buyer’s

Vineyards 4 21 4

July 1 - June 30

Months Supply

$1.1m–$1.2m

1

0

0

–/Seller’s

$1.0m–$1.1m

0

0

0

–/Seller’s

$900k–$1.0m

1

3

0

4/Seller’s

$800k–$900k

1

3

1

3/Seller’s

$700k–$800k

2

2

0

12/Buyer’s

$600k–$700k

0

0

0

–/Seller’s

$500k–$600k

1

2

1

4/Seller’s

$400k–$500k

1

6

0

2/Seller’s

$300k–$400k

2

10

0

2/Seller’s

$200k–$300k

2

7

1

3/Seller’s

<$200k

2

7

0

3/Seller’s

18

46

6

4/Seller’s

TOTAL

Springs 15 19 13

13-Month Trend 29

29 26

27

25 22

21

19

14

19

19

19

23 20

10 7 2 Jun ‘21

5

3

Jul ‘21

Aug 21

Sep ‘21

2 Dec ‘21

Nov ‘21

Oct ‘21

Inventory

3

1 Feb ‘22

Jan ‘22

4

3 Mar ‘22

Apr ‘22

3

3

May ‘22

Jun ‘22

Sales

Month

Jun ‘21

Jul ‘21

Aug ‘21

Sep ‘21

Oct ‘21

Nov ‘21

Dec ‘21

Jan‘ 22

Feb ‘22

Mar ‘22

Apr ‘22

May ‘22

Jun ‘22

Median Price

$358k

$298k

$545k

$480k

$322k

$1.25m

$429k

$285k

$900k

$138k

$440k

$875k

$955k

David Vandeputte · prominentkeoweeproperties.com · david@jha-sothebysrealty.com · 864.508.1717

Non-Waterfront Homesites July 1 - June 30 2020

2021

2022

Median Sales Price $46,000

$52,000 +13%

$91,250 +75%

Median Sale to List Price 92%

250

89% -3%

Median Days on the Market 191 -24%

94% +6%

231 +21%

David Vandeputte · prominentkeoweeproperties.com · david@jha-sothebysrealty.com · 864.508.1717

Non-Waterfront Homesites July 1 - June 30 07/01 – 06/30 Total Sales 2022 62 2021 53 2020 18

Variance +17% +194%

Falls North 2 2 1

Falls South 24 17 4

July 1, 2021 - June 30, 2022 Price Band

Inventory

Sales

>$550k

1

0

Pending 0

–/Buyer’s

$500k-$550k $450k-$500k

0 0

0 1

0 0

–/Buyer’s 0/Seller’s

$400k–$450k

0

0

0

–/Buyer’s

$350k–$400k

2

0

0

–/Buyer’s

$300k–$350k

0

0

0

–/Buyer’s

Springs 13 12 8

Vineyards 23 22 5

July 1 - June 30

Months Supply

$250k-$300k

1

5

0

2/Seller’s

$200k–$$250k

0

6

0

0/Seller’s

$150k–$200k

14

10

0

17/Buyer’s

$100k–$150k

26

8

0

39/Buyer’s

$50k–$100k

13

16

0

10/Buyer’s

<$50k

9

18

0

6/Balanced

TOTAL

66

64

0

12/Buyer’s

13-Month Trend 65

63

63

51

10

5

5

Jun ‘21

Jul ‘21

Aug 21

47

43

41

7

6

6

Sep ‘21

Oct ‘21

Nov ‘21

41

42

39

41

2

2

4

7

Dec ‘21

Jan ‘22

Feb ‘22

Inventory Month Median Price

Mar ‘22

50

50

4

6

5

Apr ‘22

May ‘22

Jun ‘22

Sales

Jun ‘21

Jul ‘21

Aug ‘21

Sep ‘21

Oct ‘21

Nov ‘21

Dec ‘21

Jan‘ 22

Feb ‘22

Mar ‘22

Apr ‘22

May ‘22

Jun ‘22

$81k

$30k

$73k

$173k

$77k

$73k

$323k

$89k

$130k

$140k

$105k

$59k

$125k

David Vandeputte · prominentkeoweeproperties.com · david@jha-sothebysrealty.com · 864.508.1717

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 at Lake Keowee or any of its representatives. The data contained in this report was extracted from the Western Upstate Multiple Listing Service ending June 30, 2022. 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 · prominentkeoweeproperties.com · david@jha-sothebysrealty.com · 864.508.1717

Things to Do, Places to Go, and People to See Activities Around Lake Keowee

Music and Events Ongoing Events on the Alley TH Jazz A night of music in the streets on Ram Cat Alley in historic downtown Seneca. Join the fun with friends and neighbors, choose your restaurant food and get ready to dance the night away!

Every Thursday through October; 7:00 - 9:00 pm 4th

FR 2nd

FR FR

Walhalla Cruise-In

Cruise over to College and Main Streets in Walhalla for classic cars, hotrods, food trucks, music raffles and more!

Fourth Friday; 5:00 - 7:00 pm

Second Shift

Unwind after work. Walhalla Main Street businesses open after hours with retail, food & drink specials, sidewalk fun, live music.

Every Thursday through October; 7:00 - 9:00 pm

Greenville Heritage Main Street Fridays presented by Pepsi

Weekly music series on Main Street at NOMA Square from 5:30 to 9:30 p.m., with bands playing two sets at 5:50 and 7:40 p.m. Best to bring a tailgating chair if you are not arriving early.

SF

Upstate Shakespeare Festival

Shows begin at 7:00 pm Thursdays - Sundays, Othello performed by the Warehouse Theatre through July 31 at Falls Park on the Reedy, 601 S. Main St, Greenville. Call 864-235-6948 for information.

Sports Check schedule updates at: mlb.com/braves milb.com/greenville

July 810

Atlanta Braves

vs Nationals; Truist Field

11- Atlanta Braves 13 vs Mets; Truist Field 22- Atlanta Braves 24 vs Angels; Truist Field 22- Greenville Drive 24 vs Aberdeen, Fluor Field 26- Greenville Drive 31 vs Bowling Green, Fluor Field 2931

Atlanta Braves vs D-backs; Truist Field

August 23

Atlanta Braves

914

Greenville Drive

vs Phillies; Truist Field

vs Hickory, Fluor Field

15- Atlanta Braves 18 vs Mets; Truist Field 19- Atlanta Braves 21 vs Astros; Truist Field 2328

Greenville Drive vs Greensboro, Fluor Field

30- Atanta Braves 31 vs Rockies, Truist Field David Vandeputte · prominentkeoweeproperties.com · david@jha-sothebysrealty.com · 864.508.1717

Sports September 1

Atlanta Braves

24

Atlanta Braves

5

Clemson Tigers

vs Rockies; Truist Field

Book a reservation at www.vangelisbistro.com.

Football vs Ga. Tech; Mercedes Benz, Atlanta

Memorial Stadium

Greenville Drive

119 Ram Cat Alley, Seneca, SC 29678 • 864.973.8887

Art & Theatre August 12

Kate Hamill’s The Scarlet Letter

14

Spector

vs Asheville; Fluor Field

16- Atlanta Braves 18 vs Phillies, Truist Field 17

Proud recipient of the 2022 Wine Spectator Award!

vs Marlins; Truist Field

Tigers 10 Clemson Football vs Furman; 614

Elevate the Everyday.

Clemson Tigers Football vs LA Tech; Memorial Stadium

Braves 30 Atlanta vs Mets; Truist Field

Peace Center Gunter Theater, 7:00 pm; Presented by South Carolina New Play Festival

Peace Center Gunter Theater, 7:00 pm; Presented by South Carolina New Play Festival

Ongoing Friday Crawl FRI First Artists Guild Gallery, 200 North Main, Greenville artistsguildgalleryofgreenville.com

19- Atlanta Braves 21 vs Nationals; Truist Field

2nd

SAT

Music on the Mountain

Table Rock State Park; 2:00 - 6:00 pm

Art & Theatre July 17- Classic Broadway 31 Music Revue by GLOW Lyric Theatre; Fred Collins Performing Arts Center at the Kroc Center. glowlyric.com

David Vandeputte · prominentkeoweeproperties.com · david@jha-sothebysrealty.com · 864.508.1717

David Vandeputte prominentkeoweeproperties.com david@jha-sothebysrealty.com 864-508-1717

David Vandeputte ·

Sotheby’s International Realty and the Sotheby’s International Realty logo are registered service marks used with permission. prominentkeoweeproperties.com · david@jha-sothebysrealty.com Each office owned and operated independently.

· 864.508.1717