Homes For Sale Summerville SC: Hot Market Heating Up
Here are the latest stats for homes for sale Summerville SC from the Charleston MLS. First up are the Closed Sales:
That number is on the upward trend in 2015, and really shot up in March. In January, there were 160 Closed Sales, and there were 181 in February.
In March, there were 281 Closed Sales. Last March there were 207 Closed Sales.
June and July were the peak months for Closed Sales in Summerville in 2014, with 303 Closed Sales each. Those were the best months since September 2006, with 337 Closed Sales.
Here is a look at the Pending Sales:
That number has also shot up so far in the New Year. In January, there were 202 Pending Sales, 296 more in February, and 402 more in March. Last March there were 259 Pending Sales.
The 402 Pending Sales in March are the most since April 2005 with 406.
Here is a look at home values, starting with the Average Sales Price:
Interestingly, that number dropped in February, but is back up in March. 2015 started with an Average Sales Price of $201,694 in January, then $196,033 in February, and back up to $198,741 in March.
Last March the Average Sales Price was $188,338.
These numbers are lower than the 2014 peak month which was in December at $212,801.
December was the highest Average Sales Price for homes for sale Summerville SC since June 2007 which was $213,538.
Here is the Average Price Per Square Foot:
That number is also climbing. From $92/sq ft in January, to $93/sq ft in February, the Average Price Per Square Foot is up to $96/sq ft in March. Last March it was $92/sq ft.
In December, the Average Price Per Square Foot was $96/sq ft. But the peak month was actually last Summer–June, July, and August each averaged $97/sq ft.
The last time homes for sale Summerville SC averaged $97/sq ft? October 2008.
Next up is the Average Days On The Market (DOM):
The Average DOM took a big plunge in February, but crept back up in March. In January, it was 83 DOM, then 53 DOM in February. For March, it was 67 DOM. Last March it was 78 DOM.
The highest DOM in 2014 was May, at 80 DOM. The lowest was January and November at 63 DOM. The 53 DOM in February was the lowest since August 2006, which saw an Average DOM of 51.
Finally, a look at the Months Supply Of Inventory:
That number continues to drop, from 4.2 Months in January, to 4.1 Months in February, to 3.7 Months in March. Last March it was 5 Months Supply.
The lowest month in 2014 was December, with a 4 Month Supply. The 3.7 Month Supply in March is the lowest since June 2006 which also had a 3.7 Month Supply.
Currently, there are 899 homes for sale Summerville SC. There are 189 Pending Sales, and another 476 under contract.
Summerville continues to be in a sellers market, and like much of the country, is seeing a strong buyer demand.
It is not unusual to see so much buyer activity early in 2015–that is the trend nationally. Traditionally, buyers will start poking around early in the year, but wait until Spring to get serious.
That is not the case in 2015, and certainly doesn’t appear to be the case for homes for sale Summerville SC.
The Average Sales Price did take a dip from December to February, but keep in mind that December was the peak month for 2014 and the best month since June 2007.
Despite the Average Price ticking back up in March, this can be a very good thing for buyers. One issue nationally has been the fact that home values have increased at double the rate wages have increased.
While 2014 was a great year for new jobs, wages have lagged behind, making homes a little tougher to afford.
This dip lets buyers catch up and still take advantage of the market before they could get priced out of it. This is something to keep an eye on for the rest of 2015, but for now, buyers have a great opportunity to take advantage of.
Despite the number of homes already on the market, the numbers indicate that demand is greater than supply. Despite strong buyer demand, buyers still will not overpay for a house, and they prefer a home that is move in ready and does not require a lot of work.
For buyers, now is a great time to buy in Summerville. Interest rates remain low, and with the small dip in prices, Summerville homes remain affordable.
If you are looking at buying your first home, chances are you will pay less in a mortgage than rent.
Plus, traditionally sellers wait for Spring to list. This means a new wave of homes to choose from will improve options.
Plus, you might have a better chance at landing the home you really like. It isn’t unusual to see multiple offers, or to lose out on a house because someone beat you to it.
I think we are already starting to see this, with 899 homes for sale. Of those 899, 152 came on the market in February, and another 354 were listed in March. 105 have been listed since the beginning of April.
The Summerville SC real estate market is already hot, but it looks like it is heating up. We are seeing numbers we haven’t seen since the peak (before the bubble burst).
If you are thinking of buying homes for sale Summerville SC, then check out my Pam Marshall Realtor website and search the Summerville SC MLS.
If you are thinking of selling, visit my Pam Marshall Realtor sellers page.
If you want to keep up with the latest stats for homes for sale Summerville SC, then check out my Summerville SC real estate stats page.