As we begin 2017, we want to give you a recap of the 2016 market. We took a look at the year-end numbers and compared them with what we saw at the end of 2015. Here is what we have found.
For single-family homes, inventory is down about 4%, which is a positive for our market. At the same time, the rate of single-family units sold went up 4.5%. The average days on market stayed about the same at 150 (which includes the escrow period). Both the average sale price and median sale price went up 4% from the year before.
With lower inventory, a higher number of sales, and higher prices, we’ve got a very balanced and healthy single-family housing market.
As for condos and townhomes, things are similar but still trailing behind a bit. Inventory is down 8% in this market, but keep in mind that there has been very little condo development in the last eight years or so. Sold condos are up by 10%, the days on market is down slightly, and the median sale price for condos is up by 4%, as well.
To sum up our current market, it’s healthy. We have seen a balanced market with a healthy 4% appreciation rate and an increased demand for homes. We are constantly watching these numbers and always have the latest information for you. If you need details about your specific area, don’t hesitate to reach out. Give us a call or send us an email and we would love to help you out. We look forward to hearing from you.
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Greg Sisson, Realtor
RE/MAX First Choice
Serving the Grand Strand