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How's The Market Doing

By
Real Estate Agent with Dockside Realty Company 48011

conway SC real estateWhile I do not have a crystal ball or wiggi board I can say that prices are rising, inventory is still tight, mortgage rates are still very low and things are moving back to long-term, pre-bubble levels. 

Homes sales are at their fastest pace since February 2007 and have remained above a year ago levels for the past 26 months.

What lies ahead for 2014?

  • Expect the market to continue to pick up speed as the economy improves and more home owners decide they have built enough home equity to sell their homes.  Home prices will slightly higher, but there is more inventory to choose from and it interest rates are still low.
  • As the job market continues to improve banks are expecting to have less re-financing and that will free up more money for new mortgages.
  • What’s going on with Foreclosures and Short Sales?
    • At this point, the foreclosure crisis is behind us, in most of the country.
    • The “judicial states,” of which South Carolina is one, requires a judicial review of the foreclosure case before it can be officially processed. This process can take up to 3-years.
    • With the volume of sales increasing we are seeing, there is a shift from foreclosures and short sales to conventional sales. Which is the sign of a returning market.
  • Is new construction market returning to normal?
    • Now that the existing home market is running close to long-term normal, the new construction market remains at about half of the normal levels. Why? There are fewer new house-holds being formed.
    • Until the overall economy recovers enough that more young adults get consistent employment, move out on their own and form households, we will not get up to normal construction levels.
  • So, what does all of this have to do with Horry County?
    • With less than 6 weeks left in 2013 this year it is shaping up to be one of the best years, for housing, since 2006.
    • For the 12-month period spanning from November 2012 through October 2013, Closed Sales were up 15.8% overall.
    • The price range with the largest gain in sales was the $200,000 to $250,000 range, which increased 27.7 percent.
    • The property type with the largest price gain was the Single-Family segment where prices increased 6.3% (to $170,000).
    • The price range that tended to sell the quickest was the $150,000 and below
    • The price range that tended to sell the slowest was the $300,000 and above.
    • The inventory of distressed homes for sale has level off and is down 43.2% over last year.
    • The sold to list ratio is now at 91% and has been steady for the last 3-months.
    • The Sun News reported on 11/17/13 the community with the highest sales volume growth on the Grand Strand was Conway.
      • The Conway market is on track to tally up more than 900 single family homes this year.
      • As of 11/17/13 there have been 729 homes closed and another 189 pending.
      • So, Why Conway – affordability, quality of life, laid-back community-centered lifestyle, closeness, a quaint little town and space (quiet and privacy).

So, if you know of someone who is looking to buy or sell property or would like a FREE home evaluation please have them call me at 843-267-5891 or go to my website www.conwayscrealestate.net or visit my blog www.facebook.com/JillKlunkSellsConway.