September 2012 Market Update for the Grand Strand

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We have been watching our market closely over the past several years and the good news is that as inventory continues to drop and demand rises – there is hope for prices to begin rebounding. And this year’s July report finally corroborates what we have been saying all along. It turns out that in July of 2012, for the first time in a long while, prices increased (albeit modestly at just 1%) as compared to the previous year’s figure during the same time frame. What this means is that we can celebrate a bump in prices at last!

Another phenomenon that we are seeing is that despite the fall season being here already and the cooler winter months just around the corner, many properties are still selling and they are selling quite successfully. One recent example is a condo we had listed for about 3 months. It finally sold for a price of $228,000. What is interesting is that in April and July of the same year, the same condo in the same building and same exact unit sold for $224,000 – just $4,000 less. At a time when we might have normally expected the situation to be the other way around, we saw an increase of price at the helm of the slower, winter months.

We also had a house that recently sold after being on the market throughout mid-spring and until September. It finally sold in September despite having a lot of activity and buyer interest throughout the several months while on the market. These conditions point to one thing; buyers are recognizing they need to jump off the fence and buy amazing properties that are priced well and in good condition.

On the flipside, there are sellers that are finally seeing the value in putting their home on the market. We did see a slight increase in inventory with single-family homes in August. These are sellers that have been watching and waiting for the market to improve – many of whom had a dollar amount in mind, without which they were unwilling to sell. Seeing the market improving as it is, these very same sellers are now entering the market again, with a boost of confidence that their properties will sell.

What no one knows is what might happen next. With our increased inventory, we may very well see decreased demand and subsequently prices stalling again. Still, all in all some great things are happening in our market and we are looking ahead to even better things to come!
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If you would like more information about the state of our real estate market, please do not hesitate to contact us today. We look forward to serving you with all your real estate endeavors.