With many families just trying to survive and finish out the school year, May is right in between the peak spring market and the busy summer moving months. Here are a few numbers from the Coastal Carolinas Association of Realtors that caught our eye when we looked at May activity:
Supply is down month over month but way up compared to last year. The number of homes for sale dropped in May for the first time since February 2023. However, compared to May ofnlast year, we have almost 25% more inventory of properties on the market.
Pending sales are up and May finishes out with the most pending contracts (1,730) so far this year compared to prior months. June closings should reflect this big wave of activity in May.
What does this mean looking forward?
For sellers, the market remains strong. While supply is taking a momentary dip, the overall increase of homes for sale means you are competing against other sellers for a buyer for your property. Positioning yourself with a correct listing strategy has never been more important. For buyers, if you’re trying to move during the summer while the kids are out of school, be prepared to negotiate not only the purchase price of the home but the timing of your move. Having a skilled agent helping you achieve your goals will help reduce a lot of stress and anxiety.
If we can help you, please don’t hesitate to contact me or Adrianne. We’d love to learn more about your goals and see how we can best help!
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