New Single Family Listings: 939 homes were added for sale in our area which is a drop of almost 25% from last month and almost 30% fewer new listings than last July. Of those single family homes added to the market for sale, 398 of them are new construction.
Closed sales for all property types took a sharp dive from 1,652 closings in June to 1,133 in July.
We have less inventory to sell in July than we did in June but we have 30% more inventory than last July so overall, we’re headed in the right direction to have a balanced market.
Average sales price went down for the second month in a row and the average price is almost $10,000 less in July than it was in May of this year.
Pending sales are up by 15% and some of this can probably be attributed to families make their move during the summer so they don’t disrupt the school calendar.
With low supply, there’s zero evidence that the market is going to crash or that there is a bubble that will burst. Interest rate increases have caused a significant change in the market. However, the Grand Strand area is a destination market that is mostly insulated from the worst effects of rising interest rates. With the FED raising the borrowing rate by another 0.25% in July, buyers who can wait, are choosing to do so. I’m nervous that folks waiting for a lower interest rate are going to face even higher home prices in the future. Home owners remain hesitant to list their property if they need a mortgage to buy another one. While at the same time, most owners who bought pre-pandemic have a large amount of equity if they sell. Adrianne and I are committed to serving buyers and sellers in this market and would love to connect with you to learn more about your goals. We’re here to help!