Housing Inventory is DOWN – So the Time to Sell May be NOW
It came as no surprise to us to see the shortage of housing inventory reported in the latest National Association of Realtors (NAR) Existing Home Sales Report. Inventory is down throughout the country including the Joint Base Charleston area, and buyer demand is way UP!
Here are some key points:
- Housing inventory at the end of January fell 4.9% - the lowest housing supply since April 2005!
- Listed inventory is 25.3% below a year ago.
- Raw unsold inventory is at the lowest level since December 1999.
So What Does This Mean?
As we all remember from economics class – price is determined by supply and demand. According to NAR’s report, inventory is at its lowest level since the real estate boom eight years ago and demand is up.
Lawrence Yun, NAR chief economist, reveals:
“Buyer traffic is continuing to pick up, while seller traffic is holding steady. In fact, buyer traffic is 40% above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country.”
The million dollar question is – should you sell your Charleston
house now, or continue to wait and see if prices increase? Of course no
one knows for certain – but many agree that more inventory is bound to
hit the Joint Base Charleston
market this Spring. When this happens, the supply/demand ratio will
begin to balance out and lessen the opportunity a seller now has.As we all remember from economics class – price is determined by supply and demand. According to NAR’s report, inventory is at its lowest level since the real estate boom eight years ago and demand is up.
Lawrence Yun, NAR chief economist, reveals:
“Buyer traffic is continuing to pick up, while seller traffic is holding steady. In fact, buyer traffic is 40% above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country.”
We know this is an significant concern for many sellers, so make sure you stay informed and work with an agent who can help guide you through the process.
Military Homes Charleston
We specialize in helping military families enjoy a smooth PCS in and out of Joint Base Charleston, South Carolina. Buying and selling your home is one of the biggest events of your life. As your trusted Charleston Real Estate Professional, we are 100% committed to helping you the best way we can when you buy or sell your home. We have a passion for helping people, and we love what we do – call 843-410-8014 or email today!
