$5,000 - In February, the average price of a single family home increased from $310,000 to $315,000.
1.5 months - The amount of inventory that we currently have available in single family homes. This is less than half of the inventory that was available in February 2021, and continues the trend since 2019 of low inventory. Understanding how many 'months' of inventory means that you look at how many active and pending homes are currently on the market and divide that number by the current rate that homes are selling per day. So, assuming no new homes went on the market, and the current sales pace continues, it would take a month and a half to deplete our inventory. From 2019 to April 2020, our market was consistently around 5.2 months worth of inventory. Since then, we have had a steady decrease in inventory available that is not averaging back out yet. This number takes into account both the supply and the demand, which is why Realtors like to look at it.
37 months - For over three years, the average price of condos in our area has increased or stayed the same. Basically, if you're hoping to wait for the prices to drop to buy a condo, you may be waiting for a long time. And if you're wondering if you've missed the boat on selling your condo, you have not!
21,932 - The amount of closings that took place in February 2022. In April 2020, there were 15,548 closings. In May 2021, the market’s recent peak, there were 22,908 closings in a month. In February 2022, there were 21,932 closings. What does this tell me? Basically, things are not slowing down. Homes are selling just as fast as they go on the market. New construction is helping, but is not bridging the giant gap that is persisting between demand to live here and the ability to do so.
Along the Grand Strand, Spring is here, but the Spring market has been here. Now is the time to list your home!