The first quarter of 2014 has proven that the local real estate market is emerging from its slump! Home sales are up and inventory is shrinking indicating that we should soon see a changing of the tide from a “buyer’s market” to a “seller’s market”. Land inventory remains high, making it a great time to shop for a deal! Most importantly, foreclosures and short- sales are all but a thing of the past, leading prices to stabilize.
March finished with 10 property sales in this small area, a number which had not been reached in a single month since 2007
As home scarcity rises and prices appreciate, look for land prices to finally begin to rise as buyers purchase to build. Key to all of this is the absorption rate, which reflects how long it woud take to sell off the current inventory of homes based on the rate at which homes are currently selling. A strong buyers’ market commonly has less than 6 months of inventory. Current absorption rate in the McClellanville / Awendaw area is 18 months for homes, though it is much lower in popular areas like McClellanvilles Historic District and Silver Hill community. Land is currently hovering around a 6 year supply, but this is steadily improving from the 10-20 year absorption rates seen in recent years. It will take a little time to sell off this inventory, but in a market this small statistics can change quite quickly.
You may be used to seeing houses sit- ting on the market for months and even years, but the best deals are now selling in days…with multiple offers. Some properties are even selling before they hit the market. Buyers are recommend- ed to have their financial ducks in a row at all times so they are ready to make an offer when the right property comes on the market. Your MCVL Realty agent will work diligently to find the perfect property and guide you through the purchase process. Savvy buyers are tak- ing advantage of interest rates and home prices while they are still low.
If you have a property for sale, it may be time to consider a new marketing approach. If you’ve been waiting for the market to pick back up to sell your Mc- Clellanville or Awendaw property, now may be the time. MCVL Realty is best able to provide keen insight on the par- ticulars of your property and help you get the best price in this ever changing market. Contact Daniel or Oliver today for a free, no-pressure consultation to discuss all of your options.
McClellanville and Awendaw rentals remain extremely scarce due in part to high demand, but also to generally low inventory and lack of multi-family buildings. If you are not in a position to buy, we can notify you when a rental meeting your needs comes available. In a competitive rental market, you need to make yourself be the most appealing rental prospect by improving finances and building up enough savings for the security deposit and first month’s rent. MCVL Realty also manages vacation rentals which can be seen on page 10.