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For today’s market update, I’ll discuss the rolling average of trends we’ve noticed over the last six months. Why? Because in September of 2018, Hurricane Florence struck, and that ultimately skewed the numbers in a tremendous way. For example, there was a 62% year-over-year increase in sales. You and I know that’s not true for the long-term—with the hurricane, people could not close on properties in September of last year. A lot of closings were skewed and pushed to the next month.
Keeping that in mind, here are the key trends to follow in our market:
Single-family home sales increased by 8% overall—about 3,276 homes sold in total during the period in question.
The median price for single-family resale homes is $231,000. Price-per-square-foot also increased by 4.8% to $131. Overall, that’s a positive trend.
Inventory is another key statistic to pay attention to: Right now, there are 5.1 months of inventory, meaning it’s a seller’s market. Since January 2016, this is only the third time it’s been that low. In January of 2018, inventory was at 4.9 months; In December of 2018, it was 5.1 months.
Overall condo sales over the last six months increased by 3.9% with 3,197 condo sales. That means if your property failed to sell, it’s not because of the market, but rather your marketing or your price.
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Home sellers are at a huge advantage right now.
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The median sales price rose by 5.8% to $137,000, and the price-per-square-foot went up by 5.4% to $136.
The amount of available inventory has remained relatively flat at about five months.
So what does this all mean for you?
Home sellers are at a huge advantage right now. Single-family home sales are up by 8% and available inventory has dropped to 5.1 months, which causes upward pressure on home prices and means you have less competition in the market. You’ve got some time left before the holidays start in full swing, and the last thing you want to do is wait to list your home until everyone else puts their home on the market after January 1. Also, take advantage of the fact that interest rates are currently super low—they’re currently 3.7%, which is amazing.
If you’re thinking about selling your home, reach out to me. It’s entirely possible that you have more equity in your property than you think you do, and the demand for homes is high. For any other questions you might have about real estate, let us be your resource. We’d love to help you.
