June 2024 Market Recap

June is the first full month of summer and in most markets across the country begins the time of year when families can move without interrupting the school schedule. This certainly happens in the Grand Strand real estate market however, it is not as prominent as many people think. Our market is a retiree and vacation market and those buyers and sellers are not concerned at all with the school schedule. 

On the contrary, viewing an investment condo right now can be very tricky because if it's a good investment, it's rented full time and almost impossible to see for yourself before making an offer. My vote- challenge yourself to be a real investor and buy it based on the numbers. When you buy Coca Cola stock, you don’t visit the bottling plant or the headquarters in Atlanta. You buy it based on performance, not what it looks like. Sellers, it’s important to stress this to potential buyers when they become frustrated they can’t view your high performing rental property.

This is not an invitation to a political debate but this is a presidential election year which creates uncertainty. This uncertainty causes some people to  wait to buy or sell until they know who president is going to be. Others make a move specifically because of the election. Regardless of your political prognostications, I can guarantee you that people will continue to need to live indoors and there will be a need to buy and sell real estate. Whatever effect the election has on the real estate market will be magnified as it get closer. I’m curious to see how folks react and will continue to track the numbers to identify any trends. 

Some interesting numbers for June 2024:

Supply went down and dropped from 4.6 months of supply on hand to 4.4 months of supply. A balanced market is 6 months of supply on hand. Looking at last year however, in June 2023, we had 3.2 months of inventory, an increase of more than 37%. 

Closed sales were down from 1,592 in May to 1,373 in June. This is the lowest June in a while. I had to back to 2015 to find a June with fewer closings. 

Conversely, pending sales are up compared to May. They rose 1,475 pending sales to 1,593. Compared to last June, this is more than 10% more pending properties than June 2023. 

If you have any questions about the market or we can help talk through your specific circumstances, please don’t hesitate to ask. We’d love to provide expert advice so you can make the best possible decision for you and your family. We’re here to help!

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