Ok, so maybe I am getting a little ahead of myself, but facts are facts. We know limited supply creates demand, and in Morgan Place thats what you have. Over the last few years, you could always expect there to be at least 5 homes to choose from in this section of Wild Dunes. Until recently, those homes would sit for some time, simply because the buyers weren’t there, or lets be honest, asking prices were to high.
Things change though, and as of today, 49 Morgan Place is the only home listed for sale. Two weeks ago there were three, but last week, 4 Morgan Place and 14 Morgan Place went under contract. One of them was only on the market for a couple of weeks.
Now, we know in a sellers market, home prices tend to move upward. I don’t think this means we will see prices soar like they did from 2005 to 2007 (any increase will be gradual), but, with a limited supply, and proof of demand in the pudding (evidenced by two contracts last week), sellers just might have a window to demand more than they could, not so long ago.
I have to say it feels good to dust off the saying, sellers market, although it may be a little to early. Or maybe not?