Your December Real Estate Market Update

What message are today’s market trends sending buyers, sellers, and homeowners? Find out in today’s market update.

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As you may remember, we spoke last month about how our market has bounced back from the hurricane damage our area sustained earlier this year. This time, we’re going to shift focus and discuss how recent local developments relate to what’s happening on the national level. Let’s dive in and examine the latest statistics. Though single-family sales dropped 15.4% this November from what we saw last year, prices are on the rise. This is significant because price is always a lagging indicator of where our market’s headed. Another important statistic to consider as we look at overall market conditions is inventory, which was down 3.7% this November from where it sat last year. Decreased supply is typical of this time of year, but we will likely see a boost in the number of available homes come January. In addition to having fewer homes on the market in general, listings are also taking longer to sell. The average days on market has dropped 12.5% year over year, serving as yet another sign that our market is softening.

Now is the time to act if you’ve been thinking of buying or selling.

Moving on, let’s cover a few key statistics for new construction homes. At the moment, these developments are essentially a mirror image of the single-family home trends we’ve already discussed. Since November of last year, new construction homes sales have dropped 18.9%, prices have risen 14.6%, and inventory is down 5.6%. Finally, the average days on market for new construction homes has gone up 14.5%. Finally, the condo market, too, has undergone very similar changes since last year. Condo sales dropped 13.1% since November of last year, and prices rose by 6.5% to a median of $132,000. The average days on market also rose in the condo market, going up 3.7% year over year. There was one area of data that differed from the other market trends we’ve discussed, though. For condos, inventory actually rose year over year by 3.9%. Despite this disparity, it’s still clear to see that the overall trend in our market is the same across the board. All of these factors tell us that we are headed for a shift, but this isn’t cause for alarm. All it means is that now is the time to act if you’ve been thinking of buying or selling. Interest rates are set to rise again in the new year, so buyers may want to seize the opportunity to lock in a favorable rate while they still can. Sellers, too, should consider getting ahead of the market. The bottom line is that our team is always here to help. It’s our pleasure to bring you the latest news from our market and to help you shape your buying or selling strategy around these developments. Your success is our goal. If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

Your October Real Estate Market Update

We need homes to sell and we’re already seeing displaced, flooded homeowners placing offers on new houses.

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Things are looking a little crazy for this month’s housing update, which bears both good and bad news about the current market. We send our thoughts and prayers for those affected by the recent hurricane, its storms, and the flooding that swept through our area. This weather also spelled a bad situation for the number of closings we saw in September, with single-family home sales down 33% year over year. Last month there were 285 homes sold while August saw 550 sales. Homebuyers and sellers were literally unable to close on a home because of the storms. Fortunately for home sellers, we should recover and see many homes close this month instead. We also have great news about prices—we saw an increase of 16.1% last month for single-family homes with a median price of $238,000. This is the highest we’ve since we began tracking it in January 2015, where the median price was at $169,000.

We need homes to sell and we’re already seeing displaced, flooded homeowners placing offers on new houses.

Inventory is a big factor in driving up prices, as we’re down 13.6% year over year with 5.1-months’ worth of inventory. We need homes to sell and we’re already seeing displaced, flooded homeowners placing offers on new houses. We’re also seeing people coming in now who couldn’t make it while the storms passed, and investors are looking to buy homes affected by weather damage. Reach out to us if you’ve been affected and we can set you up with an investor to buy your home. New construction sales are down significantly at 48.2% year over year, with 155 homes sold last month compared to 326 in August. Prices, though, are up 9.7% with a $276,000 median sales price. Inventory has seen a 7.4% decrease with 5-months’ worth of supply. Lastly, condo sales are down 33% compared to last year with 306 sales last month versus 536 sales in August. Prices are up 6.4% at a median of $135,700. The median price in January 2015 was $97,000, so you can see a great climb going upward. Supply is down 7.4% with 5-months’ worth of inventory. We want everyone to be aware that there’s a huge need for inventory. Sellers: Now is the perfect time to list your home for sale. We can help you sell the home that buyers are desperately looking for. Please contact us and we’ll be more than happy to guide you through the process. Also, feel free to reach out if you have any other questions, need information, or simply want some advice. We look forward to hearing from you.

Your Fall Real Estate Market Update

Across the board in our market, inventory is down, prices are up, and sales are finally starting to give in a little bit as fall begins.

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What do the latest year-over-year numbers from this past August mean for our Myrtle Beach market as fall begins? Let’s first look at single-family resale homes. The number of sales dropped 9% compared to August 2017. Keep in mind, that was last year’s hottest month for our market, whereas this year’s hottest stretch occurred between June and July. A national report recently stated that last August marked the seventh straight month of a nationwide decline in home sales, so since our Myrtle Beach market usually follows the national trends, this definitely is something to keep an eye on. The good news, as far as single-family resale homes go, is we haven’t seen any decline in prices. In fact, the median sale price rose 0.9% to $220,000. It also rose compared to July 2018, when it sat at $212,000. Inventory for resale homes is at 5.1 months, which is down 12.1%. As we know, any inventory level below six months is a seller’s market, so what this really means is we’re in a seller’s market. The problem with this, though, is that if the inventory level drops down to the 4.7-4.8 range, the market becomes more difficult because it creates more of a stalemate between buyers and sellers.

Since prices are still climbing, you want to act now before there’s any kind of slip up.

Moving on to new construction homes, sales dropped 2.8%, but the median sale price rose 5.8%. Inventory for new construction is at five months, which, just like with resale homes, is very low—one of the lowest we’ve ever seen. As for condos, sales rose 0.4% year over year but stayed pretty much the same compared to last July. The great news for condos is that the median sale price rose 11.2% to $131,000. Inventory, meanwhile, dropped 10.9% to 4.9 months. If you’re a seller, you need to take advantage of these conditions. As always, our market is driven by supply and demand. Heading into the fall season, supply is very low, but sales have maintained pretty well. Since prices are still climbing, you want to act now before there’s any kind of slip up. At the moment, we have just under 50,000 total buyers in our area, so our market needs inventory. As always, whether you’re looking to sell or buy you have any other real estate-related questions, don’t hesitate to reach out to me or my team. We’d love to help you, and we’ll see you next time.

Your August Real Estate Market Update

Sales are up and supply is down for single-family resale homes, new construction homes, and condos. This is causing prices to rise in our Myrtle Beach market.

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What do the latest year-over-year numbers say about our Myrtle Beach market as we head toward the end of summer and approach fall? Let’s find out. Starting with single-family resale homes, there were 523 units sold last month, which was a 5.7% increase compared to July 2017. The median sale price for single-family resale homes increased 6% to $212,000. Back in January of this year, the median price was $190,000, so you can see what a great recovery the market has made since then. Supply for single-family resale homes, meanwhile, dropped 8.6% to 5.3 months of inventory. The numbers for new construction homes followed much of the same pattern. There were 246 new construction homes sold last month, which was a 2.5% increase compared to July 2017. The median sale price for these homes rose 12.2% to $252,668, while supply dropped 3.8% to 5.8 months of inventory. As you can see, sales are up and supply is down, which is putting pressure on prices. The same effect is taking place with condos—sales rose 20.5% to 505 condos, supply dropped 19% to 4.7 months of inventory, and prices rose 4.4% to $129,999.

Don’t wait until November, December, or January to make your move.

As we know, anything below six months of inventory constitutes a seller’s market, so whether you’re a home seller or a condo seller, you want to take advantage of these conditions as we head into fall. It’s not uncommon to see a lot of activity during “shoulder” seasons like fall because it’s such an ideal time for buyers who want to avoid the crazy summertime selling season. We’ve seen interest rates rise a little bit lately, and it’s caused other markets in certain areas of the country soften a little bit. They’re not experiencing any price declines, but they are seeing the average days on market increase. This trend hasn’t happened in our area yet, so don’t wait until November, December, or January to make your move. We have 48,831 active buyers who want to buy now. As always, if you’d like to talk more about our market or you want to list your home now and earn top dollar, don’t hesitate to call or email me. My team and I would love to help you.

Your July Real Estate Market Update

As we move toward the end of summer, prices are up and sales are down across the board in our Myrtle Beach market.

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What’s the latest news from our Myrtle Beach market now that we’re inching toward the end of summer? We saw some interesting year-over-year numbers from the month of June, to say the least. Prices are up across the board, but sales are lower than what was expected. The number of sales for single-family resale homes rose 1.1%, while the median sale price for these homes rose 4.9% to $234,000. The biggest factor driving this increase is the level of inventory, which dropped 12.9% and stands at 5.3 months. For new construction homes, the number of sales decreased 4.5%, while the median sale price rose 5.9% to $259,533. Inventory for new construction homes rose 7.7%. June was the first time in a while that we saw an increase in the supply of new construction homes, and this drop in sales is definitely something to keep an eye on moving forward.

There are many out-of-town buyers in our area stalking properties for sale.

As far as condos go, the number of sales decreased 8.2%. The good news here, though, is the median sale price rose 6.6% to $130,000. Inventory for condos decreased 21.3% to 4.8 months. As you know from watching my latest videos, condos have been doing very well in our market for the past few months. Lastly, interest rates have been creeping up overall for the past few months, so that’s another thing we’ll keep an eye on moving forward. What do these statistics mean? Since we know that any inventory level below six months constitutes a seller’s market, sellers still have time to take advantage of these conditions while we’re in the heat of the summer selling season. That $234,000 median sale price for single-family homes is a big increase from when it was $190,000 in January, so make sure you take advantage of the fact that so many out-of-town buyers are stalking available properties in our area. If you’re thinking of making a move in our market and selling your home or you’d like a free home valuation, don’t hesitate to reach out to me. If you have any other questions or real estate needs, just reply back to this email. I’d be happy to assist you.

Why Is Myrtle Beach the No. 1 Place to Move This Year?

Myrtle Beach is now the No. 1 place to move to, according to USNews.com. Here’s why that is.

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According to U.S. News & World Report, Myrtle Beach was ranked the No. 1 place to move to in 2018. This is a huge jump from last year, where we were placed at No. 74. Interestingly, between 2012 and 2016, there was a 15.62% increase in net migration rate, the highest leap of all those on the list. We outranked runner-up Fort Meyers, Sarasota, Austin, and Orlando. “Myrtle Beach may be small, but it’s proving popular among people looking for a new place to live,” says U.S. News & World Report. The warm South Carolina climate is proving to be attractive to those who are retiring and want to live in warm to mild weather year-round.

Northern homeowners have begun to see the value in selling their homes to move down south.

Myrtle Beach is an affordable market, with the median home value at $137,428. Clearly, Northern homeowners have begun to see the value in selling their homes to move down south. If you’re a home seller, I just to make sure that you have the opportunity to take advantage of this awesome ranking, which won’t last forever. People are coming to town en masse to look at Myrtle Beach properties, and we need inventory to try to meet the demand. On my site alone, there are 47,000 buyers in search of a home. This provides the basis for a lot of different scenarios, like a bidding war, which can increase the amount you’ll receive from your sale. If you have any questions or are looking to sell your Myrtle Beach home, don’t hesitate to reach out to me. I look forward to speaking with you soon.

Your June Real Estate Market Update

Some awesome developments have taken place in local real estate recently, so today I would like to break down the latest numbers in this June market update.

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Some awesome new numbers have just come out regarding our Myrtle Beach real estate market, so today I wanted to break down these figures and what they mean for the outlook of real estate moving forward. So let’s dive right into this hot-off-the-press June update. First of all, we saw a 9.3% increase in prices last month for resale homes. And the median sales price across our local MLS is currently sitting at $223,450. Meanwhile, the actual number of sales did decrease, but this is a reflection of insufficient inventory coming in. With just 5.4 months’ worth of supply available right now, our current inventory levels are down 13.1% year over year. This lack of supply serves as a key driving factor behind the boost in buyer activity, and therefore also the boost in price. It is a simple matter of supply and demand. Our supply is down, so demand has shot up. The new construction displays similar trends, with sales dipping 3.3% and prices rising 4.4% last month. And inventory in this market is somewhat flat, sitting at 5.5 months.

Our market needs inventory, so our team needs your listings.

As a reminder, inventory levels below six months constitute a seller’s market. Meaning if you or anyone you know is thinking of listing, now is the time to do so. Take advantage of our marketplace this season while buyers are still entering the market. Moving on, the condo market is also in great shape. Sales are up 10.8%, with 597 condos having sold last month, and the median sales price also rose, now sitting at $127,500. These figures come as awesome news for this segment of the market, let alone the fact that inventory for condos sat at just 4.9 months of supply. Year over year, this comes as a 25% drop in inventory. This is actually the lowest level of supply for condos I have seen. The bottom line, therefore, is that our market needs inventory. And that means our team needs your listings. The buyers are out there, so it’s time to sell if you or anyone you know is thinking of doing so. If you have any other questions, would like more information, or want to discuss how my team and I can fulfill your real estate goals, feel free to give us a call or send us an email. We look forward to hearing from you soon.

Your May Real Estate Market Update

What market trends did we notice from April? Today I’ll update you on the numbers and give buyers and sellers advice about how they should act on them.

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I have awesome news for those following the market: we are coming back very, very well from the slight dip that we saw last month. Last month, sales for single-family resale homes were down 4%, with 476 homes sold right now. We expect the ups and downs that we’ve been seeing with sales, though, with inventory being as low as it has been. More great news: over the last 12 months, sales for resale homes are up 8.4% overall. On to what everyone cares about most: prices. Home prices were up 7.5% last month compared to the same month last year. The median sales price is up 7.7% to $210,000. The main catalyst for that increase has to do with inventory, which has been very tight. Anything below six months’ worth of inventory constitutes a seller’s market, which is the number you can use to gauge what the overall market is doing. Some markets in the U.S. are down to 30 days’ worth. Currently, we have 5.3 months’ worth of inventory, meaning that if no new homes came on the market, we’d sell all of what we currently have in 5.3 months. The crazy part of that is that it’s down 13.% from last year, which is why we’re seeing the challenge in terms of sales. As you all know, we’re very seasonal here in Myrtle Beach. A lot of people up north are looking to get away and come enjoy our warmer weather. With that, we’re noticing a jump in the number of properties sold; if you’re thinking of selling your home, you might want to take advantage of our seasonality.

If you’re thinking of selling your home, you might want to take advantage of our seasonality.

The same is true for homebuyers: you’ll want to get an early jump on the market. Don’t wait until there’s less to choose from. I’ve spoken with people across the country in tight inventory markets; they’re in what we call a stalemate, where there’s not much else for buyers to choose from. New home sales are actually down 7.3% last month. The great news, however, is that they’re up 10.4% for the year. This faces the same challenges as inventory—the fewer properties there are for sale, the fewer the properties that will actually sell. Prices for new construction are up 5.8% last month along, landing at $244,555. Their 12-month rolling average for new construction properties is up 3.6% to $240,051. We’re seeing prices in all categories for both new homes and resale home increasing, which is great news. Condo sales are up 5.6% last month from the same time last year. Remember that last month’s numbers dropped pretty significantly, so that’s a great recovery. Over the past 12 months, the sales for condos are up 10.9%, which benefits everyone. Condo prices were up 6.7% last month and 5.8% for the past year. The amount of inventory we’re seeing for condos is right at 5.2 months’ worth. Like homeowners, condo owners are strongly encouraged to take advantage of our seasonality. If you’re thinking about buying or selling, please feel free to reach out to me. We have 47,000 active buyers looking for quality properties to purchase, so there is a strong pool for sellers to choose from. We’re here to serve you.

Your April Real Estate Market Update

The numbers from the April market are in, so let’s take a look at what’s going on in Myrtle Beach.

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The numbers from April are in and they are very interesting, so let’s take a look at what’s going on in the Myrtle Beach housing market. Last month, we looked at single-family home sales for resale homes, which went down 4.7% from the same month last year. This is very interesting; it’s the first time we’ve seen a significant decline like that. There is great news for the median sales price, however: there was an 11.6% jump from the same month last year. That’s $212,000 even. Where did that jump come from? Well, even with the low inventory we’ve been seeing in the market, sales have been up. It’s supply and demand: Since there aren’t as many homes available for buyers to choose from, each home that does come on the market will likely get higher offers from multiple buyers trying to beat each other to contract. Exploring inventory levels further, they are down 11.3% from last year, ending at 5.5 months of inventory. This is one of the lowest steals in the seller’s market arena, which is good. Another area to look at is new construction, which is down 21% last month alone. There is more good news, however: prices are up 1.8%, landing at $230,000. Supply is at 5.5 months’ worth—the same place it was last year.

We’re coming into the hottest point of the market.

These trends likely are related to the interest rates that we’ve seen, which have resulted in some market softness, meaning that buyers aren’t feeling encouraged to enter the market. If you’re thinking about selling, don’t wait too long. I don’t foresee a crash, but prices are skyrocketing. In lighter news, Myrtle Beach was ranked the second-fastest growing metropolitan area in the country for the third year in a row. That presents a great opportunity for sellers to take advantage. Now, in terms of condos, sales are down 22.6% from last month. This huge; I haven’t seen a drop like that in a very long time. Prices are also down 5.9% last month at $127,000 overall. We’re coming into the hottest point of the market. If you’re a home seller or a condo seller, do not wait to enter the market. You’ll want to be ready for when people start moving to town. We live in a seasonal area, so you’ll have to strategize your move accordingly. We’re still short on inventory, so we need properties to sell. If you have any questions or are looking to sell your property, please reach out to me for a free, no-obligation home valuation. I’d be glad to help you move forward with your real estate goals.

Your March Real Estate Market Update

How is the Myrtle Beach real estate market doing? I’ve got the latest numbers for you today.

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I’ve got a brand-new market update for you today. The numbers are in from last month. Although the numbers are kind of all over the place, there is good news for home sellers overall. Last month, sales for single-family resale homes went up 14.2% compared to the same time last year. That is a huge increase, which is great news. Overall, we are seeing more and more people coming to town and buying properties. The one interesting thing about that is that single-family home prices dropped 4.8% last month compared to the same time last year to $200,000. We’ve seen that number bounce up and down a little bit. It really depends on your area. Inventory has been so short that we are seeing people move inland or close to the beach. You always want to dig into the micro numbers for your specific neighborhood. Overall, the long-term trend for home prices is in the double digits, which is great. Supply is a challenge for resale homes. Inventory is down 17.2%, leaving us with 5.3 months of inventory. That is up slightly from last month. As I’ve mentioned before, more and more people will put their homes on the market in the spring and summer. Although that means a little more competition, now is still a great time to sell your home because we are still below the six-month threshold in the entire marketplace. We are 0.1% up above the lowest inventory we have seen. Demand is up 14% and inventory is down 17.2%, which will put upward pressure on prices. If you are thinking of selling your home, you should definitely reach out to us. We can do an instant, free valuation of your property to see what it’s worth in today’s market.

The major challenge for our market is a massive decrease in inventory.

New construction sales are up 9.5% year over year, which is awesome. They’ve been down a little bit because of struggles with low inventory. Now, they are finally catching up. Sales prices are up 7.4% to $237,437, which is awesome news. Supply is down 1.8% and we are right at 5.4 months, so that is a super healthy market for single-family homes both in resale and new construction. The one alarming number here is that prices dropped a little bit for resale properties, but that is a short-term bump. We have seen that number go up and down a lot, and they should go back up as inventory drops and demand increases. Condo sales are up 16.2% compared to the same month last year, and prices are up 4% to $117,000. Supply is down 28.2%, and there are only 5.1 months of inventory available. The major challenge in our market is this massive decrease in inventory. We’re seeing double-digit decreases across the board. If you are just thinking of selling your home, we need your property. You can at least get an instant home valuation to see what your home is worth in today’s market; it may be worth more than you think. Another important thing to keep in mind is that interest rates have gone up. Rates are expected to increase even more over the course of 2018. We are seeing some of the highest numbers we’ve seen in a long time. It’s been almost four years of low interest rates. As a buyer, you’ll want to take advantage of those low interest rates in the spring or summer market, before those rates get up to 5%. Higher interest rates will hinder some buyers down the road. As a result, buyers are jumping off the fence and into the market now. As a seller, you’ll want to enter the market sooner rather than later, as interest rate increases will limit your pool of buyers. Every 1% increase in interest rates has a downward effect on a buyer’s purchasing power. If you have any other questions about our current market or would like more information about your specific neighborhood, just give me a call or send me an email.

Your February Real Estate Market Update

With interest rates expected to rise, now’s a great time for both buyers and sellers in our market. I’ll go over your full market update today.

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Today I have another market update for you—complete with the latest numbers in home sales, condo sales, and interest rates, as well as a breakdown of what they mean for you. Let’s start with single-family homes. Last month, the number of single-family home sales rose 3.5% compared to January 2017. The 12-month rolling average rose 12.1%. The median sales price of single-family homes rose 0.3% last month to $190,500, which is pretty flat but also normal because of the effect of pending sales in December and late November. For the 12-month rolling average, the median sales price rose 6.5% to $207,500. The number of pending sales of single-family homes rose 25.2% last month, which was a huge jump. This means everyone that came to town to make an offer on something will be closing within the next 30 to 45 days, so you should expect a large sales bump this month. This will also dictate what happens with home values moving forward. This jump in pending sales made inventory drop. Officially, the level of inventory dropped 20.6% in January 2018 to five months. That’s something I haven’t seen with resale homes since the real estate boom of 2005 and 2006. With that in mind, we should see fewer homes coming on the market. As we know, when inventory levels are less than six months, it’s a seller’s market. This is why, if you’re a seller, now is a great time to take advantage of our market. At five months, inventory is low but still healthy. Once inventory gets too low, however, buyer fatigue tends to set in.

If you’re a seller, now is a great opportunity to take advantage of our spring market.

Moving on to condos, the number of sales rose 7.2% last month compared to January 2017, and the 12-month rolling average rose 15.9%. The median sales price rose 8.2% compared to January 2017, and the 12-month rolling average rose 6.1%. The number of pending sales of condos rose 7.4% last month, while inventory dropped 28.6% to five months. We saw in the last few weeks and months that inventory levels for condos were lower than homes, but now, as you can see, they’re even. Here’s the wild care, though—interest rates are at 4.49% for a 30-year fixed rate, which is the highest it’s been in years. As rates continue to climb, we’ll see fewer buyers come on the market, which could hurt the demand for homes because it limits people’s buying power and their ability to upsize into higher price points. That’s why, as I said, you need to take advantage of our spring market now if you’re a home seller. Rates are expected to rise all the way up to 4.9% by the end of the fourth quarter of this year. Similarly, if you’re a homebuyer, you want to take advantage of the market now because of this expected rise. The No. 1 mismanaged variable in the home buying process is interest rates. Oftentimes, people don’t take them into account and it costs them thousands of dollars on the back end. If you have any questions about our market, you want a free home valuation, or you’re thinking of buying or selling a home soon, don’t hesitate to give me a call or send me an email. I’d be happy to help you.

Your January Real Estate Market Update

It’s time for your January real estate market update. Today, I’ll examine how the Myrtle Beach market did in 2017 and what’s happening now.

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The final numbers are in from the 2017 Myrtle Beach market, and there is some great news overall. First, let’s look at single-family homes, which make up a bulk of the market. Home sales are up 12.8%, which is great news. In December, home sales were up 2.5% from the same month last year. Inventory is down, but the great news is that prices are up. The median sale price increased 6.2% over the last 12 months to $207,000. In December 2017, the median sales price is up 9.2% over the last month alone at $213,950. That’s because inventory was down 14.3% over the last 12 months, and inventory dropped 14.5% in December alone. Right now, we have 5.3 months of inventory in the entire MLS. Anything below six months of inventory is considered a seller’s market, and this is the lowest I’ve seen it since we started tracking inventory. Since inventory is so low, there is a huge opportunity for sellers out there. You can put your home on the market, get multiple offers, and have buyers bid up the property value. Some neighborhoods only have one home on the market, if any. Now is a good time to get a home valuation to see what your property is worth and see what’s going on in your specific neighborhood. We all know that the market is driven by supply and demand, so even though inventory is down, sales are up. Now, what’s happening in new construction? New home sales are up 7.4% over the last 12 months, although there was a 0.8% drop in December sales. The median sales price increased by 2.9% over the last 12 months to $237,762. However, last month there was a 2.2% decrease in the median sales price, dropping to $240,130.

Condo inventory is at the lowest level I've ever seen.

More people are moving inland, so it really does depend on the neighborhood. A lot of neighborhoods have seen price increases, though. Finally, let’s check in on the condo market. The condo market is smoking hot right now. It’s finally caught up to the single-family home market. Condo sales increased by 16% over the last 12 months. In December, sales went up 8.8% from the previous month. Condo prices are up 7% over the last 12 months to $123,000, and last month alone, prices increased by 10.4% to $130,000. That said, condo inventory is at the absolute lowest level that I’ve ever seen. Inventory dropped 27.7% over the last 12 months. Last month alone, condo inventory dropped 31%. Right now, there are 4.9 months of inventory on the market. Again, that is the lowest I’ve ever seen. I do think that inventory will continue to go down. Other areas of the country only have two months of inventory, which means there can be buyer fatigue. Buyers get frustrated because they can’t find the homes they want, and many buyers end up not making a purchase. Since inventory is so low, now is a great time to take advantage of the market before spring hits. When the spring market arrives, you will have more competition on your street. You should also know that interest rates recently jumped to a nine-month high, so more buyers are going to enter the first quarter than the second quarter. They want to take advantage of the interest rates before they go up again, so don’t wait until summer or spring to sell your home. Take advantage of the market now. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.