Saturday, September 7, 2013 / by Fra Jamir
It won't be long before the housing recovery is simply referred to as housing. Institutional and cash buyers have effectively priced themselves out of the market. During the economic downturn, much inventory was purchased by these groups and now that housing prices are rising, there's less incentive for these kinds of buyers, yet affordability for
consumers remains attractive.
According to figures, the number of houses for sale in the Charleston region increased 32.6 percent and inventory levels shrank 14.0 percent, while the average sales price of homes in the Charleston area increase by 2.3 percent to $209,662. The number of days houses stay on the market in the Charleston area decreased by 18.2% to 76 days.
The number of the properties in the Charleston area on which contracts have been accepted year to date reached 7,344 ( 23.1%) which is a 12.5% increase from last year’s 10.6% (5,964). Average sales price for year to date of all closed sales, not accounting for seller concessions, increased to 6.9% ($281,459) compared to last year 5% ($263,258).
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! Although mortgage rates are slightly increasing, they are still low by historic standards; and while the unemployment rate remains a factor to watch, the housing recovery continues to plug along, helping to improve the economy with flourishing activity in sales and prices.
If you are interested in selling your Charleston area home visit www.jeffcookrealestate.com
If you are interested in buying a Charleston area home visit www.discovercharlestonareahomes.com