Market Shows Resiliency
Locally, we are seeing more homes on the market than we did at this time last year. However, we are still under 6 months of inventory, which is considered a seller’s market.
The market is more balanced than it was at the beginning of the year but for Bluffton, there have been 1,124 homes to sell YTD. Compared to this point last year, there had only been 954 homes to sell. Hilton Head has had 522 closings YTD vs 471 homes closed at this point last year.
The 1st quarter was strong, followed by a little slower 2nd quarter, but as we are well past the halfway point, 2024 has been a good year. Average days on market (before receiving a contract) is currently at 58 days, up from 45 days at this point last year.
With the election and the first potential rate cut by the Fed less than 100 days away, we believe some perceived stability is on the horizon which should give consumers confidence.
The housing market continues to show resilience despite headline news about the middle east, potential recession, the election, and stock market dips. Some great news is that mortgage rates are already beginning to decrease. We have been saying for some time now, once the rates drop, the real estate market will strengthen.
We are anticipating an increase in activity this Fall. As the weather starts to improve and golf enthusiasts return to the Lowcountry, the market should follow suit and show a bump in activity from buyer demand. If you are thinking about listing your home, give us a call so we can discuss recommendations to get your home ready for the Fall selling season and give you a market valuation of your property.
Our Thanks,
Johnny & Jeff
