As of mid-July, the real estate market in the Central Savannah River Area (CSRA) is showing intriguing trends that are essential for buyers and sellers to understand.
Current Market Snapshot
Homes for Sale: 1,868
Homes Pending Sale: 1,168
Average Days on Market: 100 days for closed sales from April to June
Percentage of Asking Price Received: 98.59%
Sales Trends
The first quarter of 2024 saw a robust 4,115 homes sold. However, the second quarter experienced a noticeable slowdown with only 2,378 homes sold, signaling a deceleration in spring sales. The trend appears to be continuing into the third quarter, with just 165 residential homes sold to date. If this pace continues, we can anticipate fewer than 2,000 homes sold throughout the CSRA by the end of the third quarter.
These statistics are based on recorded home sales from the Realtors of Greater Augusta Multiple Listings Service. It’s likely that a significant number of homes sold in Aiken are not included in these numbers. However, unless there’s been a massive migration to Aiken, it’s reasonable to assume they are experiencing similar trends.
Market Predictions
Looking into the crystal ball, or rather, the market data, it seems this pattern of slowing sales may persist until October or even later into the fourth quarter of 2024. At the beginning of the year, there was hope within the mortgage and real estate sectors that interest rates would provide some relief for consumers. Unfortunately, interest rates have remained in the high 6% to low 7% range, with occasional dips to the mid-6% range, allowing some fortunate buyers to secure rates in the high 5%. However, these lower rates are not the norm.
Future Outlook
As the election season approaches, there is a possibility we might see some relief in interest rates, which could invigorate the market. This speculation might be causing the current decline in sales, as potential buyers hold out for better rates. Many real estate professionals, including myself, have advised clients to wait if possible, anticipating a future dip in rates.
When interest rates eventually drop, the market is likely to experience a surge in demand. With a limited number of homes available, prices will inevitably rise again. So, while the current market might seem slow, it could quickly become highly competitive once interest rates become more favorable.
Today, the CSRA real estate market is currently in a holding pattern, with sales slowing and buyers cautiously optimistic about future rate drops. If you are considering buying or selling a home, staying informed about these trends is crucial. As always, consult with a real estate professional to navigate this evolving market effectively. And remember, when the rates do come down, the market will heat up quickly, so be prepared to act swiftly to secure your dream home.
For more information, visit Shawna’s Thought Leader page HERE.
Shawna Woodward
130 North Belair Road
Evans, GA 30809
Phone: (706) 993-1133 or (706) 399-8707
Website: https://www.mhpaugusta.com/
