Summerville Real Estate Stats
Today I am looking at the stats for the Summerville real estate market from the Summerville MLS. These numbers are the most recent, and the graphs below will also show the numbers, month-to-month, going back over the last year plus. First, let’s look at Closed Sales:
Closed Sales dropped in November, from 247 in October to 215. As you can see, that number has declined over the last few months. September saw 277 Closed Sales, but that number peaked in June and July at 303. That was not only the peak for 2014, but the highest level going back before 2013.
Next is Pending Sales, which are often an indicator for future Closed Sales.
This number is also declining. November saw 200 Summerville homes for sale go under contract, down from 238 in October and 255 in September. May and June were the peak months for 2014, each with 287 Pending Sales.
Next is Average Sales Price:
In November the Average Sales Price for Summerville was $196,473. That number is up from the $193,158 for October. June was the peak month for 2014 with an Average Price of $211,072.
Next up is the Average Price Per Square Foot:
That number dipped slightly in November, from $95/sq ft in October to $94/sq ft. That number peaked in June at $101/sq ft.
Next is the Average Days On The Market (DOM):
That number is also on the decline. In November it is down to 62 DOM. October saw a DOM of 71. The highest DOM in 2014 was May, with 80 DOM.
Here is a look at the Months Supply of Inventory:
That number is also on the decline, down to 3.8 months for November. That is down from the 2014 high point of 5 months, which was March through May.
So, what do the numbers mean?
If you look at the Average Sales Price numbers, they have been up and down the last few months. But, they are still at a higher level than 2013. This is similar to what is happening nationally–the numbers may be down a little, especially compared to 2013, but they are leveling off. That doesn’t appear to have happened in Summerville just yet, so we will have to keep an eye and see where they go.
But leveling off is a good thing. Nationally, the market has been pretty hot. But, that kind of growth cannot be maintained for a long period of time–think of the real estate bubble from a few years back.
So, nationally, the market is normalizing and settling in to a more healthy rate of growth. Summerville isn’t there quite yet, but it looks like it is trying to get there.
One of the important numbers is Months Supply of Inventory–this will let you know what type of market you are in. Once again, I have a handy infographic that best explains this:
So, by definition, Summerville is a sellers market. The demand is strong, and values are on the rise. Plus, the Average DOM is on the decline.
So, if demand is exceeding supply, why are sales dropping? There are currently 858 homes listed for sale in Summerville. Yet, Closed Sales and Pending Sales have declined.
The easy answer is to see how many homes that are currently listed for sale are listed over the $94/sq ft price point. There are 298 homes that are listed below $94/sq ft. That leaves 560 homes priced over the current Average Price Per Square Foot.
However, I don’t think that quite fully explains it. With 858 homes currently listed for sale, there is going to be a wide variety of homes and price points.
I think it would be better to break things down on a neighborhood-to-neighborhood basis. However, I do think that it does indicate that many homes are overpriced–after all, the demand is there.
For buyers looking for Summerville homes for sale, this can be a good time to buy, even if it is a sellers market. Just as I always preach, buyers that are armed with data from the Summerville MLS can find plenty of good deals.
Values are on the rise, so the market is good. However, buyers that wait could miss out. Both values and interest rates are on the rise, so buying sooner rather than later means taking better advantage of opportunity.
For sellers, it should be obvious that selling in a sellers market is a good thing. While there might appear to be a lot of competition out there, keep in mind many sellers are overpriced–so you really aren’t competing against them.
The demand is there, so by pricing right you can get sold quickly and for a fair price. It isn’t unusual to see a situation where there are multiple offers, and that is an ideal situation for any seller.
Again, it would be best to look at the market in more specific areas such as neighborhoods. But by examining the numbers you become better educated to what the market dictates. This will lead to a better sale, for both buyers and sellers.
If you are thinking about buying Summerville homes for sale, then I have a few resources for you. You can get a free list of homes that match your criteria.
This list has prices, addresses, Google maps, and complete house details. This list is updated in real time and delivered to your inbox.
You can also search Summerville homes for sale on my Summerville MLS page.
For sellers, I also have some resources. First, you can go online and get an instant Home Value Estimate. You can also get a more comprehensive Neighborhood Value Report to see a more accurate value for your home in today’s market at that site.
You can visit my sellers page to request a Neighborhood Value Report as well, and you will also receive more helpful information–a couple of sellers guides as well as an outline of my comprehensive online marketing plan.
If you want to keep up with the latest stats from the Summerville MLS, then check out my Summerville Real Estate Stats page.
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