The month of April saw the following trends:
Inventory is low and demand remains strong
Prospective buyers shopping today have 52% fewer homes to choose from than at this time last year, according to Realtor.com‘s Monthly Housing Trends Report.
Less than half the usual supply = record-high home prices
It comes down to supply and demand. The fact is, housing supply is down and this lack of inventory is due to a number of factors, including homeowners putting off selling during a pandemic, home builders not building enough homes (although this is quickly changing), but as builders ramp up production a lack of lumber is causing delays and higher prices.
Let’s take a look at the numbers.
Park Circle Market Stats - April 2021
Median Sales Price
Entire Charleston Area: $348,650 – UP 2.8%
Park Circle: $375,000 – DOWN 2.6%
Median Days on Market
Entire Charleston Area: 3 days – Previous Month 4
Park Circle: 3 days – Previous Month 3
Entire Charleston Area: 0.7 Months – DOWN from 0.9 Month
Park Circle: 0.6 Months – DOWN from 1.2 Months
This shows how long the current inventory of properties would last at the current rate of sales.
If no new properties were added to the market, and sales continued at a steady pace, this means that it would take 0.6 months to sell ALL the properties in Park Circle.
A balanced market would be 6 months of inventory.
Entire Charleston Area: 1443 – DOWN 3.9%
Park Circle: 18 – DOWN 41.9%
Entire Charleston Area: 2110 – DOWN 3.3%
Park Circle: 24 – UP 4.3%