Hopefully you are all excited for summer as I am! With everything returning to normal it will be nice to see more and more people out and about!
The Real Estate Market is like the weather, getting hot and sticky!There is still a massive shortage of homes available though I would think May at this point may have been our "bottom" with inventory, though time will tell.
I want to thank everyone first that has reached out, referred friends or family and put their trust in me! With all your support I was able to rank as the 12th top producing individual for Keller Williams in North and South Carolina which could not have been accomplished without your support and trust! I appreciate it truly.
To the Update!
Average Sales Price:
The average price in May was $508K which was up an astonishing 39.2% over the same time period of last year. With the demand and the amount or lack of amount of homes available, it has been driving the prices up due to the multiple offers and the cash coming in from outside our market. Just 2 years ago the average in May was $371k!
Average days on market:
Our Average Days on Market for a home are at 23 days, which is down 54.9% from this time frame last year. Homes are moving fast due to the demand and the fact we are not putting more houses on to stem the tide.
Average months of inventory:
It seems the buyer demand is not going away as we approach Summer... We are currently sitting on .7 Months of Inventory, which is down 78.8% from last year. As we continue to have high buyer demand and shortage of sellers we will continue to see this trend holds....We really would like to see the Months of Inventory at a 4-6Months to help stem the rising prices and give buyers a breath of air!
New listings on market:
We were down again in Listings to hit the market. We probably need to see double this amount go on in order to start growing our inventory levels to a healthier market. In May we saw 2.307 new listings hit the market, which was Down 4/6%, which is the direction we are hoping for, though with the demand so high it does not translate with amount of Homes on the market.
Homes under contract:
We almost put as many homes under contract as we did on the market in May. This trend needs to slow down or we need to see more homes hit the market. I think as prices continue to climb we may see some buyers in the market start putting their feet down...though does not seem to be the trend at the moment. May saw 2,302 Homes go pending which was up another 2.2%.
Closed Homes:
No surprise here, with the amount of contracts that are pending we are seeing record months with closed homes. This trend will continue to be setting us on pace for the most transactions our MLS has probably seen. In May we saw 2,163 Homes go to the Closing table which was up 43.84% since last year.
SO what does this all mean!What I think it means is that our local real estate market is on life support. People who live in the area are not going to list their home if the home they are looking to move too has also gone up in price. Also with the amount the homes have gone up in value it will make it hard for some locals to upgrade due to the demand and competition on the market. No one wants to sell their home and be homeless.
Now I was able to help several clients in May get into a home, with their home under contract and a rent back for x months while I found them a home that was not"available" on market. This allowed them to negotiate like a normal market, got repairs done and they seller took a home sale contingency....its like taboo in the market now...
So if you are thinking and would like to learn more about the off market opportunities that may fit your needs, give me a ring!
I would love to connect so please as always, reach out with any questions!
Onward.
