Market Update and interesting tid-bits

First, the tid-bits:

Highest priced home sold in August - SC County - $4.2 mil Brand New - 5 bedrooms and 6 baths, 4300 sf with an apartment over the garage. Location - 2 blocks to West Cliff.

Least expensive home sold for $446,000. 2 bedroom and 1 bath, 765 sf home in Boulder Creek

217 homes sold in the county in August, 179 in July, 229 in June. That doesn't tell you much, but looking at this graph tells you a lot about what is happening in the market today.

I like charts. This one shows how fast the market is moving compared to this time one year and two years ago. The number of homes selling each month are very close to the number of homes available to buy. This is definitely not a normal market and not one I’ve ever seen in my 20+ years of watching the real estate market. Just to compare - here’s how the last 17 years has looked:

The two lines have never touched like they are doing today. As a matter of fact, the blue and orange lines are almost always separated from each other – sometimes a lot and sometimes closer, but NEVER on top of each other like they are in today’s market.

What this mean is that if you are buying, be ready to move quickly if you see something you want, because it won’t likely be available in a week or two. And if you are a seller – also be ready to move quickly because if you price your home right and it doesn’t need a ton of work, it will likely sell in a week or two.

It’s an advantage for sellers right now – that’s for certain. Though, buyers have the interest rate in their favor allowing for the purchase of more home for less money. Preparing yourself for what to expect makes all the difference in a good result in your real estate venture. I’m always available to talk you through any questions or ideas.

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