To list, or not to list? Here’s the market data you need to know.
The coronavirus pandemic is still out there, but South Carolina is slowly starting to reopen, so is now a good time to list your property?
Well, the numbers absolutely indicate yes, now’s a great time to list! In Charleston County, listings for April are down by 31% year over year, and the number of closed sales is down by 13%; this trend, though not ideal, is sustainable because the drop in supply does outpace the decrease in closings. However, when looking at the year-to-date data and comparing it to the first four months of 2019, we’re down 16% in listings but up 3% in closings.
All of this means that our inventory has been drastically reduced, so sellers are still able to leverage the lack of options available for active buyers (yes, there are still plenty of buyers out there), and get close to their list price. That, of course, applies only to properly priced properties that are in good condition.
For Isle of Palms, new listings were down 33% and closings dipped by 19%, but again the decrease in supply outpaces the decrease in demand. On the other hand, the numbers for Daniel Island reveal quite a different story; new listings there are down 14%, but closings are up by 22%—demand is increasing amidst a decrease in supply, which makes for an even stronger market.
On the Upper Peninsula, listings are actually up 3% from last year, but inventory is down 27%, making the downtown Charleston market a little more tilted in favor of buyers. So, in short, South Carolina’s submarkets haven’t been affected equally; some persist as strong seller’s markets, and others may require sellers to revise their strategy around a market that’s begun favoring buyers.
That’s why I encourage you to reach out by phone or email so we can discuss your specific neighborhood and situation if you’re interested in selling. Generally speaking, the data supports a decision to list now, but I’m always happy to have a more in-depth discussion with you. Tell me what area of the low country you’re in and I’d love to send you the most up-to-date market data for you! In the meantime, stay safe and have a great week!