Happy New Year!
May 2021 be better then 2020 for you and your family!
2020 was a tough year and as tough as it is there were plenty things that were good to come of it!
In terms of real estate, our market was in a positive when it comes to sales etc.. though we are seeing a continual decline in our inventory and a buyer demand that has yet to slow down. I feel that we will be very similar to what we saw last year. Include
the fact that I am not hearing of increases to the interest rates.
Be interesting to see as time plays on how right or wrong I am!
To the Update!
Average Sales Price:
December was another big month for our Average Sales Price. The average price in December was $436K which was up an astonishing 16.2% over the same time period of last year.
We continue to see the increase since Summer of 2020. I feel that we will be staying at this average price point for some time.
Average days on market:
As days go by they continue to decline.... Our Average Days on Market for a home are at 41days, which is down 28.1% from this time frame last year.
With the new year here we may see more inventory come on the market and drive this up, though with the buyer demand....I am not holding my breath.
Average months of inventory:
Buyer demand is fueling this as well as less people apt to put their home on the market.
We are currently sitting on 1.3 Months of Inventory, which is down 62.9% from last year.
At this rate of contracts being written, we will have no inventory in 1.3 months unless we see more sellers enter...
New listings on market:
This is huge, though may not seem with the inventory levels so low. We had a big leap in New Listings hitting the market at this time of year. In December we saw 1,465 new listings hit the market, which was up 21.6%, 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:
The increase in contracts written this winter has been just crazy. Buyers even during the holidays were putting more homes under contract than we can replace with new listings. . December
saw 1,626 Homes go pending which was up another 51.3%. Again the demand is overtaking our supply.
As I mentioned during the summer, we saw a lot of New Construction homes go under contract and this may be most of them closing out due to the build time. In December we saw 2,070 Homes go to the Closing table which was up 31.8% since last year. SO what does this all mean!
Charlestons Real Estate Market is going to be highly competitive. You need to get with an agent that has their thumb on the pulse as well as able to find you a home that may not be for sale on the market.
I have pocket listings that I am matching some of my clients up with if it fits their needs and it gives them the ability to make an offer without feeling pressured by 3 other offers on the same property.
If you have a type of home or location though cannot find it let me know as I may have the match for you!
Got questions give me a ring!