For the January 2024 market recap, we did more than just scratch the surface – we analyzed two whole years of data across the board. Here’s the scoop: we’ve got some fresh insights for you, and trust us, they’re pretty eye-opening!
Two-Year Market Overview: We took a little detour this time and looked back at the stats for the past two years across the entire area. Guess what? November 2023 marked a record with the most inventory in two years, standing at 2.3 months. Fast forward to now, and we’re sitting at two months of inventory market-wide. Plus, we’re hitting some high notes with our average price point at a solid $684,190!
Charleston County – A Closer Look: When we compared Charleston County’s January 2024 stats to last year, things got interesting: New listings are up by 18% (That’s 519 new listings this January!) Closed sales increased by 6%, translating to 181 more houses sold than last year. Hold onto your hats because average sales prices in Charleston County have soared by 10% since January 2023, reaching an impressive $921,000!
What This Means for Sellers: Here’s a nugget of wisdom: sellers are getting about 95% of their list price. This tells us that overpriced homes might need to adjust expectations. Price it right, and you’re in for a quicker sale, possibly even with multiple offers!
Days on Market – Quick Sales Ahead! Days on Market have decreased to just 34 days. If you’re hitting around 95% of your asking price with these quick sales, it’s a clear sign: Price your house correctly to maximize your returns in minimal time.
Real-Life Insights & Buyer Confidence: January was buzzing with activity, reflecting strong consumer confidence. People are eager to buy, not wanting to miss out on current prices, despite the uncertainty around interest rates. We’ve seen multiple buyers seal the deal, some even with off-market properties!
Buying Now or Waiting? If you’re contemplating buying…. our advice? Don’t wait. Interest rates might dip a bit more, but prices aren’t showing signs of dropping. Remember, you can always consider refinancing later for a better rate.
Let’s Talk Rates & Your Options: As of last Friday, 30-year fixed loans were around 6.625%, and jumbo loans at 6.5%. These rates are always changing, but we’re here to guide you through your options.
Need Advice? We’re Here for You! Got questions? Want to discuss strategies or just curious about the market? Reach out to us! We are all about helping you navigate these waters, with no strings attached. Your real estate journey is our priority, and we’re here to make it as smooth as possible.
Warmly,
Lauren & Cambron | Lauren Zurilla & Associates