The Cliffs and The Reserve at Lake Keowee Market Report
The Cliffs and The Reserve at Lake Keowee Market Report
March 31, 2024
March 31, 2024
Prepared Especially For: Presented by David Vandeputte Your Cliffs and Reserve at Lake Keowee Real Estate Specialist
Photo by Laurie MetzgerI’m writing this on April fools day and for a second contemplated honoring the day in this report. Fortunately, with advice from trusted team members and my wife, better judgment prevailed.
The U.S. economy has remained remarkable solid despite high interest rates meant to get inflation under control. Inflation reached its 2022 and has slowly declined, however, it has recently experienced a slight increase. The Federal Reserve Chairman Jerome Powell still made a bold statement. He said despite the recent uptick in inflation the Fed still forecasts three rate reductions before the end of the year. This, along with it being an election year should help the stock market continue its bull run. When investment portfolios are up it instills confidence and helps bring buyers to our real estate market.
The national data for February 2024 shows there
THE CLIFFS AT LAKE KEOWEE WATERFRONT HOMES
MONTHS OF SUPPLY
Seller’s MarketBalanced Buyer’s Market 4
5 or fewer months6 months 7 or more months
is a positive movement in sales compared to February 2023. The luxury market experienced a significant increase in homes sales of 20%, which was fueled by a 40% increase in new listings. The characteristics those buyer’s cited were: move in ready, aspirational lifestyle and amenity rich homes/communities.
Since the last report for the Cliffs and Reserve three months ago, there have been subtle changes to our real estate market. When comparing 2024 to 2023 for the 12-month period ending on March 31, Cliffs sales were down 13% and the total dollar amount of those sales down 21%. A partial explanation is that the available inventory for buyers to purchase was down 9%. Sales at the Reserve were down 24%, the dollar amount from those sales up 29% and available inventory down 20%. The number of home sales at RLK was up 15%.
THE RESERVE AT LAKE KEOWEE WATERFRONT HOMES
MONTHS OF SUPPLY
Seller’s MarketBalanced Buyer’s Market 3
5 or fewer months6 months 7 or more months
In March 2020, the months of supply for both the Cliffs and RLK equaled 9. It’s been a seller’s market since that year. Also in 2020, the median sales price was $1.4m for the Cliffs and $1.7m for RLK.
NON-WATERFRONT HOMES
MONTHS OF SUPPLY
Seller’s MarketBalanced Buyer’s Market 3
5 or fewer months6 months 7 or more months
NON-WATERFRONT HOMES
MONTHS OF SUPPLY
Seller’s MarketBalanced Buyer’s Market 7
5 or fewer months6 months 7 or more months
Everybody knows inventory is low, right? Let’s put low into perspective. In March 2020, at the start of the pandemic, there were 31 homes at the Cliffs & 18 at RLK available. Today there are 6 and 7 respectively.
THE
Since March of 2020, the number of available waterfront home sites in both communities has dropped significantly–from 67 then to 21 now in the Cliffs, and 32 to 3 in RLK.
NON-WATERFRONT
Seller’s MarketBalanced Buyer’s Market 13
5 or fewer months6 months 7 or more months
NON-WATERFRONT HOME SITES
Seller’s MarketBalanced Buyer’s Market 10
5 or fewer months6 months 7 or more months
Given there aren’t many waterfront home sites left, buyers are moving to this category. The months of supply in March 2020 was 38 for the Cliffs and 32 for RLK. It’s still a buyer’s market although its made the biggest improvement. If you own a non-waterfront home site and want to sell, ask yourself “What competitive advantage does my property have over the several dozen that are for sale?”
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