Post-Election Grand Strand Real Estate Market Update

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Now that the dust has settled, everything is coming back to normal and campaign signs are starting to come down – it might be the time for you to put a different kind of sign in your yard – a For Sale sign.

The truth is that many residents of the Grand Strand area (as in much of the nation) had been waiting and watching the marketplace, with the expectation that our election outcome may have an impact on the real estate market.

Today, I’d like to share with you some key statistics that will indeed help you to decide whether this is the perfect time to buy or sell your home. One of the most effective ways to see where our market is headed is by looking at the trends of the recent past. So looking at the time around the last presidential election, you will see there has been much improvement in our marketplace.

Inventory Levels Have Declined Significantly

In the fall of 2009 we had 6,200 available homes on the market in October for a total of twenty-five months of supply. Just 247 homes had sold in October of 2009. Jumping ahead to the same time frame this year and the number of available homes on the market is 33% less than just three years prior at just 4,000 whereas 396 homes were sold in October 2012. The number of months’ inventory this year in October is just ten months.

The Number of Distressed Properties Have Steadily Declined

As we move further and further away from the effects of our housing market crash from 2007, there are fewer distressed properties on the market. Taking a look at just 18 months ago, 33% of all the condos on the market were distressed properties (either short sales or foreclosures) and 25% of single-family homes then were distressed properties.
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Moving ahead, we can expect much continued improvement in these and other areas of our real estate market trends. Prices are bottomed out right now, making it an excellent time to buy – especially when you combine low prices with all time low interest rates in the mid three percent range or lower for shorter termed mortgages. Buyers are enjoying easier lending practices in place for many lenders and sellers are enjoying all the pent up demand that was inevitable with the presidential election. Now is a great time to jump off the fence!

The election has come and gone but the real estate market is still very much hustling and bustling with activity. If you would like to explore buying or selling you home, I invite you to meet with us so we can help you achieve your real estate goals today!