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Real Estate News in Carolina Forest - January 10th, 2017
Carolina Forest real estate is continuing to impress us all. Sales prices have continued to increase and average days on the market are decreasing. People moving to the area are looking into this area for a number of reasons: Centralized location, proximity to the beach, restaurants, shopping, airport, and attractions. Outside of city limits keep your taxes lower and not being in a flood zone keeps home owners monthly costs to a minimum.
National Market Conditions
2018 1st Quarter Market Report: Home Sales Steady - Prices Continue to Rise

The 1st quarter of 2018 ended on a good note with March existing home sales only down slightly over last year, and with 2018 home sales expected to exceed 2017 excellent year. Home Prices in 2018 continue to rise, increasing 5.8% over the end of March last year.

The most notable change in the 1st quarter was an increase in seller activity. Our survey showed that in 46% of the markets surveyed there were still more buyers than sellers, but a decrease of 27% from March 2017. Additionally, 17% of our markets surveyed showed more seller activity than buyer activity, an increase of 8% over last year. The remaining 37% of the markets showed an equal amount of buyer and seller activity which was an increase of 19% over last year. The increased activity, however did not ease the tight inventory 73% of our markets showing a very tight supply of homes available for sale. Home prices are also on the rise with 86% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were down 1.2% over last year, but annual sales are expected to hit 5.6 million units compared to 5.1 million in 2017; inventory of unsold homes is at a 3.6 month supply and 46% of all homes sold in under one month.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in both buyer and seller activity is up significantly in the 1st quarter of 2018 compared to the buyer and seller activity from last year. Buyer activity is steady or increasing in 94% of the markets surveyed and decreased in only 6% of the markets surveyed indicating a significant 8% increase in activity from Spring 2017. Simultaneously the trend for seller activity posted a solid 10% gain in the 1st quarter of 2018 with 85% of the markets indicating steady or increased seller activity compared to 75% of the markets at this time in 2017. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly. In fact, according to NAR inventories have decreased to 3.6 month supply compared to 3.8 months in March of 2017. A balanced "normal market" is considered to be a 6 month supply of homes for sale.

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Fall 2018 Market Update
Average Sold Home Price: $225,000

Average Time on Market: 60-90 days

Best Selling Price Range: $200,000 - $249,000

Existing Home Prices for the past 90 days: No Change

Market Trend: Decreasing

Buyer's or Seller's Market: Equal buyers and sellers

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: Decreasing

Multiple Offers? Yes

Multiple Offers Commentary: Expect a multiple offer situation on most Bank Owned Properties. Around 90% of Bank Owned properties go to a multiple offer situation. New, unique listings that are not Bank Owned or Short Sale listings, will also find multiple offer situations from time to time. Some characteristics of a unique listing include: Different/Expensive upgrades, Lot location, cleanliness of the home, and asking price. The amount of listings in a particular subdivision will also determine the chance of a multiple offer situation. It comes down to supply and demand.

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 5-10%

Is Financing Available For Qualified Buyers? Yes

Comments on Financing For Qualified Buyers: Not only is financing available to qualified buyers, but there are plenty of options to choose from.

Housing Inventory: Good Supply

Greatest Activity: Repeat Buyers

Best reason to buy or sell: The reason

Nearest Metro Area: Myrtle Beach

Contact Information
Nick Stopper
843-685-3730
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Mortgage Rates for Dec 13th, 2018
30 year fixed rate: 4.51%
15 year fixed rate: 3.90%
30 year jumbo rate: 4.41%
15 year jumbo rate: 4.12%
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Real Estate Professional, Nick Stopper Nick Stopper
The Myrtle Group
Specializing in Carolina Forest Real Estate
1205 48th Avenue North
Myrtle Beach, South Carolina 29577
843-685-3730
Email Me | Receive New Listings by Email
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(Because current market conditions can change rapidly in any given marketplace,
please check with Nick Stopper for current Carolina Forest, SC market conditions before acting on this information.)
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