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WHAT'S AHEAD FOR HOME SALES?

Posted by Liza Gandis on Friday, November 11, 2022 at 12:15:51 PM By Liza Gandis / November 11, 2022 Comment
Confusing and scary headlines continue to hit consumers on a regular basis and from multiple directions.  In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.

Today’s data suggests the market is shifting back to pre-pandemic norms.  Home value growth, which hit record highs over the course of the pandemic, is now slowing.  Check out current market trends to provide some clarity….
HOUSING SUPPLY REMAINS LOW
Home prices are driven by supply and demand.  In Charleston, there continues to be more demand than supply and it remains a Seller’s market.
While inventory is slowly climbing, it is still down almost 48% compared to this same month, 2019 (pre-pandemic).

Charleston needs roughly 5,000-6,000 additional listings market wide to achieve a balanced market (6 months of inventory vs. current < 2 months). 
HOME SALES CONSISTENT WITH SEASON

In Charleston, the number of homes sold in October is consistent with pre-pandemic sales this same time of year (October, 2019). 

DAYS ON MARKET IS LONGER

The number of days between when a property is listed and when an offer is accepted is rising. Yet, the market is far from pre-pandemic norms.  Days on market (DOM) is still 30 days shorter than in 2019. 

BOTTOM LINE

There are Buyers looking for homes in Charleston.  While choices are limited, the volume of homes sold is consistent to pre-pandemic norms.  The slight increase in supply has increased Buyers’ negotiation power.

For Sellers, going into this season with limited inventory, it’s still a great time to list your home, If you’re thinking about selling your home, now may help your listing rise to the top of the pool.

The housing market is shifting, and it’s a confusing place right now. If you’re unsure about where prices are headed or how to make sense of what’s going on in today’s housing market, let’s connect!

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