Do we truly have low inventory? Or is our market just that hot?
If you’ve been paying attention to the real estate market, you know that everyone is talking about low inventory. However, do we truly have low inventory? What do our supply levels mean for you? Let’s talk about it.
I just came back from a seminar, and the leader said there’s no such thing as low inventory. This went against the conventional wisdom, so I decided to pull up some numbers from the Wild Dunes and Isle of Palms markets.
In 2019, we had 320 sold listings. In 2020, we had 502 sold listings, and in 2021, we had 485 sold listings. It turns out that we’ve never had more listings; homes are just selling so quickly that it looks like there’s low inventory.
Homes are selling so quickly that it looks like there's low inventory.
What does this mean for you? If you are looking to buy, you need to watch the area like a hawk for new listings. Better yet, you could talk with a good agent who can get you off-market homes.
Let’s take a look at some more numbers from Charleston’s beach communities. In February of 2021, the average sales price in our area was $939,000. Today it’s $1,265,000—that's an appreciation of 18.3%. There are so many buyers that properties are being snatched up in an instant. Right now, there are only 26 homes and just five condos listed for sale in Wild Dunes and Isle of Palms.
If you want to buy in this market, you need an agent in the know. Call or email me, and I’ll put you in our system so that you are immediately notified when a property hits the market. I look forward to hearing from you!
Posted by Betty Gales on