What’s the latest outlook on our fall market here in Charleston?
There have been a lot of discussions out there about the real estate market stalling, and it’s true that there are some factors that have caused the market to temporarily slow down here in our area.
First off, any time a storm hits any part of the southeast, it causes an economic slowdown all across the area. This year, for the first time in a long time (maybe ever), there were two large-named Category 4 storms that hit the southeast. That, the current political uncertainty, kids going back to school, and the fourth quarter in general have all contributed to this temporary slowdown.
Now, let’s look at the raw statistics and how they’ve changed since this time last year.
The number of new listings decreased by 11.2%, and the number of pending sales were also down. Inventory shrank by 17%, so not only did we have over 11% fewer homes come on the market, but an additional 6% of sellers took their homes off the market during this time.
The problem with these numbers is new buyers that are coming into the market are having a hard time finding that perfect home.
Continuing with the statistics, home prices rose 5% year over year, and the median sales price is $256,000. The average days on market shrank to 53 days, and the supply of homes also shrank 20%.
Because home prices are up, the average days on market is down, and the supply of homes is low, even though the market has slowed down slightly, now may be an amazing opportunity to put your house on the market. If you put your home on the market, it’s priced effectively, and we put a world-class marketing system behind it, it will sell at a record pace and you’ll be able to get top dollar for it.
All real estate markets are different, but because of the job growth and industry growth in our area, our market is still on fire.
If you’re interested in putting your home on the market, you want to buy a home, or you have any other questions, don’t hesitate to reach out to us. We’d be glad to help you.