Market Report For April 23rd 2018

Market Report For April 23rd 2018

Image title

Image title

Here is a quick look at the market

The National Picture

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

Image title

Image title

Image title

Image title

Chris DeLoach Headshot
Phone: 843-270-1272
Dated: April 23rd 2018
Views: 63
About Chris: SERVING CHARLESTON, SOUTH CAROLINA BUYERS AND SELLERS SINCE 2001 -----------------------------------...

Property Search

RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

eXp Realty Greater Charleston Area

Fountain Inn, SC