Number of Available Homes For Sale Begin To Keep Up with Demand

As one would expect sellers are testing the waters again as word of price increases gets out. Here in Charleston, South Carolina wehousing inventory Charleston SC are seeing the same trend in housing. The supply of newly listed homes for sale is starting to show signs of keeping pace with buyer activity in some of the nation’s hottest real estate markets, new data suggest.One agent interviewed stated about a new townhouse development in Mount Pleasant, SC: “we are all sold  out before construction even begun. The only one we have available won’t be finished until October, we sold everyone before we even broke ground.”

Charleston SC real estate for sale inventory supply statistics below.

 

 

According to many Charleston, SC real estate agents; word of multiple offers are becoming the norm and as soon as houses come on the market offers are coming in almost immediately.  In 21 of 24 major metropolitan markets tracked by residential brokerage ZipRealty, new listings outnumbered new sales contracts for the 30 days ended March 15.

The Median % of The Original Offer Price

 

Other cities seeing the same situation included Phoenix — where January home prices were up 23% year-over-year, Standard & Poor’s Case-Shiller data shows — the San Francisco Bay Area, Denver and Houston. San Francisco home prices followed Phoenix’s gain with an almost 18% pop in January year-over-year. Supply may “finally start to keep pace with frenzied buyer activity,” says Lanny Baker, ZipRealty CEO.

In seven of the cities analyzed by ZipRealty, more than one-fourth of the homes listed for sale sold in less than 180 days. The Charleston, SC housing market is no different. Charleston, SC real estate broker stated: “Depending on the neighborhood of course things can be different, one of my buyer clients put in an offer with three others the same day a house came on the market and we had to come in over list price to beat the competition and secure the winning contract.”

As existing homes sit longer inventories will inevitably increase as sellers who have been waiting begin to put out feelers and “test the market”.

Info Gathered  from USAToday