Summer is the peak season for real estate sales. As we approach fall, we are still experiencing a sellers market. However, inventory is increasing slightly, and with that, days on the market as well. It may sound crazy to some, but now is still a great time to buy a home.
Home values are going to continue to increase, and it’s unlikely interest rates will get much lower in the near future. With that, seasonal changes are also affecting home sales. While bidding wars are not a thing of the past quite yet, some active listings are receiving fewer offers, or staying on the market longer due to their list price.
All stats below are based on End of Month in June vs July:
Charleston Housing Market
Supply and Demand: In July, there were 4 weeks worth of housing inventory available, a 33% increase from the 3 weeks we saw in June.
Median days on the market – In July, houses spent 18 days on the market, a 10% decrease over June when they averaged only 20 days on the market.
New homes on the market – In July, there were 2,613 new homes on the market, a 4.5% increase from the 2,496 new homes we saw in June.
Homes sold – In July, 2,091 homes sold, a decrease of 15% over June’s 2,463 homes sold.
Charleston saw a slight increase in new listings and overall available inventory in July, giving burnt out buyers a little relief. However, days on the market decreased, demonstrating how competitive the market remains overall and the importance of moving quickly on new listings. Burnt out buyers should consider homes that have been on the market for more days. Often, these homes are priced too high compared to nearby homes, thus they sit on the market longer but motivated sellers may be willing to take an asking price, or slightly under offer.
With demand still strong and interest rates remaining low, this seller’s market is here to stay through the fall. However, this doesn’t mean sellers should price their homes without first doing some research. Sellers should price their home to reflect nearby comparative home sales. By doing this, you have a better chance at multiple competitive offers, rather than your home sitting active on the MLS for days or weeks because you listed too high. By enlisting the expertise of a real estate agent you can trust, the process of choosing a list price can feel much less stressful.
Here are a few blogs that might help you as a seller:
- Reasons Why For-Sale-By-Owners Are Not Successful
- How to Reset Your Home’s Days On Market
- Expenses You Can Deduct When Selling a Home
Home values continue to rise across the country, and while summer has brought a slight increase in inventory across most markets, buyers still face stiff competition for new listings. The thought of buying a home right now may seem overly competitive and too expensive, but by being prepared and moving quickly, you can win your dream home. If a cash offer is not an option for you, there are other ways to make your offer stand out. Understand your loan options and know what contingencies you’re willing to compromise on. Buyers should also consider homes that have been listed longer than others, as sellers may be ready to accept an asking price or slightly below offer, rather than reducing their list price to the public.
Here are a few blogs that might help you as a buyer:
- Steps to Buying a House
- Do You Need an Agent to Buy a New Construction House?
- 5 Tips for Millennial Home Buyers
Please note, if you buy with us, we split our buyer’s agent commission with you and give you back up to $6,000, and if you sell with us, we give you comprehensive, expert service for a low flat fee. And keep in mind, especially if you’re moving or you have friends in other states, that Trelora can help you in Atlanta, Charleston, Charlotte, Denver, Phoenix, Raleigh, Seattle, St. Louis and Tucson. In the meantime, please stay healthy and safe.
Christopher has been been in the Real Estate industry for 8 years and has had the opportunity to close over 1,000 deals while acting as the Managing Broker for thousands more. Christopher is passionate about continuing to find ways to simplify, maximize, and serve Trelora’s clients exceptionally well and spends his time building teams to deliver high levels of service. When not doing real estate Christopher can be seen training for marathons and ultra relays with his 2 year old daughter, eating pizza, and drinking a steady stream of Diet Coke.