Home sales figures released by the National Association of Realtors this week for March 2018 suggest that tight inventories are continuing to pressure prices northward and reduce time on the market.
Home sales for last month were on pace for an annual 5.60 million units - up from 5.54 million sales projected by February’s figures.
Inventories continue to be under significant pressure with a 7.2% decline in listings from this time year ago.
Time on market decreased to an average of 30 days, down from 32 days 12 months ago with approximately 1/2 of homes remaining on the market for less than a month.
Tight inventory conditions continue to drive price increases, with the median price up 5.8% from this time a year ago to $250,400.
Cash transactions made up 20% of the sales last month, down slightly from the 23% figure of a year ago due in part to falling activity by investors, down to 15% of sales, a decrease of 3% from the same month last year.
Distressed sales made up 4% of all sales (1% short sales and 3% foreclosures).
“Robust gains last month in the Northeast and Midwest—a reversal from the weather-impacted declines seen in February—helped overall sales activity rise to its strongest pace since last November,” says Lawrence Yun, NAR’s chief economist. “The unwelcoming news is that while the healthy economy is generating sustained interest in buying a home this spring, sales are lagging year-ago levels because supply is woefully low, and home prices keep climbing above what some would-be buyers can afford. REALTORS®throughout the country are seeing the seasonal ramp-up in buyer demand this spring—but without the commensurate increase in new listings coming onto the market,” Yun says. “As a result, competition is swift, and homes are going under contract in roughly a month, which is four days faster than last year and a remarkable 17 days faster than March 2016.”
The Local Picture
Here is a snapshot of the Charleton market:
Do you have any questions about the market? Give me a call.
Chris DeLoach 843-270-1272
Author:Chris DeLoach Phone: 843-270-1272 Dated: April 23rd 2018 Views: 50 About Chris: Serving Charleston buyers and sellers since 2001
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