The time is right for real estate in the Lowcountry

By Robert Moul | Hello Beaufort! Spring is here! Remember in March, we had a record breaking month of 315 new listings, the highest number of new listings in one month for the last 6 years and possibly longer. Well, in April, we didn’t break any records but we still saw a high number of new listings – 279 which is great for the overall real estate market. This means sellers are seeing their equity rise and are taking advantage of that by selling!

Median Sales price for April has increased over the previous month, and is much higher year over year. Remember Median Sales is the point at which half of the sales sold for more and half sold for less in a given month. The average sales price is up from the previous year but just a bit lower than the previous month. Total supply of inventory is just slightly down from the previous month, despite not having as many new listings. But that’s because we saw a big jump in pending sales year over year and the highest number of pending sales since June of 2016.

Homes are going under contract, that’s great news!

 

A curious potential seller asked me the other day, which zip codes are seeing the largest number of closed sales? Great question! For April, the highest selling zip codes were 40 sales in 29902, 32 in 29907, and 26 in 29906. Overall from January to the end of April, we saw 134 closings in 29902, 120 in 29906, and 117 in 29907. But if we look at those 3 zip codes and compare them to the number of new listings that came on the market in April we get 58 in 29902, 50 in 29906, and 52 in 29907 and for the year, 210 in 29902, 186 in 29906, and 218 in 29907. Looks like zip code 29902 is a HOT area to be selling right now! If we go even further and break down number of days on market for those 3 zip codes we get 69 days in 29902, 49 in 29906 and 60 in 29907. So even though we are seeing more sales in the 29902 zip code, and more new listings, the average days on market is higher. Which makes sense, since there are more listings to compete with, homes will tend to sit a little longer.

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With all the new inventory from March, we still saw a radical decrease in the average days on market from 106 to only 76 days! Incredible change. That’s the shortest days on market we have seen since August of last year, and just the 2nd shortest time period ever recorded (see chart below). Properties are selling faster than ever! And this means there are even more buyers in the market ready to purchase! To meet the demand of the buyers, we must continue to add new listings to the market. We are still behind pending sales and closings this year versus last year but we should catch up as the number of new listings increases the rest of this year.

Overall, we are experiencing a healthy market. New listings are met with more pending sales and lower days on market. It’s a great time to buy with historically low interest rates. And it’s a great time to sell to meet the demand of all of these buyers!

Robert’s Real Estate Column will provide in-depth insight into the real estate market each month. Robert is a licensed REALTOR® with Weichert, REALTORS – Coastal Properties with an office in Beaufort at 1613 North St. If you have any questions please feel free to contact him at 843-321- 9036 or visit his website at www.robertmoul.com or his Facebook Business Page at www.facebook.com/robertmoulrealestate.

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