WHAT KIND OF MARKET ARE WE IN?

I am frequently asked about what our housing market is like right now.  In reality, that's more than one question, so I'll attempt to answer the questions that I think people are most concerned about.

 

How many homes are for sale in SCCL right now?  

The answer to this question can always be found right here at my website by using the UP-TO-DATE STATS FOR SCCL and CURRENTLY ACTIVE / UNDER CONTRACT / SOLD YTD tabs at the top of the page.  

 

Are we in a Buyers' or Sellers' market?

 

 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

Use the UP-TO-DATE STATS FOR SCCL tab above (and scroll down below the STATS charts) to see "Months Supply of Homes for Sale" interactive graphs below at any time.  

 

SINGLE FAMILY HOMES

CARRIAGE HOMES AND VILLAS

 

You can use the UP-TO-DATE STATS FOR SCCL tab above

to see additional graphs with the following information:

 HOMES FOR SALE • PENDING SALES • CLOSED SALES • AVERAGE DAYS ON MARKET • AVERAGE LIST TO CLOSE DAYS • AVERAGE PERCENT OF ORIGINAL PRICE

 

A Historical Look at the SCCL market... 

Looking back ten years... the largest number of single family homes for sale was 73 in September of 2017.  At that time, there was a 7 month supply, considered a Buyers' Market.

 

 

 

The largest number of Carriage Homes and Villas for sale (prior to the 12 today) was 11 in February of 2018.  At that time, there was a 5.8 month supply, considered to be at the high end of a Sellers' Market.

 

 

 

Note that Pulte sold their last home in SCCL in 2016, 

so some homes in 2015 and 2016 were new builds.

 

Why are so many homes on the market now?

It is important to understand that many of the original owners who purchased when SCCL opened almost twenty years ago are now into their eighties.  Life changes, needs change.  As we get older, our ability (and desire) to keep up a home, shop, cook, drive, deal with medical needs and everyday life may require us to move somewhere that can better meet our current needs. That might mean a continuous care community that covers the range from independent living to skilled nursing or memory care, or moving to be closer to family for support. There are many other reasons that people move, but the current number of homes on the market suggests that many of our residents may be aging out and looking for an alternative living style to meet their needs.

 

Is this a good time to sell?

I frequently tell people that we don't run on a school year schedule, so we don't face the spring/summer rush to get settled before school starts. Buyers are coming to SCCL for a variety of reasons and at various times of year.  Some are looking to get away from winter weather, some are looking to be closer to family, some are still working and move to be close to their employment, and most are looking at our great location (proximity to Charlotte, South Carolina taxes, nearby medical facilities, shopping, and major highways, etc.) and our year-round active lifestyle.  Summer, being a vacation time for many, might mean a slow-down in Buyers... or it might be a good time for folks to visit while on vacation. While it might be a little slower during the heat of the summer, it's always a good time to sell, if that's what meets your needs.    

 

Are sales being affected by mortgage rates?

While mortgage rates are certainly higher than they were four or five years ago, they are still considerably lower than the crazy high rates we remember back in 1981 and the decade that followed.  For some, the current rate may make a difference, but for many who are cashing out on homes they've lived in for a long time, it may not matter.  In October 2023, in a posting called ARE THERE MORE CASH OR LOAN SALES IN SCCL AND TREE TOPS?,  I shared that over half of the homes in SCCL were cash purchases.

 

In case you missed it, here's a great article about Sellers with existing low mortgage rates chosing to move: Why More Sellers Are Choosing To Move, Even with Today’s Rates

 

Here is a posting about interest rates from a March 2018 posting 

that you might find interesting.

Be Thankful You Don't Have to Pay Your Parents' Interest Rate!

If you have any additional questions about our SCCL market, please give me a call!