The following was taken from a Facebook live video on 7/22/22.

Hello. I'm jumping on for a quick market update and talk about pricing for a bit, and kind of what's going on in the real estate market. Let's give a minute for those that are going to join us to join live. Thank you all for watching this. If you're on a replay, appreciate you a whole lot. My goal every week is to bring you some market statistics. Keep in mind these are some ideas and things that are happening here in our local market of the Charleston region, so that's where I serve. If you're new to watching me, I'm in the Charleston triad area, so Charleston, Berkeley, Dorchester counties. Great coastal community. Anyways, let's jump into talking about what's going on in our market. The pricing, we are starting to see a lot of price adjustments. A lot of people are still overshooting, I believe, in the market, and we're seeing more price decreases than we have seen in the last at least year and a half

I'm seeing them consistently. When I price a property, and I'm kind of preaching to any realtors that watch this as well, can we please get realistic and set expectations for our sellers? I think the sellers have been shooting high because the buyer demand has been high, right? So, some agents and sellers are still overshooting this market, and it's really causing longer days on the market than perhaps it could be, and most definitely causing some people to have to take price decreases, which is long term gain. When I list a property and I'm working with a seller, it's always about hitting the mark on pricing, because we want to sell for the highest possible price in the shortest amount of time. When we do that, we've got to be very diligent in doing our research to make sure that we hit that market price exactly correct.

So, it's really a lot of sellers are overshooting the market in their list prices, and therefore we're seeing not property values decreasing. That's not it. It's that they're just overshooting the market. So, when we list something, let's make sure, and I'm talking to my seller agents out there, just really be diligent in trying to hit pricing ahead of the market. We are starting to see a curve in market. Again, it's not the prices are decreasing. It's just that the buyers, the demand is not there as much, as much as what we've seen in months prior. So, a little bit about our buyer activity, we have decreased some this week, over last week, but our inventory continues to climb, which is a great thing. In my talking with other network agents across the nation, it seems to be that that is consistent across the board.

Our inventory here, last week, I reported that we were about 2,400, and that we were gaining momentum about 100 active listings a week. That has been the course. So, we're at 25, 50 active listings in our MLS right now, which is good, guys. I mean, we want there to be enough. Thank y'all for joining those that are on. I appreciate y'all. If y'all have any questions, post comments down below. I'll try to hit on any questions that we get. But as inventory increases, what it does is it does allow buyers who have been missing out on opportunities, or maybe they've been standing by waiting on things to shift a little bit, to have a better chance. We are getting to see that buyers are able to secure their properties. Investors are starting to be able to secure their properties a little easier. They have more to pick from.

So, that's all a great thing, but what went active this week was 275, so we're about 100... well, maybe about 75 shy from last week, so we have decreased that. Our inventory is increasing, our sales production is decreasing a bit, and we're going to continue to see that. There's a lot of things happening in the economy that are giving same way to why that's happening. Not here to give you an economic update necessarily on national or international things, but there most certainly are some things that are happening in our world economy that are leading us to that. So, let's talk about out of the 275, 213 of those were single family, so we're still seeing a good many condos and town homes going under contract. I think part of that is because they there's some affordability with those.

Interestingly enough, 11%, so last week I reported a much lower number for new construction, but this week we are up to 11% as new construction. Guys, these builders in town, while they once were cutting out realtors, and I will say cut that respectfully, because their commission structure lended themselves to being not realtor friendly. They did not value a lot of the realtor community, but this is not every builder. Let me pinpoint, there are numerous builders in town that really cut back on their commissions, and there are reasons that they did that, but the value there, they didn't need realtors as much in our community to bring them business. That has changed, and so I'm grateful for my realtor community as a whole, that the new construction teams and the builders in town are valuing us again, because really, especially when, listen, I worked in new construction for almost eight years, and I know how resourceful those agents are that are on site, but boy, their diligence is to the builder.

So, if you're buying new construction, you need a good representative to be there to help guide you through. Set expectations, holding the builder accountable,, not only during the course of construction, but even afterwards. Anyways, 11% is new construction, and I'm just happy to report that the builders are valuing our realtor community again with commissions and really even incentives for the buyers themselves as well. We can negotiate a little bit if we are looking at new construction. So, some good stuff happening in the market as inventory increases. We already are starting to normalize and stabilize in our economy or in our MLS market, so bring me any questions that you might have, whether it's on here, or if you want to message me directly, if you're looking to buy or sell in the Charleston area, I'm your girl, that SC Real Estate Chick.

I can be found on social media, and that's what I do every day. Whether you're buying, selling, investing, or renting, let me know how I can assist you. I've got a great team of agents behind me. I've got a great pool of professionals. Introduce yourself, send me a message, and I'd love to connect with you in whatever way and be a great resource to you. Have a good weekend, and I will see you again next week. See you. Bye.