… or even hyper local.
It’s pretty common when you’re a real estate agent for family, friends and neighbors to ask you how business is. Some care personally about you and how you’re doing but others just want to know how the market is doing because it matters to them financially if they own a home.
So the other day when one of my neighbors asked me how’s the market and mentioned that he read that December existing home sales declined and were below expectations, I pointed out that wasn’t the case here in Charleston where sales increased over 12 percent in December compared to last year.
By the way, the report by the National Association of Realtors (NAR) is seasonally adjusted which only serves to make it a little more difficult but that’s another story for another day. The way I look at it is that you are seasonally adjusted when you compare apples to apples, in other words, December of this year to December of last year.
The existing home sales report went on to say that low inventory caused sales to be below expectations and that inventory was at its lowest level since either 2001 or 2005 depending on what statistics you’re looking at and there was only a 4.4 month supply of homes. Here in Charleston, inventory is at its lowest level since 2007 and there is about a 6 month supply.
But as I said to my neighbor, it really doesn’t matter what’s going on nationally or even in the Charleston area but what really matters is how market conditions are in your neighborhood. After all, not only is real estate local, it’s actually hyper local.