Mike's Montage Message

Midweek is already here and almost halfway through a crazy year in real estate. 

Seems nothing ever changes the torrent of pent up demand in the local housing market is continuing to propel home buyer activity. Last week narrowly missed becoming the metro Charleston area's third consecutive record week with 494 properties going under contract (there were 497 the week prior).

Adopting a "big picture" view wanted to convey and communicate the following:.

(1) The last 3 weeks were the best 3 weeks ever! This measure is in terms of ratified contracts. The bottom of the market appears to have been about 8 weeks ago.

(2) The Charleston Trident Multiple Listing Service (CTMLS) is almost flat relative to ratified contracts year over year. This seems incredible considering everything we are all dealing with in the country but reinforces a message that people are (re) locating, to the Palmetto state and specifically the tri-county area..Whilst the CTMLS is marginally down now down 0.5% year to date (i.e. nearly flat) versus last year in ratified contracts, this should be put in context mindful 2019 was one of the best years on record for the area.

(3) Showings in the last week have surpassed showings from the same week last year. Certainly see the same in my own business with able willing and motivated buyers and sellers in action. Not complaining -lol! 

(4)On the subject of inventory there is need for more than 3,000 additional listings market wide to just achieve a balanced market (6 months of inventory). The gap between the number of listings available for sale and the number of listings needed to maintain a balanced market is growing each month. If you are as a prospective seller debating whether or not this is a good time to put your home on the market, I believe the answer needs to be "YES" on basis that demand is at an all time high and supply is well below where it needs to be to meet the current demand.Situation further fueled by historically low interest rates. Whilst everyone's situation is different by adopting a consultative approach welcome opportunity to review your situation and put together a game plan that best addresses your real estate goals.Caveat, it is imperative pricing must be compelling to a prospective buyer. but there is absolutely a need for more inventory based on current activity levels.

(5) In addressing the fall through rate of ratified contracts this remains slightly elevated, but starting to decline, with nearly 20% of ratified contracts failing to make it to closing. The normal range for this number is between 12% and 18%.Again this is an average but seasoned agents like myself have proven methods in place that seek to minimize the chance of fallout. Wish to learn more, simply call me on my personal cell at 843-906-9669. I'm here to help and reassure.

(6) Going forward concern persist with unemployment remaining extremely high which could impact on the market, but like all things this must be viewed at a local level 

However, if you feel inclined to seize the opportunity, who are you going to call or text or email? Sincerely hope the answer is your friend in real estate aka US SCOT as this would demonstrate that I'm doing the right thing.That's it for now - have a great week and feel free to share this post on social media as collectively we seek to give this publication greater exposure whilst conveying a message of hope for others during this time! 

Gaelic cheers

MC