Just a note of encouragement from BeaufortHomeTeam!
There is one stat I want to point out as we wrap up this third quarter in Beaufort South Carolina. The stat is called the Absorption Rate. With regard to inventory, if there were no new listings, how long would it take at the current pace of sales to clear the existing inventory? We have gone from a high this year of over 42 months (3 1/2 years!!) to right at 12 months and still trending downward.
This is the strongest year for real estate sales in Beaufort South Carolina since 2009, and we are headed in the right direction. With the short term outlook for interest rates still good, we might be back to a balanced real estate market in Beaufort SC by the second quarter of 2013. Who knows what November will bring- either "mo better or mo badder"! Your guess is as good as mine.
On another note, for the first time in several months, I noticed that half of the closings in the last week of August were foreclosures. This is a good news / bad news condition. On one hand, we need to let these foreclosures and short sales work through the system, and in my opinion as quickly as possible, so we can get to a place where the lions' share of sales are normal resales and there is market appreciation. On the other hand, especially if you are selling now, the number of foreclosures and short sales certainly depresses values, which can prompt more short sales and later, foreclosures, feeding a devaluing cycle like we've had for the last 4 or 5 years.
I hope you all have a great weekend, and if you have any questions, need any help with real estate matters, please don't hesitate to call or email! Thanks!