TheCliffsatLakeKeowee MarketReport TheCliffsatLakeKeowee MarketReport June30,2023 PresentedBy DavidVandeputte YourCliffsatLakeKeoweeRealEstateSpecialist
DavidVandeputte 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 YourNeighbor& CliffsatLakeKeowee Specialist MagnificentSanctuarywithUnlimitedOpportunities E-18LakeViewCourtCliffsFallsNorth$359,676
It was an amazing spring with cooler than normal temperatures, although higher rainfall. Summer heat has arrived. I hope you are enjoying the lake to stay cool.
The Cliffs at Lake Keowee is an interesting market in 2023. Waterfront homes have an impressive growth in the price per square foot, and the months of supply decreased to 4 months from 5, while the homes available for sale remained the same, 12, from one year ago. Days on the market increased probably due to the higher list prices of the homes.
For non-waterfront homes, the months of supply decreased to 2 months from 3 compared to one year ago, with 1 less home available for sale. Median and average sales price increased 80% since June 30, 2020.
Interestingly, in waterfront home sites, the market shifted to balanced from a buyer’s market, with 4 months of supply from one year ago. Also,there are 4 more home sites available than last June. Cliffs non-waterfront home sites months of supply increased by 25% since June 2022 while available
inventory decreased by 8%.
Nationally, The Institute of Luxury Home Marketing said, “Despite lingering uncertainty outside the luxury real estate market, the steadiness of prices, sales, and inventory levels have resulted in a consistent increase in the demand for luxury properties during the first five months of 2023.”
Regionally, David Caraviello, from Greenville “Post and Courier” recently ran an article covering the record sale prices on homes on Lake Keowee and attributed it to scarcity of waterfront properties.
You can also download and read my market report for The Reserve at Lake Keowee. Overall RLK’s market has shifted due to the ownership issues of the past and probably due to a limited marketing budget. It seems to me with the recent announcement that the momentum will change in a positive direction for property owners.
Please contact me if you’d like to discuss your property in relation to the current market.
WaterfrontHomes Non-WaterfrontHomes WaterfrontHomeSites Non-WaterfrontHomeSites TotalSales THECLIFFSATLAKEKEOWEEPROPERTYSALES July1,2019–June30,2020 $96,068,746 $1,126,500 $13,228,650 $14,583,503 37$67,130,093 20 34 18 109 NumberofSalesTotalSalesVolume WaterfrontHomes Non-WaterfrontHomes WaterfrontHomeSites Non-WaterfrontHomeSites TotalSales THECLIFFSATLAKEKEOWEEPROPERTYSALES July1,2020–June30,2021 $173,247,177 $4,117,620 $45,933,874 $25,567,196 51$97,628,487 34 107 52 244 NumberofSalesTotalSalesVolume 52$4,117,620 WaterfrontHomes Non-WaterfrontHomes WaterfrontHomeSites Non-WaterfrontHomeSites TotalSales THECLIFFSATLAKEKEOWEEPROPERTYSALES July1,2021–June30,2022 $139,824,140 $8,002,971 $36,251,500 $26,413,900 25$69,155,769 23 51 65 164 NumberofSalesTotalSalesVolume WaterfrontHomes Non-WaterfrontHomes WaterfrontHomeSites Non-WaterfrontHomeSites TotalSales THECLIFFSATLAKEKEOWEEPROPERTYSALES July1,2022–June30,2023 $181,441,957 $7,944,250 $37,461,900 $34,265,055 35$101,770,752 26 41 43 145 NumberofSalesTotalSalesVolume
13-Month Trend
WATERFRONTHOMES 15 17 18 20 21 19 15 16 19 18 16 14 17 1 5 4 0 4 3 2 1 3 4 1 5 3 Jun '22 Jul '22 Aug '22 Sep '22 Oct '22Nov '22 Dec '23Jan '23 Feb '23 Mar '23 Apr '23 May '23Jun '23 Inventory Sales
13-MonthTrendMedianSalesPrice $3.69m$2.35m$2.51m0$2.99m$2.62m$3.07m$2.50m$3.00m$2.33m$1.92m$2.99m$3.50m 13-MonthTrendAverageSalesPrice $3.69m$3.58m$2.44m0$2.87m$2.76m$3.07m$2.50m$3.06m$2.64m$1.92m$2.99m$2.98m
2020202120222023 MEDIANSALESPRICE $1.55m$1.80m$2.69m +16%+48% $2.62m -2% 2020202120222023 MEDIANPRICEPERSQUAREFOOT $328$370$473 +13%+28% $544 +15% 2020202120222023 MEDIANSALESTOLISTPRICERATIO 95%96%99% +1%+3% 96% -3% 2020202120222023 MEDIANDAYSONTHEMARKET 1869149 -51%-46% 80 +63% Jul. 1 - Jun. 30Total SalesVarianceFalls NorthFalls SouthSpringsVineyards 2022-2023 35 +40% 4 14 6 11 2021-2022 25 -51% 1 6 3 15 2020-2021 51 +38% 2 15 14 20 2019-2020 37 1 8 12 16 2020202120222023 AVERAGESALESPRICE $1.56m$1.91m$2.77m +23%+45% $2.90m +5% 2020202120222023 AVERAGEPRICEPERSQUAREFOOT $328$377$496 +15%+32% $566 +14% 2020202120222023 AVERAGESALESTOLISTPRICERATIO 95%96%98% +1%+2% 94% -4% 2020202120222023 AVERAGEDAYSONTHEMARKET 20314595 -29%-34% 113 +19%
July1-June30
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.
Supply >$4.5m62036/Buyer’s $4.25m-$4.5m0100/Seller’s $4.0m-$4.25m21024/Buyer’s $3.75m-$4.0m0300/Seller’s $3.5m-$3.75m1206/Balanced $3.25m-$3.50m21112/Buyer’s $3.0m-$3.25m0400/Seller’s $2.75m-$3.0m0310/Seller’s $2.50m-$2.75m0200/Seller’s $2.25m-$2.50m0600/Seller’s $2.0m-$2.25m0300/Seller’s $1.75m-$2.0m0410/Seller’s <$1.75m1313/Seller’s Total123544/Seller’s July1,2022-June30,2023
PriceBandInventorySalesPendingMonthsof
33 16 3 12 5 33 32 8 12 18 22 5 0 15 4 44 36 6 15 16 44 4 4 0 44 21 11 20 17 2 3 8 33 7 6 15 0 5 10 15 20 25 30 35 40 45 50 2019 2020 2021 2022 2023 MonthsofSupplyActiveListings Mar Jun Sep DecMar Jun Sep DecMar Jun Sep DecMar Jun Sep Dec 5-YearComparisonofMonthsofSupplyandActiveListings Mar Jun Sep Dec
13-Month Trend
NON-WATERFRONTHOMES 2020202120222023 MEDIANSALESPRICE $685k$725k$1.08m +6%+48% $1.23m +14% 2020202120222023 MEDIANSALESTOLISTPRICERATIO 96%97%100% +1%+3% 98% -2% 2019202020212022 MEDIANPRICEPERSQUAREFOOT $212$226$264 +7%+17% $367 +39% 2020202120222023 MEDIANDAYSONTHEMARKET 949134 -3%-63% 54 +59% July1-June30 2020202120222023 AVERAGESALESPRICE $729k$752k$1.15m +3%+53% $1.31m +15% 2020202120222023 AVERAGESALESTOLISTPRICERATIO 95%97%100% +2%+3% 98% -2% 2020202120222023 AVERAGEPRICEPERSQUAREFOOT $220$230$293 +5%+27% $345 +18% 2020202120222023 AVERAGEDAYSONTHEMARKET 17117633 +3%-81% 50 +52% Jul 1 - Jun 30Total SalesVarianceFalls NorthFalls SouthSpringsVineyards 2022-2023 26 +13% 2 3 13 8 2021-2022 23 -32% 3 3 6 11 2020-2021 34 +70% 2 8 8 16 2019-2020 20 1 7 4 8 10 13 10 11 13 11 7 5 6 5 4 6 5 2 0 6 1 2 2 8 1 1 2 1 1 0 Jun '22Jul '22 Aug '22Sep '22Oct '22 Nov '22 Dec '22 Jan '23 Feb '23 Mar '23 Apr '23May '23 Jun '23 Inventory Sales
13-MonthTrendMedianSalesPrice $447k0$1.09m$1.60m$1.42m$1.25m$1.72m$190k$1.25m$872k$998k$847k0 13-MonthTrendAverageSalesPrice $447k0$1.10m$1.60m$1.42m$1.25m$1.79m$190k$1.25k$872k$998k847k0
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.
The data contained in this report was extracted from the Western Upstate Multiple Listing Service. 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.
July1,2022-June30,2023
PriceBandInventorySalesPendingMonthsof Supply >$1.8m1403/Seller’s $1.7m-$1.8m000–$1.6m-$1.7m0100/Seller’s $1.5-$1.6m1403/Seller’s $1.4m-$1.5m11012/Buyer’s $1.3m-$1.4m0310/Seller’s $1.2m-$1.3m100–$1.1m-$1.2m0010/Seller’s $1.0m-$1.1m0300/Seller’s $900k-$1.0m0400/Seller’s $800k-$900k0200/Seller’s $700k-$800k0110/Seller’s <$700k0300/Seller’s Total42632/Seller’s 1 6 3 11 23 5 12 5 15 3 14 6 5 17 19 14 12 5 3 5 11 20 17 14 11 20 6 7 1 20 6 14 7 0 5 10 15 20 25 2019 2020 2021 2022 2023 MonthsofSupplyActiveListings Mar Jun Sep DecMar Jun Sep DecMar Jun Sep Dec Mar Jun Sep Dec
Mar Jun Sep Dec
5-YearComparisonofMonthsofSupplyandActiveListings
13-Month Trend
2020202120222023 MEDIANSALESPRICE $405k$375k$429k -7%+14% $710k +66% 2020202120222023 MEDIANDAYSONTHEMARKET 205176125 -14%-29% 76 -39% 2020202120222023 MEDIANSALESTOLISTPRICERATIO 92%95%96% +3%+1% 97% +1% July1-June30 2020202120222023 AVERAGESALESPRICE $389k$429k$711k +10%+66% $914k +29% 2020202120222023 AVERAGEDAYSONTHEMARKET 268246220 -8%-11% 114 -48% 2020202120222023 AVERAGESALESTOLISTPRICERATIO 89%94%94% +6%0% 96% +2%
Jul 1 - Jun 30Total SalesVarianceFalls NorthFalls SouthSpringsVineyards 2022-2023 41 -20% 3 14 18 6 2021-2022 51 -52% 3 24 20 4 2020-2021 107 +215% 17 50 19 21 2019-2020 34 5 12 13 4 27 2222 20 25 2222 26 25 39 33 27 23 3 6 3 5 1 5 2 1 4 1 4 5 4 Jun '22 Jul '22 Aug '22 Sep '22 Oct '22Nov '22 Dec '22Jan '23 Feb '23 Mar '23 Apr '23 May '23Jun '23 Inventory Sales
WATERFRONTHOMESITES
13-MonthTrendMedianSalesPrice $955k$1.05m$465k$749k$42k$725k$450k$620k$1.83m$385k$1.88m$540k$612k 13-MonthTrendAverageSalesPrice $1.06m$1.04m$628k$652k$42k$799k$450k$620k$1.66m$385k$2.00m$632k$566k
July1,2022-June30,2022
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.
Price BandInventory Sales PendingMonths of Supply >$1.2m 61116/Balanced $1.1m-$1.2m0200/Seller’s $1.0m -$1.1m000 –$900k-$1.0m0200/Seller’s $800k-$900k21 024/Buyer’s $700k-$800k1502/Seller’s $600k-$700k1502/Seller’s $500k-$600k2505/Seller’s $400k-$500k1 1 012/Buyer’s $300k-$400k54015/Buyer’s $200k-$300k2406/Balanced <$200k 21 112/Buyer’s Total 224126/Balanced 18 6 7 39 73 76 50 26 39 21 15 3 9 6 83 76 35 27 23 13 7 11 4 76 73 33 20 26 6 6 11 79 58 29 22 0 10 20 30 40 50 60 70 80 90 2019 2020 2021 2022 2023 MonthsofSupplyActiveListings Mar Jun Sep DecMar Jun Sep DecMar Jun Sep DecMar Jun Sep Dec
Mar Jun Sep Dec
5-YearComparisonofMonthsofSupplyandActiveListings
13-Month Trend
2020202120222023 MEDIANSALESPRICE $46k$52k$93k +13%+101% $100k +8% 2020202120222023 MEDIANDAYSONTHEMARKET 250191228 -24%+19% 77 -66% 2020202120222023 MEDIANSALESTOLISTPRICERATIO 78%92%95% +18%+3% 93% -2% July1-June30 2020202120222023 AVERAGESALESPRICE $62k$77k$123k +24%+58% $174k +42% 2020202120222023 AVERAGEDAYSONTHEMARKET 422284278 -33%-2% 127 -54% 2020202120222023 AVERAGESALESTOLISTPRICERATIO 77%89%91% +16%+2% 87% -4%
Jul 1 - Jun 31Total SalesVarianceFalls NorthFalls SouthSpringsVineyards 2022-2023 43 -34% 0 11 21 11 2021-2022 65 +23% 2 26 14 23 2020-2021 53 +194% 2 17 12 22 2019-2020 18 1 4 8 5 70 76 77 78 72 71 63 69 65 71 70 65 67 5 1 6 5 5 1 3 2 3 2 6 6 3 Jun '22Jul '22 Aug '22Sep '22Oct '22 Nov '22 Dec '22 Jan '23 Feb '23 Mar '23 Apr '23May '23 Jun '23 Inventory Sales
NON-WATERFRONTHOMESITES
13-MonthTrendMedianSalesPrice $125k$425k$152k $71k $313k$90k$32k$247k$185k$175k$114k$127k$40k 13-MonthTrendAverageSalesPrice $167k$425k$309k$101k$263k$90k$134k$247k$145k$175k$150k$166k$51k
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.
5-YearComparisonofMonthsofSupplyandActiveListings
July1,2022-June30,2023 PriceBandInventorySalesPendingMonthsof Supply >$550k22012/Buyer’s $500k-$550k000–$450k-$500k0100/Seller’s $400k-$450k0110/Seller’s $350k-$400k33012/Buyer’s $300k-$350k0300/Seller’s $250k-$300k0100/Seller’s $200k-$250k22012/Buyer’s $150k-$200k135031/Buyer’s $100k-$150k215236/Buyer’s $50k-$100k148119/Buyer’s <$50k61206/Balanced Total6143416/Buyer’s 15 7 36 60 67 74 47 71 35 75 13 14 17 69 75 63 70 67 19 26 7 14 75 78 47 78 33 14 23 21 66 82 45 64 0 10 20 30 40 50 60 70 80 90 2019 2020 2021 2022 2023 MonthsofSupplyActiveListings Mar Jun Sep DecMar Jun Sep DecMar Jun Sep DecMar Jun Sep Dec
Mar Jun Sep Dec
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