|Photo courtesy of Dan Peters|
Today is May 10th and already 11 single family homes have gone UNDER CONTRACT! Additionally, five properties have CLOSED this month. Those properties went UNDER CONTRACT in March and April.
Home Inventory Determines What Kind of Market We Are In
Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale.
- Less than 6 months of inventory = Seller's Market with upward pressure on prices
- More than 6 months of inventory = Buyer's Market with downward pressure on prices
At the end of April there was a 3.9 month supply of homes.
At that time, there were 45 ACTIVE SFR listings.
Today there are only 36 ACTIVE single family residential (SFR) homes on the market and, at the current rate of homes going UNDER CONTRACT, that means we're looking at a 3.27 month supply of homes.
5/22/19 UPDATE: As of today...
- 42 ACTIVE single family (SFR) homes on the market
- 13 SFR homes have gone UNDER CONTRACT this month, including 1 that has already CLOSED.
- 9 SFR homes have CLOSED this month!
- Current supply: 3.5 months
- 6 ACTIVE Carriage Homes & Villas on the market
- 4 Carriage Homes & Villas have gone UNDER CONTRACT this month!
- 0 Carriage Homes & Villas have CLOSED this month.
- Current supply: 1.5 months
Also, be sure to visit the property search tab above to check out the current listings in SCCL, as well as at TreeTops and Carolina Orchards. Or, if you'd prefer, contact me for a personalized search with automatic updates.
TreeTops by Lennar continues to have a large collection of inventory homes, many of which have had very significant price reductions. Lennar is also offering great incentives for homes purchased in May. Contact me for details. Remember it is always in your best interest to have your own representation when purchasing a home from a builder. Please contact me if you are planning to visit TreeTops or Carolina Orchards.