The Cliffs and The Reserve at Lake Keowee Market Report
The Cliffs and The Reserve at Lake Keowee Market Report
June 30, 2024
June 30, 2024
We had a wonderful spring and the first few days of summer on Lake Keowee were gorgeous, provided you like sunny days and warmer-than-normal temperatures. Playing outside and enjoying all the outdoor activities have been easy to plan given the lack of rain. We could use the rain though, just like we could use more home inventory and waterfront home sites.
Nationally, the luxury market has stagnated for the past 18 months. Several factors contributed to this market condition: lack of new listings entering the market, geopolitical factors, economic uncertainty, rising/high inflation, and high interest rates have all led to growing seller’s resistance to listing their property. This further compounded
THE CLIFFS AT LAKE KEOWEE WATERFRONT HOMES
the already low levels of inventory. Given the low inventory levels, sellers have little reason to lower their prices or improve their homes to solicit an offer. This has contributed to an increase in days on the market.
The total number of home and home site transactions at the Cliffs and Reserve both decreased 13% from the previous year for the twelve-month period ending June 30. For this same time period, the total sales dollar amount for the Reserve was up 19% while the Cliffs declined 17%. The increase in the total sales dollar amount for the Reserve was due to a 46% increase in the total sale price of waterfront homes.
The Cliffs’ months of supply continues to be a seller’s market although it is approaching a balanced market for the first time since 2020. RLK flipped from a balanced market to a buyer’s market in the last three months. There was an impressive gain at the RLK of 39% in sales price per sq. ft. compared to the Cliffs at 7%. The sale price increased by $154 per sq. ft. at RLK compared to the price per square foot at the Cliffs.
The Cliffs’ builders and an independent builder are offering custom showcase homes that typically are selling before completion. Since these are new, never-lived-in homes and the buyers can pick finishes/ colors, the price per sq. ft. has increased 35% from 1 year ago. They can’t build them fast enough as months of supply remained at 3. The months of supply at RLK increased to 12 from 7 in the last three months.
Months of supply three months ago was 6 for the Cliffs and 3 at the Reserve. For the first time in quite a while, it is a buyer’s market for both communities. It’s best to have your home site in tip-top shape: under-brushed with trees removed and limbed to make your property stand out from the rest.
MONTHS OF SUPPLY Seller’s
This is the only category of properties that increased in sales for the period. Both communities are a strong buyer’s market and have been since this report’s inception. So if you are selling, please ask yourself “What competitive advantage does my property have over the several dozen that are for sale?”
David Vandeputte
Joan Herlong & Associates
Sotheby’s Internatioal Realty
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