The Reserve at Lake Keowee Market Report
June
30, 2023
June 30, 2023
Presented By David VandeputteYour Reserve at Lake Keowee Real Estate Specialist
Magnificent Sanctuary with Unlimited Opportunities E-18 Lake View Court Cliffs Falls North $359,676 David Vandeputte ProminentKeoweeProperties Email:David@JHA-SothebysRealty.com Mobile:864.508.1717 prominentkeoweeproperties.com JoanHerlongandAssociatesSotheby’sInternationalRealty 148ThomasGreeneBlvd.,Clemson,SC29631 1McDanielGreene,Greenville,SC29601
Itwasanamazingspringwithcoolerthannormal temperatures,althoughhigherrainfall.Summer heathasarrived.Ihopeyouareenjoyingthelake tostaycool.
InTheReserve,itissignificantthatmostof themetricsforwaterfronthomesandhomesites arenegativethisquarter.Thisislikelyduetothe limitednumberofavailablehomesforsaleas wellastheuncertaintyofthefutureoftheownershipofthecommunity.Nowthatthecurrent ownershiphasreleasedtheplansforTheReserve,theoverallmarketshouldstabilize.
Thenon-waterfrontpropertymetricsarerelativelypositivewithanincreaseinmediansale priceandpricepersquarefoot.Thistrendswith theluxurymarketthroughouttheUS.
Nationally,TheInstituteofLuxuryHome Marketingsaid,“Despitelingeringuncertainty outsidetheluxuryrealestatemarket,thesteadinessofprices,sales,andinventorylevelshave resultedinaconsistentincreaseinthedemand forluxurypropertiesduringthefirstfivemonths
of2023.”
Regionally,DavidCaraviello,fromGreenville “PostandCourier”recentlyrananarticlecoveringtherecordsalepricesonhomesonLakeKeoweeandattributedittoscarcityofwaterfront properties.
OverallRLK’smarkethasshiftedduetothe ownershipissuesofthepastandprobablydueto alimitedmarketingbudget.Itseemstomewith therecentannouncementthatthemomentum willchangeinapositivedirectionforproperty owners.Afewyearsago,TheCliffsexperienceda niceimprovementinbothlifestyleandrealestate valueswhenthenewandcurrentownersmade asimilarannouncement.Also,severalyears ago,whenKeoweeKeyannouncedtheircommunityupdatesrealestatepricesdramatically improved.RLKisaphenomenalcommunitynow. Thefutureisstableandit’sbeenalongtime sincetheoutlookisthispromising!
Pleasecontactmeifyou’dliketodiscussyour propertyinrelationtothecurrentmarket.
Waterfront Homes Non-Waterfront Homes Waterfront Home Sites Non-Waterfront Home Sites Total Sales THE RESERVE AT LAKE KEOWEE PROPERTY SALES July 1, 2019 – June 30, 2020 $36,871,451
11 11 16 12 50 Number of Sales Total Sales Volume Waterfront Homes Non-Waterfront Homes Waterfront Home Sites Non-Waterfront Home Sites Total Sales THE RESERVE AT LAKE KEOWEE PROPERTY SALES July 1, 2020 – June 30, 2021 $111,151,128 $1,253,820 $27,932,300 $22,432,550 $59,532,458 30 25 56 28 139 Number of Sales Total Sales Volume Waterfront Homes Non-Waterfront Homes Waterfront Home Sites Non-Waterfront Home Sites Total Sales THE RESERVE AT LAKE KEOWEE PROPERTY SALES July 1, 2021 – June 30, 2022 $100,362,335 $1,430,536 $16,978,222
$53,534,000 16 22 31 26 95 Number of Sales Total Sales Volume Waterfront Homes Non-Waterfront Homes Waterfront Home Sites Non-Waterfront Home Sites Total Sales THE RESERVE AT LAKE KEOWEE PROPERTY SALES July 1, 2022 – June 30, 2023 $52,480,455 $1,380,500 $5,880,900 $18,508,370 $26,710,685 10 12 12 12 46 Number of Sales Total Sales Volume
$161,005 $6,849,500 $8,648,500 $21,212,446
$28,419,577
WATERFRONT HOMES
2020202120222023 MEDIAN SALES PRICE $1.84m$1.79m$2.92m +64% -3% $2.74m -6% 2020202120222023 MEDIAN SALES TO LIST PRICE RATIO 95%98% 96% +3%-2% 98% +2% 2020202120222023 MEDIAN PRICE PER SQUARE FOOT $315$402$562 +28%+40% $516 -8% 2020202120222023 MEDIAN DAYS ON THE MARKET 1947932 -59%-59% 59 +84%
2020202120222023 AVERAGE SALES PRICE $1.93m$1.98m$3.35m +69% +3% $2.67m -20% 2020202120222023 AVERAGE SALES TO LIST PRICE RATIO 98% 97% 95% -1%-2% 95% 0% 2020202120222023 AVERAGE PRICE PER SQUARE FOOT $334$417$575 +25%+38% $544 -5% 2020202120222023 AVERAGE DAYS ON THE MARKET 178 154 63 -13%-59% 83 +32% PriceBandInventorySalesPendingMonthsofSupply >$4.5m000–$4.25m-$4.5m11012/Buyer’s $4.0m-$4.25m000–$3.75m-$4.0m100–$3.5m-$3.75m100–$3.25m-$3.5m22012/Buyer’s $3.0m-$3.25m11012/Buyer’s $2.75m-$3.0m0100/Seller’s $2.5m-$2.75m0100/Seller’s $2.25m-$2.5m000–$2.0m-$2.25m000–$1.75m-2.0m0200/Seller’s <$1.75m0200/Seller’s Total61007/Buyer’s July 1, 2022 - June30, 2023 Themonthsofsupplycalculateshowmanymonthsitwouldtaketosellapropertygiventhecurrentsalespace,inventorylevelandnonewpropertiesareofferedforsale.Theindustrystandardisthat6 monthsofsupplyisabalanced/neutralmarket,5monthsorlessisaseller’smarketand7monthsormoreabuyer’smarket.
July 1 - June 30
13-Month Trend
4 3 4 3333 5 4 6 4 5 6 1 000 3 0 1 00 1 22 1 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
13-Month Trend Median Sales Price $3.46m000$3.32m0$1.95m00$1.71$2.74m$2.38m$3.19m 13-Month Trend Average Sales Price $3.46m000$3.20m0$1.95m00$1.71m$2.74m$2.38m$3.19m 9 1 1 6 5 18 5 3 6 10 4 3 4 4 19 13 5 4 6 2 3 17 10 3 3 1 2 3 19 4 4 3 0 2 4 6 8 10 12 14 16 18 20 2019 2020 2021 2022 2023 Months of Supply Active Listings Mar Jun Sep DecMar Jun Sep DecMar Jun Sep DecMar Jun Sep Dec
Supply
Active
Mar Jun Sep Dec
5-Year Comparison of Months of
and
Listings
NON-WATERFRONT HOMES
2020202120222023 MEDIAN SALES PRICE $810k$850k$1.21m +5%+43% $1.71m +41% 2020202120222023 MEDIAN SALE TO LIST PRICE RATIO 95% 97% 95% +2%-2% 97% +2% 2020202120222023 MEDIAN PRICE PER SQUARE FOOT $225 $265 $301 +18% +14% $388 +29% 2020202120222023 MEDIAN DAYS ON THE MARKET 1929489 -51%-5% 88 -1% July 1 - June 30 2020202120222023 AVERAGE SALES PRICE $786k$897k$1.29m +14% +44% $1.54m +19% 2020202120222023 AVERAGE SALES TO LIST PRICE RATIO 94%96% 96% +2%0% 96% 0% 2020202120222023 AVERAGE PRICE PER SQUARE FOOT $208$262$335 +26%+28% $391 +17% 2020202120222023 AVERAGE DAYS ON THE MARKET 222 14299 -36%-30% 111 +12% PriceBandInventorySalesPendingMonthsofSupply >$1.9m1206/Balanced $1.8m-$1.9m0100/Seller’s $1.7m-$1.8m2406/Balanced $1.6m-$1.7m200–$1.5m-$1.6m0200/Seller’s $1.4m-$1.5m100–$1.3m-$1.4m100–$1.2m-$1.3m000–$1.1m-$1.2m000–$1.0m-$1.1m100–$900k-$1.0m0100/Seller’s $800k-$900k0100/Seller’s <800k0100/Seller’s Total81208/Buyer’s July 1, 2022 - June 30, 2023
13-Month Trend
5-Year Comparison of Months of Supply and Active Listings
7 7 8 7 4 5 4 5 6 8 11 9 9 2 2 0 1 1 0 1 0 0 0 3 1 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-Month Trend Median Sales Price $1.37m$1.80m0$1.75m$1.62m$950k0$825k000$1.72m$2.19m 13-Month Trend Average Sales Price $1.37m$1.80m0$1.75k$1.49m$950k0$825k000$1.67m$2.19m 7 6 1 7 17 12 4 8 16 4 4 10 16 13 11 8 10 9 6 7 18 18 6 7 14 2 1 14 12 4 4 0 2 4 6 8 10 12 14 16 18 20 2019 2020 2021 2022 2023 Months of Supply Active Listings Mar Jun Sep DecMar Jun Sep DecMar Jun Sep Dec Mar Jun Sep Dec
Mar Jun Sep Dec
WATERFRONT HOME SITES
July 1, 2022 - June 30,
Themonthsofsupplycalculateshowmanymonthsitwouldtaketosellaproperty giventhecurrentsalespace,inventorylevelandnonewpropertiesareoffered forsale.Theindustrystandardisthat6monthsofsupplyisabalanced/neutral market,5monthsorlessisaseller’smarketand7monthsormoreabuyer’s market.
2020202120222023 MEDIAN SALES PRICE $368k$505k$500k +37% -1% $475k -5% 2020202120222023 MEDIAN DAYS ON THE MARKET 133 152 117 +14% -23% 277 +137% 2020202120222023 MEDIAN SALE TO LIST PRICE RATIO 91% 95% 96% +4%+1% 97% +1% July 1 - June 30 2020202120222022 AVERAGE SALES PRICE $428k$499k$548k +17% +10% $490k -11% 2020202120222023 AVERAGE DAYS ON THE MARKET 152 185 237 +22% +28% 225 -5% 2019 202020212022 AVERAGE SALES TO LIST PRICE RATIO 91%94% 95% +3% +1% 95% 0%
PriceBandInventorySalesPendingMonthsofSupply $1.2m000–$1.1-$1.2m000–$1.0m-$1.1m000–$900-1.0m000–$800k-$900k000–$700k-$800k1304/Seller’s $600k-$700k0110/Seller’s $500k-$600k22012/Buyer’s $400k-$500k0300/Seller’s $300k-$400k11012/Buyer’s $200k-$300k11012/Buyer’s <$200k0100/Seller’s Total51215/Seller’s
2023
13-Month Trend
16 1414 13 8 7 6 5 6 8 10 9 6 1 2 0 2 000 2 0 1 2 3 0 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
13-Month Trend Median Sales Price $568k$490k0$562k000 $724k 0$299k$214k$450k0 13-Month Trend Average Sales Price $568k$490k0$562k000 $724k 0$299k$214k$533k0 19 50 9 12 8 19 50 34 12 10 57 15 7 16 57 46 29 16 6 5 5 7 55 42 24 13 29 4 5 57 30 14 6 0 10 20 30 40 50 60 2019 2020 2021 2022 2023 Months of Supply Active Listings Mar Jun Sep DecMar Jun Sep DecMar Jun Sep DecMar Jun Sep Dec 5-Year Comparison of Months of Supply and Active Listings Mar Jun Sep Dec
NON-WATERFRONT HOME SITES
2020202120222023 MEDIAN SALES PRICE $3k $19k $14k +483% -27% $75k +442% 2020202120222023 MEDIAN DAYS ON THE MARKET 288 130276 -55%+112% 65 -76% 2010202120222023 MEDIAN SALE TO LIST PRICE RATIO 100%100%100% 0%0% 88% -12%
1- June 30 2020202120222023 AVERAGE SALES PRICE $13k$45k$55k +234%+23% $115k +109% 2020202120222023 AVERAGE DAYS ON THE MARKET 343 182 312 -47% +71% 118 -62% 2020202120222023 AVERAGE SALES TO LIST PRICE RATIO 76%103%90% +36% -13% 83% -8%
July
PriceBandInventorySalesPendingMonthsofSupply >$550k000–$500k-$550k000–$450k-$500k000–$400k-$450k000–$350k-$400k100–$300k-$350k0100/Seller’s $250k-$300k0100/Seller’s $200k-$250k31036/Buyer’s $150k-$200k21024/Buyer’s $100k-$150k41048/Buyer’s $50k-$100k2218/Buyer’s <$50k45010/Buyer’s Total1612115/Buyer’s July 1, 2022 - June 30, 2023
13-Month Trend
10 32 9 4 15 10 32 27 14 15 9 26 2 39 28 26 12 17 41 26 25 41 26 25 11 6 14 39 25 27 14 0 5 10 15 20 25 30 35 40 45 2019 2020 2021 2022 2023 Months of Supply Active Listings Mar Jun Sep DecMar Jun Sep DecMar Jun Sep DecMar Jun Sep Dec 5-Year Comparison of Months of Supply and Active Listings Mar Jun Sep Dec 12 1010 11 1212 14 13 14 15 16 18 17 6 2 6 0 0 0 1 0 1 1 0 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-Month Trend Median Sales Price $16k$282k$34k000$12k0$135k$99k0$250k0 13-Month Trend Average Sales Price $76k $282k$53k000$12k0$135k$99k0$250k0
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