This market update was shot at Bon Bahn Mi, one of my families favorite spots! I love to support and showcase our favorite places to eat as I have done in the past, though this is the FIRST one since the shutdown back in March.
Check out their amazing food, very fresh, it is a Southeast Asian Food and they have 2 locations in Town, one downtown on Spring Street(the OG) and their Mt. Pleasant Location off of Ben Swayer Blvd. A few of my favorite things to eat is their Red Curry Banh Mi, Ginger Lemongrass Chicken bowl and the Duck Fried Rice(throw an egg on it!). Our kids love their tacos and the food is always so good and fresh! Check them out!
To the Update!
OK, as the year grinds on, our Real Estate market seems to be the engine that could...it just keeps chugging along.
Seasonally, we typically see the our real estate market "slow" down due to people back to school, holidays approaching and just overall buyer pool shrinking.... So far that is not the case. The interest rates are still hovering around 2.75-3% which historically is some of the lowest rates ever.
As a borrower your purchase power has never been better, which is why we are seeing more buyers in the market taking advantage of the long term rates. I am also hearing that we probably will not see a major increase in rates over the next 12-18 months so the demand may be here for some time.
Average Sales Price:
September typically slows down, though this year has been one out of the ordinary. The average price is sitting currently at $435,763 and has JUMPED 21.7% since September of Last year! Again it looks like the law of supply and demand keeps pushing pricing in the area. This is the average and we have been seeing a lot more higher end homes go under contract then in years past, which in my opinion is driving the overall average price for the Tri County.
Average days on market:
As the year goes on, its taking less and less time to sell your home. This September 2020 it took 45 days to put your home under contract which is down 15.1% over this time last year in September. Less inventory, more buyer demand is just driving the homes to sell at a faster clip each month it seems. If you price your home correctly and it is in good condition you can be sure your home will sell, just make sure you have someone who can negotiate all the ins and outs including price!
Average months of inventory:
Still trending down, we saw 1.8 Months of inventory in September, which again makes me feel like I am repeating the same thing over and over. This is something again, that we cannot sustain for a long time as eventually we will run out of homes! We are down 56.1%. Traditionally we see a decline in inventory this time of year, though you couple this with the high buyer demand, it really is dwindling...if you pull out all new construction...its just even lower.
New listings on market:
I would be normally concerned with the increase of listings hitting the market, though they are needed due to the fact we are running out of homes for sale. September saw an increase in new listings hitting the market of 2,239 which huge increase over last September by 33.5%!
Homes under contract:
Now we have seen a tad bit of a drop off in contracts, compared to the summer, which is traditionally expected, though it is still the 4th highest month on record of contracts written. We saw 2,210 Homes go under contract which is up 84%! Almost doubling our contracts from a year prior. The interest rates are helping drive the buyer activity as the purchase power has been amazing.
Closed Homes:
Another great month of closings due to the contracts written in July and August...We saw 2.061 Homes close which was an increase of 45.9% from last year. Again, one of the highest months with closed homes that we have seen in the Charleston area.
SO what does this all mean!
As a buyer your purchase power, concerning interest rates has never been more favorable. It is pushing the buyer demand as people can afford more home then almost any time in history.
As a seller, you have the best opportunity to sell your home now. The problem many people I talk to are they do not have a home picked out that last long enough on the market to sell and make the purchase. I have worked a few great plans for some of my clients who were in the same boat, so there are options it just depends on how important the move is!
As always, if you have questions reach out I am happy to chat about your real estate questions and needs!
Onward.
Jonathan Crompton
Keller Williams Real Estate
Phone: (843) 296-8337
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