The Reserve at Lake Keowee Market Report, June 30, 2022

The Reserve at Lake Keowee Market Report June 30, 2022

Laurie Metzger Photography Art Gallery on Pendleton Square lauriemetzgerphotography.com

Prepared Especially For

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

Summer is in full swing as is the real estate selling season. Hopefully you have been able to spend some time with family and friends enjoying the wonderful amenities at The Reserve (your new pickleball courts are the nicest in the area), the lake and everything the area offers. It proved to be a challenge to match the numbers for the period ending 6/30/2021 due to the extraordinary gains that were realized since that start of the pandemic. RLK transactions were down 35% and the dollar amount down 14% comparing the 12-month period ending 6/30/2022 to 2021. For comparison The Cliffs transactions were down 38% and dollar amount 29%. If you would like to see the complete Cliffs report, please send me an email.

The shortage of available homes continues. The median and average sales price of waterfront homes dramatically increased by 51% and 68% respectively. Non waterfront homes improved by 43% and 44%. As you would expect most of the metrics for homes showed impressive gains especially the estimated sales price per square foot.

No one would expect our market to continue at the epic pace of the last two years - it simply isn’t sustainable nor healthy. Our market is starting to cool. Economic uncertainty, rising interest rates, volatile stocks, geopolitical issues that affect supply chain, inflation and the Ukraine crisis will continue to impact purchase decisions.

Nationally, in many areas the supply of luxury homes has experienced a slight increase of 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 it paled 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 professional 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 homes 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.

Waterfront Homes July 1 - June 30

2021

2022

Price Band

Median Sales Price $2.70m

$1.79m

$1.84m

+51%

-3%

Median Sales to List Price Ratio 98%

95%

96%

+3%

-2%

Median Price Per Square Foot $558

$402

$315

+39%

+28%

Median Days on the Market 79

28

-59%

7/1 – 6/30

-65%

^ ^

Average Sale Price

2022

3.34m

2021

1.98m

2020

1.93m

^ ^

194

95%

+3%

97% 98%

5

3

0

0/Seller’s

$4.25m - $4.5m

0

1

0

0/Seller’s

$4.0m-$4.25m

0

0

0

–/Seller’s

$3.75m - $4.0m

0

0

0

–/ Seller’s

$3.5m-$3.75m

0

0

0

–/Seller’s

$3.25m-$3.5m

0

0

0

–/ Seller’s

$3.0m-$3.25m

0

3

0

0/Seller’s

$2.75m-$3.0m

0

0

0

–/ Seller’s

$2.5m-$2.75m

2

4

0

6/Balanced

$2.25m-$2.5m

0

2

0

0/ Seller’s

$2.0m-$2.25m

0

1

0

0/Seller’s

$1.75m-$2.0m

1

1

0

12/ Buyer’s

<$1.75m

0

0

0

–/Seller’s

Total

3

15

0

2/Seller’s

2

-2%

$564

-1%

$417 $334

+35%

59

-62%

+25%

154

-13%

178

5

4

1

1

Sep ‘21

Oct ‘21

Nov ‘21

Jun ‘21

Jul ‘21

Med. Price

$3.03m

Avg. Price

$3.03m

3

1

1

Apr ‘22

May ‘22

1

3

0

0 Dec ‘21

Inventory Month

3

2

2

2

1

0 Aug 21

Average Days on the Market

3 2

1

Jul ‘21

^ ^

Est. Average Sales Price Per Square Foot

3

3

Jun ‘21

0

4 3

Months of Supply

> $4.5m

Average Sales to List Price Ratio

+68%

Inventory Sales Pending

^ ^

2020

July 1, 2021 – June 30, 2022

Jan ‘22

Feb ‘22

Mar ‘22

Jun ‘22

Sales

Aug ‘21

Sep ‘21

Oct ‘21

Nov ‘21

Dec ‘21

Jan‘ 22

Feb ‘22

Mar ‘22

Apr ‘22

May ‘22

Jun ‘22

$2.45m

0

$5.74m

$2.70m

0

$3.18m

$2.60m

$3.83m

$2.70m

$5.75m

$3.20m

0

$2.42m

0

$5.74m

$2.70m

0

$3.18m

$2.60m

$3.83m

$2.95m

$5.75m

$3.20m

0

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.

Non-Waterfront Homes July 1 - June 30 2020

2021

July 1, 2021 – June 30, 2022 2022

Price Band

Median Sales Price

Inventory

Sales Pending Months of Supply

> $1.7m

2

5

2

3/Seller’s

$1.6m - $1.7m

2

1

0

24/Buyer’s

$1.5m - $1.6m

0

0

0

–/Seller’s

Median Sales to List Price Ratio

$1.4m - $1.5m

0

0

0

–/Seller’s

97%

$1.3m - $1.4m

0

1

0

0/Seller’s

$1.2m - $1.3m

0

5

0

0/Seller’s

$1.1m - $1.2m

0

3

0

0/Seller’s

$1.0m- $1.1m

0

3

0

0/Seller’s

$900k-$1.0m

1

0

0

–/Seller’s

$800k - $900k

1

1

0

12/Buyer’s

$700k - $800k

0

2

0

0/Seller’s

<700k

0

1

0

0/Seller’s

TOTAL

6

22

2

3/Seller’s

+43%

+5%

95%

95%

+2%

-2%

Median Price Per Square Foot $301

$265

$225

+14%

+18%

Median Days on the Market 94

192

89

-51%

^ ^

Average Sale Price $1.29m

2021

$897k

2020

$786k

^

2022

Average Sales to List Price Ratio

^

7/1 – 6/30

-5%

+44%

96%

+14%

96%

$335

+2%

$262

94%

$208

7

8 5

7

+28%

99

+26%

142 222

-30%

7

6

6

-36%

2

2 1

0 Jul ‘21

Aug 21

Sep ‘21

1

3

Feb ‘22

Mar ‘22

0

Nov ‘21

Dec ‘21

Inventory Jun ‘21

3

3

1 Oct ‘21

8

5 4

4

Month

Average Days on the Market

13-Month Trend

11

Jun ‘21

^ ^

Est. Average Sales Price Per Square Foot

^ ^

$1.22m

$850k

$810k

Jan ‘22

3 2 2 Apr ‘22

0 May ‘22

Jun ‘22

Sales

Jul ‘21

Aug ‘21

Sep ‘21

Oct ‘21

Nov ‘21

Dec ‘21

Jan ‘22

Feb ‘22

Mar ‘22

Apr ‘22

May ‘22

Jun ‘22

Med. Price

0

$840k

$1.40m

$1.26m

$1.18m

$1.0m

$1.15m

0

$800k

$1.20m

$1.92m

0

$1.38m

Avg. Price

0

$840k

$1.51m

$1.26m

$1.18m

$1.0m

$1.05m

0

$800k

$1.34m

$1.92m

0

$1.38m

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.

Waterfront Home Sites July 1 – June 30 2020

2021

July 1, 2021 - June 30, 2022 2022

Price Band

Median Sales Price $505k

$368

$499k

+37%

-1%

Median Sales to List Price Ratio 95%

91%

96%

+5%

+1%

Median Days on the Market 152

133

174

+14%

+14%

Inventory

Sales

Pending

Months of Supply

> $1.2m

0

1

0

0/Seller’s

$1.1m - $1.2m

0

1

0

0/Seller’s

$1.0m - $1.1m

0

0

0

–/Seller’s

$900k - $1.0m

0

2

0

0/Seller’s

$800k - $900k

1

0

0

–/Seller’s

$700k - $800k

2

4

0

6/Balanced

$600k - $700k

0

3

1

0/ Seller’s

$500k - $600k

5

4

1

12/Buyer’s

$400k - $500k

1

7

1

2/Seller’s

$300k - $400k

3

3

0

12/Buyer’s

$200k - $300k

1

4

0

3/Seller’s

<200k

1

1

0

12/Buyer’s

Total

14

30

3

5/Seller’s

Non-Waterfront Home Sites 2020

July 1 – June 30 2021

July 1, 2021 - June 30, 2022

2022

Price Band

Median Sales Price $14k

$19k

$3k

-27%

+483%

Median Sales to List Price Ratio 100%

100%

100%

0%

0%

Median Days on the Market 355

130

288

+173%

-55%

Inventory Sales Pending

Months of Supply

> 550k

1

0

0

–/Seller’s

$500k - $550k

0

0

0

–/Seller’s

$450k - $500k

0

0

0

–/Seller’s

$400k - $450k

0

0

0

–/Seller’s

$350k - $400k

0

0

0

–/Seller’s

$300k - $350k

2

0

1

24/Buyer’s

$250k - $300k

0

1

1

0/Seller’s

$200k - $250k

0

1

1

0/Seller’s

$150k - 200k

0

2

1

0/Seller’s

$100k - $150k

1

1

0

12/Buyer’s

$50k - $100k

2

1

0

24/Buyer’s

<50k

4

18

1

3/Seller’s

Total

10

24

5

4/Seller’s

13-Month Home Site Trend

Waterfront Homesites 29

27

25

Non-Waterfront Homesites

26

24 18 15

4

6

14

13

13

12

12

14

24

26

25

25

28

27

24 21

16

14

8 5

2

3 0

1

1

0

Jan ‘22

Feb ‘22

3

1

0

1

1

0

0

1

1

Oct ‘21

Nov ‘21

0

1

2

4

Jul ‘21

Aug ‘21

Sep ‘21

Dec ‘21

Jan ‘22

Feb ‘22

0

$550k $465k $30k

0

$1.1m $265k $390k

0

$35k

$185k

0

0

$20k $169k

0

$17k

$46k

$615k $318k $713k $627k

0

$570k $464k $30k

0

$1.1m $294k $390k

0

$35k

$185k

0

0

$20k $169k

0

$17k

$46k

Jul ‘21

Aug ‘21

Sep ‘21

Inventory

Oct ‘21

Nov ‘21

Sales

13

13

7

$650k $318k $598k $700k

Jun ‘21

12

Dec ‘21

$ Median Price

Mar ‘22 Apr ‘22

$ Average Price

May ‘22 Jun ‘22

Jun ‘21

Inventory

Sales

$ Median Price

2

Mar ‘22 Apr ‘22

4

May ‘22 Jun ‘22

$8k

$13k

$15m

$106k $9k

$13k

$69m

$72k

$ Average Price

PRSRT STD US POSTAGE PAID Seneca, SC Permit No. 135

David Vandeputte, Broker Prominent Keowee Properties 148 Thomas Green Blvd.

Clemson, SC 29631 Email: David@JHA‑SothebysRealty.com Mobile: 864.508.1717 prominentkeoweeproperties.com

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 Reserve or any of its representatives. That data is based on Western Upstate Multiple Listing Service ending June 30, 2022.

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