How’s the Market in Columbia County? September Recap

🍂 It’s the final quarter of 2023, 3 months left in the year…  Is anyone else feeling reflective… Are there things you really wanted to get done this year but haven’t tackled yet? Buying a house perhaps? 

Before we look forward, lets take a look back at what happened in September 

September saw an increase in new listings but new pendings and solds did not keep pace.  Did interest rates hanging out in the high 7% range have something to do with it? Yes, these interest rates are keeping a lot of would be buyers on the sidelines and a lot of would be sellers staying put. 

📊At the end of September there were 248 active listings in Columbia County. 

• 86 active listings under $500K, 34.7% of the total inventory.  Year to date this segment makes up 53.5% of all sales.  

• 85 active listings between $500K-$1M, 34.3% of the total inventory.  Year to date this segment makes up $33.9 of all sales.  

• 77 active listings over $1M, 31% of the total inventory.  Year to date this segment only makes up 12.6% of all sales. 

The sales price to list price ration in the first 30 days on the market rebounded back to 104.44%. There is still competition for those unicorn properties. 

September certainly experienced a bit of a slow down, but the market overall is balanced between buyers and sellers. 

Sellers should make sure their home is priced right and in good shape before listing it and also anticipate buyers asking for more concessions.

Would be buyers that are sitting on the sidelines over interest rates should calculate the cost of waiting verses buying now. Interest rates are projected to stay at the level for some time and we are likely to see one more rate hike before the end of the year. Whenever rates do start to come down, it’s going to be a very slow process. 

Any buyer that can afford to buy now despite the interest rates is finding more options than 6 months ago and less competition.  Current sellers want and need to sell their homes that are listed. There are deals to be found before the end of the year.  

Buyers should consider these 4 factors in considering a purchase:  

💰Price: Can you afford the monthly payment today

📍Location: Does this location work for you for the next 5-10 years

🏚Condition: Can you afford to take on renovations or not (considering your monthly payment)

📆Timing: Is the timing right for your life.

If all all 4 factors are a yes, you should buy it.  If the condition is not great and you are at the top of your price range (monthly payment), you shouldn’t buy it. 

So tell me, are there any stats you’d like to hear more about?👇

🤔 If you are thinking of buying or selling in the near future, or just curious and want more insight on the market, book a discovery call with me at a time that’s convenient for you.

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