How Is Supply and Demand Impacting Our Luxury Market?

Columbia South Carolina Real Estate Podcast with Brent Downing

What’s going on in our local real estate market? It’s time to take a look at recent conditions and how they may impact your real estate goals.

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Today I’d like to take a moment to update you on the latest developments in our market.

Currently, our market remains red-hot. In fact, Zillow estimates that homes sold more quickly in 2017 than ever before. And homes this year seem to be selling even faster.

The briskest business in the Columbia area is in the $150,000 to $220,000 price range. If your home falls within this category, this is good news. There is far more demand than there is available supply in this price range, so now may be the perfect time for you to trade up to a larger or more expensive home.

Now may be the perfect time for you to trade up to a larger or more expensive home.

However, not all segments of our market are seeing this same level of activity. The luxury market has at least a year's supply of inventory currently. Still, this doesn’t mean luxury homes don’t sell. In fact, last weekend, our team put two homes in the $500,000 to $750,000 range under contract in just one day. Some speculate that the tax bill may be fueling the uncertainty circulating around the luxury market, but I personally think current conditions are driven more so by an imbalance of supply and demand. If you have any other questions, would like more information, or are curious how current market statistics may impact your real estate goals, feel free to give me a call or send me an email. I look forward to hearing from you soon.