April is the beginning of the “Spring” market when traditionally, more folks list their home for sale. Families with children begin a plan to move around the school schedule and will list in April in hopes of a June closing. Our market is impacted by this but, since we are a destination and retirement area, many of our buyers aren’t concerned at all about the school calendar. April can also be the month where folks finish their taxes and (A): get a rebate check to help with a down payment or (B): are told by their accountant about the tax benefits of having an investment property.
According to the Coastal Carolina Association of Realtors, the median price for all property types increased from last month by almost $5,000 from $325,808 to $330,530. For folks who are paying attention and seeing price reductions, you are correct. If homes are selling in a neighborhood for $325,000 and someone has their home for sale for $340,000, when they reduce the price to $335,000 and then sell it for $330,000, they’ve sold it for MORE than the average price of $325,000. Sold prices continue to go up even as the asking price of homes listed for too much are coming down.
Supply increased for the 12th month in a row. Each increase was minimal but adding it up, supply has gone from 2.9 months of inventory in April 2023 to 4.4 months in April 2024. More supply means more options for buyers and more competition between sellers.
April sales were also up with 1,533 closings marking the highest volume of sold properties since September 2023.
What does all of this mean? For buyers, it means that prices are going up and with higher inventory, you should have more homes to view and more time to view them. For sellers, it means you should listen to the market and carefully choose your asking price. Prices are going up but with more competition, be prepared to negotiate your price, repairs to be done, or credits to help with closing costs. If you have questions about your situation and would like to schedule a no hassle strategy session, please don’t hesitate to contact us. We’d love to help!
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