Your monthly Lowcountry market report
Is there really a slow down for real estate? Some economic observers point to 2018 as the final year in a long string of happy years of buyer demand and sales excitement surrounding the housing industry.
This makes me wonder what it could mean for our local market. We have seen a slow down in sales this fall, but we also had two weather disturbances that lead to visitors canceling trips and business disruption. One Realtor told me she had three prospects cancel their trip in September and they have not rescheduled.
The September market reports show closed sales are up 13 percent compared to last year. The price range with the largest sales gain was the $650,000 and above range, which increased 29.1 percent. However, inventory supply remains low across the market — 5.1 months.
Pending sales are up by 13.1 percent year-to-date, which is a positive indicator for our region. It’s a sign that maybe our market is not feeling the slowdown that other areas in the country are experiencing.
We live in a desirable location. Perhaps as the weather turns colder up north and the holidays come to an end we will see prospective buyers return to their plans to become homeowners in the Lowcountry.