To be honest I am looking forward to taking some time off and spending it with my family. I am also looking forward to celebrating my daughters 6th birthday which falls on Christmas day!
All around the year my family and office are big on giving, though this time of year rings especially true. We adopted 2 families this year to provide Christmas for. It was awesome for my wife to take our 2 girls gift shopping for their children. We are big on teaching out girls that it is important to give when one can.
We also are in the process of collecting up to 6,000 pounds of non perishable food for our low country blessing boxes as our plan since this pandemic is each month to keep them full, though now we will have a large arsenal of supplies to ensure that we continue that for 2021! Thanks to all your support We were able to assist 35 families with their Real Estate needs!
To the Update!
It is amazing to see how this year has played out. I would never have expected that we would dive deeper into a sellers market. The inventory levels I watch on a daily basis just astound me coupled with the amount of buying activity in our area. We have set several months of records for the Charleston area all in one year and all after the shut down from March.
I get a ton of questions on how long will this last, will it change, what does next year look like etc.... And the truth is I have no idea. What I do know is that we have super low inventory, we need roughly 8-9k more homes on the market to be balanced...so as inventory rises and the demand slows we are gonna be in this super unique market.
I also want to take the time to thanks my past clients and clients for the trust you put in my hands, it is truly humbling. A big thank you to everyone who refers me their friends, family, co-workers etc... knowing I will treat them like or better then family!
Average Sales Price:
No surprise here. Running into the end of the year and the price point keeps climbing. The average price in November was $456K which was up an astonishing 27.9% over the same time period of last year. If you are thinking of finding a home under the 350k price point, the competition is fierce and things are just moving so quickly, so make sure you get with a Realtor who has their finger on the market at all times!
Average days on market:
Well, again we have another month of decline when it comes to how long the homes are sitting on average. Our Average Days on Market for a home are at 41days, which is down 24.1% from this time frame last year. As we continue to see the inventory shrink we will see days on market as well. When there is a 2 buyers for each home it makes it difficult to not see this increase. As pricing continues to climb and if/when they raise rates we will see this reverse.
Average months of inventory:
The graph below just shows the steep decline we have had since the beginning of Covid shutdowns. We are currently sitting on 1.5 Months of Inventory, which is down 60% from last year. It is just unhealthy for our market to remain this way. With the amount of people that live in Charleston and that are moving to Charleston, we really need to see the DOM continue to increase, because that means there are homes coming on the market and making it a healthier market.
New listings on market:
So listings were up a bit in November from the year before, which is much better then the opposite. Still not enough homes coming on the market to keep up with buyer demand. In November we saw 1,670 new listings hit the market, which was up 1.5%, which is good and we desperately need more listings...If You are thinking of selling, call me today to share whats going on and how to capitalize on the market conditions NOW.
Homes under contract:
So the pace of contracts is still outpacing the amount of new listings we are seeing hit the market. The demand is still up, I personally have people I am working with that we are just not seeing the right home(s) hit the market at moment, though when they do they know we have to act quickly. November saw 1,806 Homes go pending which was up another 37.3%. Again the demand is overtaking our supply. The game should be to identify areas, neighborhood etc that you like and when a home comes on the market, be prepared to make an offer that day because there are 2 more people right behind you looking to come in and buy it.
Closed Homes:
We are still seeing higher closed homes during this Fall, mainly due to all the contracts written the month before and the new construction that is finally closing out from the beginning of the year. In November we saw 1,819 Homes go to the Closing table which was up 34.7% since last year. I see this continuing as I am hearing some builders are so backed up until Summer of next year already...
SO what does this all mean!Well at the moment it is more of the same. We are seeing less inventory, low interest rates and high demand from out of town buyers. I would imagine all the people that did not buy this year and were planning to will be out in the market next year and if we see ourselves with low inventory you can continue to see price increase and multiple offers become a normal challenge for buyers.
For sellers, well again never been a better time to sell. No competition(depending on area and neighborhood), low interest rates and builders starting to slow contracts due to building timelines its never been a better time to sell.
Got questions give me a ring!
Onward.
