walterboro Colleton county Sales

Where have the multiple offers and above asking sales prices gone? That is certainly a question many sellers are asking themselves in2023.  In 2020 after the pandemic restrictions were lifted in South Carolina. Colleton County began a real estate market frenzy that excited sellers, exhausted realtors, and exasperated buyers. In our area sellers were blessed with low interest rates, stimulus money, and our beautiful destination for people looking to relocate to our state. It was a seller’s market for sure!

 

  Unfortunately, that has begun to change in our market.  Why?  Well, during the Great Recession homebuilders stopped building.  Now we have an inventory shortage.  An inventory shortage hurts both buyers and sellers.  With less inventory sellers are reluctant to put their homes on the market because they have less home choices to purchase once they sell. 

 

  Interest rates are at a 20 year record high.  Gone are the days of 2, 3, or 4% mortgages.  Rising interest rates mean that the amount of home a buyer can afford goes down.   This hurts because the prices of homes have risen at a high rate in recent years.  Many first-time buyers are being priced out of the market. 

 

  Buyers are having trouble finding homes in their new price range. Sellers are now finding that their houses are not going under contract within days of them being listed.  Fewer properties are receiving multiple offers. Some homes are beginning to sell for under the asking price. 

 

  How does Colleton County look?  There have been some changes from April 2022 until April 2023 that buyers and sellers should be aware of.  Looking at the above chart, you can see that the average home sold for about $25,000 less than a year ago.  Also, the days on the market more than doubled from last year.  And finally, the volume of sales in Colleton dropped by almost $12,000,000.

 

 

  It is not all gloom and doom.  South Carolina is still in the top 5 states that people search to relocate. Many who are looking to move out of Charleston and Summerville’s busy atmosphere are also looking to move to Colleton County. The rumored new subdivision in Colleton County will help with the inventory shortage.  So as we move through 2023, home sales won’t look like 2022 – but with a great realty team like All Country Real Estate, you can get your home SOLD! 

All Country Real Estate Knows Colleton County