Everybody’s saying our real estate market is hot right now, but is it really that hot? How easy is it to buy or sell a home?
We can get a good idea by comparing year-over-year statistics, so let’s compare the year-to-date statistics from 2017 to where we were at this point in 2016.
Right now, there are about 5,000 available homes for sale, which is about 600 more properties that have been put on the market than last year. This is a decent number, and it means there are more available options to choose from. It’s true that homes are selling fast, but there is still a healthy number of homes for sale.
So far this year, 9,300 homes have sold. Last year, that number stood at 8,700. The fact that we’re listing more homes at about the same rate that we’re selling more homes means our market is balanced. If the number of homes being listed was declining and the number of homes selling was increasing, then we’d have a major problem.
In total, 13,400 homes have come on the market in 2017—which means almost 4,000 homes failed to sell. Part of this represents the market’s level of excess inventory. If this proves anything, it’s that you still need the help of a professional to price your home properly and create good marketing so you can create demand for buyers relocating outside the area.
The average days on market currently sits at 58 days, though the total market time from listing to closing is about 90 to 120 days.
From 2016 to 2017, the average home price increased 4.8%. For example, a $238,000 house last year would now be worth $250,000. We anticipate prices to continue to grow over the next several years, so if you’re interested in buying a home, now is a tremendous time to do it.
Now is also a good time to sell because there are so many buyers relocating to Charleston in droves. Last month, we generated more than 3,800 inquiries about the homes we have listed for sale. The majority of those came from outside our local area.
This relates to the prospect of creating demand that I spoke of above. Once those relocation buyers arrive in our area, what our team does is show those buyers the homes our clients have hired us to sell and get top dollar for. We show each home to several buyers and determine who’s most interested in it by creating a demand for it so it drives the price up.
If you have any questions about these latest trends from our market or you’re thinking of buying or selling a home, don’t hesitate to reach out to us. We have many options tailored specifically to your home, your family situation, and what you may have going in in the next chapter of your life. We look forward to speaking with you.