BELFAIR JANUARY 2023 MARKET REPORT
Press play on the video below for an update with the latest stats and details as well as insight on the Belfair real estate market.
Market Trending Toward a More “Normalized” State
The market continues its trend towards a more “normalized” state as it shifts away from the multiple offers and the sight unseen purchases we saw when interest rates were at historic lows.
In Bluffton, compared to this time last year, we have 34.8% more listings, and homes are sitting on the market 57.9% longer on average. Home prices have remained steady but with stagnant home sales in January in Belfair, Berkeley Hall, Colleton River, and Oldfield, it is uncertain what will happen in the coming months. In these four communities combined, we’ve only seen 1 home go under contract for over 1 million dollars and only 2 other homes went under contract (1 in Oldfield and 1 cottage in Berkeley Hall) for a total of 3 sales in the month of January.
The good news is Freddie Mac reports, “Inflationary pressures are easing and should lead to lower mortgage rates in 2023.” Hopefully with mortgage rates leveling off, we’ll see more buyers coming back to the market. Quick fun fact, from 1971 to 2022, the average rate for a 30-year fixed mortgage was just under 8%. We are still at historic lows!
In summary, we expect more homes to come on the market in the near future and if you are on the fence between listing now or waiting, we suggest listing now before more inventory comes on the market. And more than ever, if you put your home on the market it is important to price it correctly. Give us a call if you would like for us to come by and give you a market valuation.