May 2023 Housing Market Report
Hi Neighbor,
I wanted to give you a market report update for May 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.
There is a large demand for single-family homes due to a low supply of existing single-family homes for sale. Fortunately for builders in the area, the largest inventory increase this month has been in the single-family home segment. Hooray! There is only 1.9 months of inventory available. Competition for available properties remain strong.
Houses Staying on the Market Longer than Before
New listings have decreased from 332 last April to 270 in April 2023. That is a decrease of -18.7%. While new listings are decreasing, inventory is increasing. The market is showing that houses are staying on the market longer than before. In fact, last April the average days on market was 74 days. This year, the average is 97 days. An increase of 31.1%.
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 Property Type Gains
The property type with the largest gain was the condos segment, where prices improved 32% to $305,000. The price range with the largest pending sales gain in Beaufort was the $750,001 to 1,000,000 segment, subsequently this price range is also selling the slowest. The price range that is selling the quickest is the $150,000 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
Licence #117578
Keller Williams
www.MelodySellsSC.com
MelodySellsSC@gmail.com
803-465-1725
