UPDATE ON SALES IN SUN CITY CAROLINA LAKES

I'm frequently asked about how our market is doing and that question can be looked at in different ways.  For example...

• Is this a Buyer's Market or a Seller's market?
• Are prices going up... or down?  
• How long are homes staying on the market?

 

 Let's take a look at all of these questions.

 

IS THIS A BUYER'S MARKET OR A SELLER'S MARKET?

The answer to this question can always be found by using the "Up-to-Date Stats for SCCL" tab at the top of this page.  The interactive charts on that page have the most current stats available through CMLS through the end of the previous month.  

 

 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

 As shown below, as of the end of March, we remain in a Seller's Market.

 

SINGLE FAMILY RESIDENCES

 

 

 

CARRIAGE HOMES AND VILLAS

 

 

ARE PRICES GOING UP... OR DOWN?

In my October 12, 2023 posting, FIRST HOME SELLS FOR OVER $1,000,000 IN SCCL, I said that "some (folks) are now listing higher than current comps would suggest is appropriate, and are having to reduce their asking price."  In a posting on October 13, 2023 (with an update on 10/25) I followed up with The Importance of Pricing a Home Right. That being said, today prices appear to be much more in line with prices of comparable homes that have sold in the last six months, including those which were originally priced high and then reduced.

HOW LONG ARE HOMES STAYING ON THE MARKET?

The charts below show the number of Days on Market (DOM) for single family residences (SFRs) and Carriage Homes/Villas that are currently UNDER CONTRACT.  Since the beginning of April, 12 SFRs and one Villa have gone under contract.  Seven of those SFRs have gone UNDER CONTRACT since this past Saturday, April 20th.

SINGLE FAMILY RESIDENCES

 

VILLA