Residential real estate performing as predicted
By now our area parents and children are ready to start the new school year. It seems to me that regardless if you have children or not, the end of summer signals everyone to fall back into a routine.
What does that mean for our area real estate market? Traditionally, most people think that summer is a busy selling season, while that may be true for many parts of the country, the fall brings many potential buyers into our area.
During the summer months, many properties on the market have limited showing time due to the vacationers renting week to week. In some cases, it limits the viewing time to “turn day,” typically Saturdays from 10 a.m. to 2 p.m. With more available showing times in the fall, sellers will increase the chance of finding a potential buyer.
Fall also is when vacationers return after enjoying a superb holiday and begin to consider investing in a vacation home or rental property of their own. People up north will start to feel the chill in the air before they know it and realize winter is right around the corner. Another season of slush, shoveling and snow will no doubt send potential buyers to our area.
After all, with virtual offices, you can live where there is the highest quality of life and no snow. And as the children study their reading, writing and arithmetic, grandma and grandpa may be studying their financial portfolio and be heading to the Lowcountry to purchase a retirement home.
As we move into fall, residential real estate is performing as predicted at the beginning of the year. Sales and prices have been going up. As of the end of June, closed transaction was up 6.7 percent year-to-date and the median price was up 8.8 percent. Inventory was down 9.5 percent to 6.7 months, indicating that demand increased relative to supply.
As always, each neighborhood is different and it’s important to work with a Realtor to know and understand the value of your property. The “Realtor” title is a federally registered collective membership trademark which identifies a real estate licensee who is a member of the National Association of Realtors and subscribes to its strict written Code of Ethics.
Jean Beck is executive vice president of the Hilton Head Area Association of Realtors.
This story was originally published August 14, 2016 at 12:00 AM with the headline "Residential real estate performing as predicted."