April 2023 Housing Market Report
Hi Neighbor,
I wanted to give you a market report update for April 2023. Hopefully this information will aide you in your decision to either buy or sell. For most of us, our homes are the largest financial asset we’ll ever own – so you are right to want to understand this asset and the market you are in.
Here are the top things to know about the Beaufort real estate market right now:
Builder Confidence is Continuing to Increase
The absorption rate in Beaufort county is rising. Which means that more people are moving here than are leaving. This is great news for sellers because this means we can sell your home faster than average.
Builders are anxious to start construction on new homes. This is due to the limited supply of existing home inventory and new residents flooding in. To encourage buyers to make a purchase move, builders are offering incentive programs and price discounts.
Houses Staying on the Market Longer than Before
New listings have decreased from 343 last March to 252 in March 2023. That is a down -26.5%. While new listings are decreasing, inventory is increasing. What is causing this conflicting data? Well, the market is showing that houses are staying on the market longer than before. In fact, last March the average days on market was 76 days. This year, the average is 97 days. An increase of 27.6%.
With homes staying on the market longer month-to-month, it is creating a visual of more inventory of homes. Why are homes staying on the market longer? Interest rates and inflation. We are expecting to see continued low-sales activity this Spring compared to previous years.
Regardless of what twists and turns the market takes, to maximize your return on investment, it’s crucial that you strategically position your home to buyers.
Condos Hold the Largest Amount of Inventory
Condos are gaining the most inventory in the Beaufort area and also hold the largest price gain. The price range with the largest sales amount in Beaufort is the $300,001+ segment, subsequently this price range is also selling the slowest. The price range that is selling the quickest is the $100,000 and below segment.
If you are thinking about buying or selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 803-465-1725
To your success,
Melody Branham
License #117578
Keller Williams
www.MelodySellsSC.com
MelodySellsSC@gmail.com
803-465-1725
