2. Improving Sales Prices:
The overall median sales price of condos and single family homes has increased 7% from $136,000 in August 2011 to $145,000 in August 2012. Breaking it down even further, you can see how the median sales prices have been stable to increasing for every price point over the entire year.
3. Number of Properties Sold:
Year-over-year sales of single family homes and condos have surged every month over the last four months. Notably, in the last two months, single-family sales have experienced double-digit increases at 23% and 15%, and in the last last month, condo sales increased 22%.
4. Days on Market (DOM):
A six-month supply is considered balanced inventory. Among all the single-family and condo sales over the last year, the median days on market of sold properties ranged from only 119 days to 143 days, or between four and five months.
Clearly there are properties on the market that have been listed much longer, but they’re overpriced, and thus they don’t sell. Among reasonably-priced listings that attract buyers, the DOM–the time it takes to sell–is fewer than six months.
Every single one of these indicators points to an improving market. If you’ve been sitting on the sidelines, waiting for the lowest possible price, you’d better get busy, because prices are inching up, and the “steals” are disappearing.
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Posted September 26, 2012
By Kay Van Hoesen
Phone: 843-497-9155, Ext. 103
Kay Van Hoesen is founder, senior appraiser and owner of Certifax, Inc., real estate appraisers in Myrtle Beach, with local appraisal experience since 1986. Together, she and her staff have developed more than 35,000 appraisals for 3,400 clients.
Kay is a state certified residential real estate appraiser in both South Carolina and North Carolina as well as FHA-approved. Additionally, she is a licensed real estate broker in S.C., a participating member of the National Association of Realtors, the Coastal Carolinas Assn. of Realtors, and an Associate Member of the Appraisal Institute.
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