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Original title: December 2019 Spartanburg and Upstate South Carolina Market Update
Author: Brian Hurry
Video link: December 2019 Spartanburg and Upstate South Carolina Market Update
License: Youtube / Creative Commons BY-NC
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YOUR DECEMBER 2019 SPARTANBURG AND UPSTATE SOUTH CAROLINA MARKET UPDATE
What new pattern are starting in the Upstate SC real estate market December 2019?
Thanks for watching your latest real estate market update. I am Brian Hurry with Coldwell Banker Caine and team lead for Hurry Home. There some new trends starting in our real estate market. If you only follow what the news and reporters are telling you, you will hear things like we saw 408 homes close and sell in November. Our days on market is at only 77 days. While all these stat are true, this is actually yesterday’s news. It is really telling you the results of what happened back in September and October. There is a very different trend when you dive deeper. I am here to show you a better way to look at the numbers. I want to show you where things are heading, not just where they have been. I want you to be wise in all your real estate decisions, so, let’s get started:
Our first look is at the number of homes that have come on market this month: there have been 557 new listings in November. This is the lowest number of new listings put up for sale in any month the entire year. This might lead you to think – fewer new listings, so homes must selling faster – right? Well let’s look.
Our average days on market is the 77 days. To clarify, days on market is defined as the number of days from when we list your home for sale and put a sign in the yard until the day you negotiate the details of an offer and have a written ratified contract. So again, you might think this also leads you to – fewer choices and faster sales, but this is where the dialog changes a little bit.
The number of homes that have gone under contract during the other months of 2019 has been anywhere from 400 homes under contract to almost 600 per month going under contract. In November we saw a significant shift down where only 241 went under contract. In November, we only had 182 homes go under contract. This is what we call a leading indicator. It is leading me to expect a couple of things are coming:
1. The average days on market will likely be going up. If only 182 homes went under contract and there are now 1851 homes listed for sale (the highest number of homes for sale in any month this year) that is an obvious prediction. Our current average days on market is: 82 days.
Some people are very concerned over this shift. I have a different take on things. Our upstate real estate market has been like driving a NASCAR at crazy speeds with people running into each other all over the place. Now, we are simply trading in our NASCAR and getting back in our normal car driving in normal traffic. Things are shifted back to a normal stable market. Not a NASCAR race and not a house crash., We are getting back to normal
2. Homes are still selling for 98% of list price. Expect value to hold, but it will just take a little longer to sell on average.
3. January 2019 – July 2019 the median sales price in Spartanburg county moved from $151,000 all the way up to $188,000. From June 2019 – December 2019 it has settled back down to $180,000
December Take Aways:
Expect activity level and home sales to start trending back up in January, but average days on market to rise slightly.
Inventory or home choices is at the highest number it has been all year with 1851 homes for sale.
New construction inventory is up significantly. You need to hire a REALTOR to fully represent you as the buyer, even when purchasing a new construction home.
The homes that are selling the fastest are priced $100,000 and cheaper. Most homes sales in our area are between $200,000 and $300,000.
The homes that take the longest time to sell are priced $300,000 and higher. The average days on market is 99 days on this higher end home.
So, where are your real estate opportunities:
if you own a home with $100,000 or lower sales price – demand is high and inventory is low here. You can command a quicker higher sales price now and move up to a larger home. You do need a REALTOR to help you sell though. There are significant differences based on the types of loans and terms inside an offer. Things can get pretty tricky when selling at $100,000 and below.
If you are buyer for our higher end homes of $300,000 and higher, you have a lot of great choices and less buyer competition. You can take more time to see homes and pursue the home that best fits your wants and needs.
If want to start now and plan for your next move, reach out to me by phone or text at 864-285-6096.
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