While sales prices on 30A have risen as much as 35% year-to-date, the number of sales has dropped by as much as 28% year-to-date. It would appear our market has finally turned a corner, which in no way means disaster is waiting around that corner. We all recognized the housing frenzy brought on by the pandemic would eventually fade. And thanks, in part, to new lending regulations, our market and that of the nation are in far better health today than what precipitated the crash in 2008.
A few key factors impacting our market locally:
- Available inventory is still at record lows
- Prices continue to rise
- Mortgage rates surged from 3% to 6% within just a week
Several national headlines are reporting record-setting price reductions…