The real estate market is highly dynamic and subject to various changes based on inventory and demand. When inventory is low, the
demand for properties tends to increase, which creates a competitive market and thus higher prices. The question is, what is the best time to sell when inventory is low? We will delve into the topic and present insights from various websites and quotes from real estate experts to help you make an informed decision.
Traditionally speaking the best time to sell real estate when inventory is low is in the late winter or early spring. The reasoning behind this is that during the winter season, the inventory tends to be lower, and there are fewer buyers in the market. In today’s market not only do historical trends play a role, but now we have even more strained inventory as sellers who refinanced when rates we low do not want to get rid of their properties. As spring approaches, the inventory remains low, but the number of buyers increases. This creates a demand-supply gap, which can result in bidding wars and higher selling prices. Here in the
Price Increase
Day On The Market Feb 2023 to March 2023
Charleston SC market, we are seeing that happen again like it was throughout the COVID pandemic. The Charleston MLS usually has around 4000+/- properties for sale at any given time, but currently, there are just under 2300 as of 04/03/2023. On Daniel Island, there are only 30 properties for sale. The graph to the left shows the average days on the market went from 25 down to 15 in one month. The graph on the right is reflecting the % of the original list price from 96% to 98.1% in the same time frame.
Similarly, other fellow real estate professionals feel the best time to sell a property is when inventory is low but, in the early summer months. The months of May, June, and July have the highest selling prices compared to other months in the year. I think we all know that winter colder months have the lowest prices because there are fewer people out looking to move or get out in less desirable weather. Especially anything $300,000 and below is going under contract with bidding wars within the first couple of days. Here in SC, owners in Myrtle Beach luxury neighborhoods, and Charleston are adding value to entice buyers by installing things like whole home generators to increase the appeal and value to prospective buyers fearful of weather events.
All of us real estate experts have varying opinions on the best time to sell real estate, but without question, we ALL agree the best time is when there is low inventory. The concept of supply and demand applies to everything, real estate included. While things have slowed down a bit nationally here in the Southeastern region of the United States and S.C. specifically we are seeing a market push more than anywhere else in the United States. The southern states’ real estate trend is on a positive track and does not appear to be slowing down anytime soon, so prospective sellers would be wise to jump on the gravy train while it lasts.
