Just like last year at this time, prospective home buyers should expect a competitive housing market for the next several months. With payrolls trending upward and unemployment trending downward month after month in an extensive string of positive economic news, demand remains quite strong. Given the fact that gradually rising mortgages rates often infuse urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings and make their offers quickly.
New listings were up 14.8% to 669. Pending sales increased 24.6% to 588. Inventory levels shrank 7.1% to 2,211 units.
Prices moved higher as median sales price was up 9.7% to $328,000. Days on market decreased 2.8% to 139 days. Months supply of inventory was down 21.5% to 5.1 months, indicating that demand increased relative to supply.
Although home sales may actually drop in year-over-year comparisons over the next few months, that has more to do with low inventory than a lack of buyer interest. As lower days on market and higher prices persist year after year, one might rationally expect a change in the outlook for residential real estate, yet the current situation has proven to be remarkably sustainable likely due to stronger fundamentals in home loan approvals than were in place a decade ago.
If you think Hilton Head or Bluffton might be the right town for you, let us help. With Realtor specialists in every community, we are here to serve you. We have offices at mid island Folly Field and Bluffton Crossing next to PGA Superstore and Hobby Lobby. We look forward to working with you in 2018.