For Columbia, SC March 2021
Hi i’m Cindy Luoma and i’m selling Columbia’s best homes with Exp Realty. Here’s your Columbia South Carolina real estate market update for march 2021. Let’s take a look at the numbers:
Hey Columbia,, the news is all good as i’ve been saying all year. Inventories are at historic lows and mortgage interest rates are also still low so the buyers are benefiting from the low rates and sellers are benefiting from an almost scant inventory level. As quickly as new homes are listed buyers are grabbing them up. Sellers often ask me when the sweet spot to selling their home might be in any given year. That typically is around the January or February mark, just before the spring market begins. That’s when traditionally inventory levels are reduced. However now, this year, in 2021 it’s an even sweeter spot than ever. There’s only 1.9 months of inventory across the country.
According to David Berson the chief economist for Nationwide Mutual, “as the covid19 vaccine becomes more available and the economy improves he predicts that more homeowners realizing the equity gains in their homes will list their existing homes and that could help alleviate some of the housing shortages”.
Let’s not forget that low inventories and high demand for housing is causing prices to increase. Price increases mean more equity for homeowners. As a matter of fact, appreciation was up around 10 percent over 2021. Here in the southeast it was up 10.7 percent, which is definitely above normal appreciation.
Our chief economist at the national association of realtors says, “a typical homeowner in 2020 just by being a homeowner they would have accumulated around $24 000 in housing wealth.
Let’s see how the Columbia market compares to the rest of the country. As you can see new listings are up 14.6%, pending sales are up 13.5%, showing you that almost all listings are being sold immediately. In addition, our average sales price is over $150,000. That represents an increase of 19.2 % . Finally if you look at the inventory of homes for sale, we’re down nearly 45%. Hey if you like this video and would like to learn more about the Columbia real estate market just hit subscribe and you’ll receive all my videos.
Also, if you’re thinking about selling your home this spring I have a terrific 2021 spring selling guide that’s chock full of information and tips for you to get your house sold. Just click the link below and i’d be happy to send it to you.
Have a great day!