Jeremy Jenks: Hey guys, Jeremy Jenks, Vice President of Sales here with the Trembley Group and I’m here to give you an update on Market Common. So, maybe you live in Market Common and you’re just kind of interested in what home prices have been doing and what the local market is up to, you’ve heard a lot of stuff in the news lately. Or maybe you’ve always dreamed about moving down to Myrtle Beach and you’re starting to think and you’re very interested in this vibrant community that we have called Market Common.
First thing that I’m going to talk about is the month’s supply of inventory. So, what’s “month’s supply of inventory”? If I have 1,000 homes on the market, how many months would it take me to work through those homes? So in Market Common, currently, we’re at about 3.5 months. Okay? So if nothing else came on the market, in 3.5 months, we’d be completely sold out of inventory.
So anything … The National Association of Realtors does a lot of studies on this, there’s some great books that were written, where you can see the crash kind of coming by studying month’s supply of inventory, so that’s why it’s a very important number to have your eye on when you’re in this business. But what does it mean for you? In a seller’s market … is defined as anything less than six months supply of inventory or that’s about where they say it tips. A buyers market would be anything more than six months. So what does that mean? Because if there’s more inventory on the market, then obviously buyers can drive the price down. There’s less competition for those homes and sellers have to lower their price.
Currently in Market Common, like I said, we’ve got about 3.5 month’s supply of inventory, but in 2016 we had 2.5 months of inventory, so it was actually even more of a seller’s market. Now that studying, the reason it’s gone up and all the statistics and all the news you’re seeing is how hot this market is, but it’s actually gone up in Market Common, because we’ve had several new construction communities open up and some of the nation’s largest builders are in there competing for your attention and there’s more homes, more spec homes, and more inventory. But overall, still a seller’s market, 3.5 months is a great number. Years ago it used to be eight months, so we’re definitely headed in the right direction.
Give me a call if you have any specific questions or if there’s anything you would like answered on our video next month. We’re going to talk a little bit more next month about price per square foot, and what that means to you and how you could use it to calculate your home’s value. Stay tuned.
For more information: Jeremy Jenks, Vice President of Sales, TheTrembleyGroup.com, 843.638.3002
Need help? Call The Trembley Group at 843.945.1880 ext. 100 and we’ll help you look for the perfect listing or buyers agent!
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