Wednesday, September 25, 2013 / by Fra Jamir
Strong demand for a limited supply of homes for sale has seemingly outweighed higher mortgage rates, at least for the time being. The idea that mortgage rates may rise further is likely spurring some of this demand. The dream of homeownership is very much intact, but buyers should be prepared with competitive offers, since every measure of market health is pointing upwards.
According to figures, new listings in the Charleston region increased 16.4 percent to 1,564. Pending sales were up 36.3 percent to 1,287. Inventory levels shrank 12.4 percent to 5,841 units and the number of days houses stay on the market in the Charleston area was down 18.7 percent to 72 days.
Prices got a lift. The Median Sales Price increased 9.6 percent to $219,000. Absorption rates improved as Months Supply of Inventory was down 29.5 percent to 5.4 months.
The number of the properties in the Charleston area on which contracts have been accepted year to date reached 8,611 ( 23.2%%) which is a 12.8% increase from last year’s 10.4% (6,989). Average sales price for year to date of all closed sales, not accounting for seller concessions, increased to 7.6% ($283,933) compared to last year 5% ($263,828).
What does all of this information mean for buyers and sellers? It means that now is a great time to sell or purchase a home in the Charleston area! Eyes continue to fixate on the Federal Reserve and its policy inclinations related to stimulus tapering. Labor market growth is positive but still tepid. Things like gas prices, stock market shifts and global economics have a tendency to sway consumer sentiment. At the moment, U.S. housing continues to be a bright spot.
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If you are interested in buying a Charleston area home visit www.discovercharlestonareahomes.com