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Aiken Real Estate News from your favorite Aiken Real Estate Professional

Aiken Real Estate News from your favorite Aiken Real Estate Professional

Aiken Real Estate News from your favorite Aiken Real Estate Professional

As your Aiken Realtor, I want to keep you informed about real estate market trends as well as the unique Aiken properties that I present on this Fine Homes of Aiken website.

Aiken Real Estate News:  In April, your Aiken Realtor reported New Listings were up 4.4 percent to 239.  Thanks to your Aiken Realtor, Pending Sales increased 3.7 percent to 222.   The Aiken housing inventory shrank 16.6 percent to 1,088 units.  Prices in the Aiken real estate market moved higher: the Median Sales Price was up 10.9 percent to $177,420.   The number of Days on Market decreased 10.3 percent to 157 days. “Months Supply of Inventory” was down 25.0 percent to 5.4 months.  Overall, demand in the Aiken real estate market increased relative to supply!

Aiken Realtor Trends:  2018 has exhibited unseasonal weather patterns in much of the country. As temperatures warm, wages and consumer spending are both up on average, which should translate positively for the housing market. Being quick with an offer is still important since the number of days a home stays on the market is shorter. Another consideration for Buyers working with an Aiken Realtor is the pending increase in mortgage rates.  While housing inventory is still higher among Aiken Homes and Farms than in urban areas, Buyers need to be quick with their decision making.

Construction Costs:  Since 2017, rising lumber prices – made worse by tariffs on imported Canadian softwood lumber – increased the price of an average single-family home more than $7,000.  This has an effect on custom home orders; builder associations are urging the U.S. government to reach a lumber trade solution with Canada.  Lumber prices soared to a record-high $543 per thousand board feet for the week ending May 11.  May futures contracts for lumber are selling in the previously unthinkable $600 range.

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