The Beaufort County Association of Realtors reports that residential real estate markets have been performing as predicted since the beginning of the year. Sales and prices have been going up in most areas, while the number of homes for sale and total month’s supply of inventory have been going down.
According to a news release, sellers have been getting a higher percentage of their asking price, and supply continues to struggle to meet demand.
The association found that, in June, new listings were up 45 percent to 277 listings. Pending sales increased 18.8 percent to 240 listings. Inventory shrank 6.8 percent to 1,126 units.
Prices moved higher in June as the median sales price was up 13.2 percent to $197,000. Days on market decreased 0.9 percent to 110 days. June’s supply of inventory was down 12.7 percent to 6.2 months, indicating that demand increased relative to supply.
The national unemployment rate recently dropped 0.3 percent to 4.7 percent. The association reports that the low inventory is showing signs of strain in markets where there are few homes for purchase.
With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cool-down could occur by winter, according to the release. However, growth prevails as many local properties are reaching near-record prices not seen in more than a decade.