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Charleston's Real Estate Market Steams Ahead!

Posted By: Alan Donald In: Charleston Real Estate
Date: Mon, Aug 1st 2016 12:58 pm

Graph No. 1 - Median Sales Price

The price gap between Mount Pleasant and the rest of the Charleston Area continues to widen (see Graph No. 1 - click to magnify).

However, the "supply and demand" Months of Inventory curves have once again intersected (see Graph No. 2 - click to magnify). In the past, this "crossing" has been a precursor to a market shift. While inventory is still low, if history repeats itself and absorption in Mount Pleasant goes up past 6 months' inventory, we may experience a market correction in Mount Pleasant, normally ollowed by a market correction in the rest of the Charleston Area 12-18 months' after.

Last Week's Activity

Analysis of residential properties going under contract(contingent) during week of 7/22/16-7/28/16

  • 345 residential properties under contract past week. Great activity.
  • 268 single family homes under contract past week. Median LIST price was $265k ($133/sqft.). 11 under $100k. 11 over $1M, 1 of those over $2M. Median 24 CDOM (days on market). Median Year Built was 2001.
  • ONLY 6 (2%) of 268 single family homes under contract past week were BANK OWNED FORECLOSURES or SHORT SALES. Another 11% new construction. All short sales were in areas 31/32, 61-76.
  • 39 island single family homes went under contract in the past week. James Is.-13,Johns Is.-13, Wadmalaw-2 ($95k,$729k), Edisto-4 ($369k,$374k,$385k,$497k), Seabrook-2 ($789k,$879k), Sullivan-1 ($1.9M), Daniel- Is. - 4 $490k, $680k, $1.1M, $1.8M)
  • 13 James Island single family homes under contract past week LISTED from $274k-$1.4M. 2 over $500k. Median $370k,$191/sqft. 3 (23%) were new construction.
  • 13 Johns Island single family homes under contract past wk LISTED from $239k-$385k. Median $265k,$155/sqft. 7(54%) new construction.
  • 35 West Ashley single family homes under contract past wk LISTED from $165k-$625k. 2 under $175k. 4 over $400k. Median $278k,$150/sqft. 2 new construction.
  • 17 North Chas single family homes under contract past wk LISTED from $55k-$270k. 3 under $100k. 4 over $200k. Median $180k,$104/sqft. 0 new construction.
  • 43 Mt Pleasant single family homes under contract past wk LISTED from $275k-$5M. 6 over $1M. 5 Dunes West. Median $490k,$216/sqft. 19 over $500k. 0 under $150/sqft. 7(16%) new construction.
  • 6 Peninsula Charleston single family homes under contract past wk LISTED from $369k-$739k. Median $447k,$297/sqft. 1 south of crosstown. LIST prices $369k,$405k,$425k,$469k,$675k,$739k.
  • 57 Summerville/Ladson single family homes under contract past wk LISTED from $105k-$430k. 4 Pine Forest. Median $190k,$110/sqft. 2 under $125k. 10 over $300k. 0 BANK OWNED FORECLOSURES or SHORT SALES. 5 new construction.
  • 66 Hanahan/Goose Creek/Moncks Cnr single family homes under contract past week LISTED from $73k-$445k. Median $200k, $109/sqft. 7 under $125k. 7 over $300k. 4 BANK OWNED FORECLOSURES or SHORT SALES. 6 new construction
  • 69 condo/townhomes under contract past week. 8 LISTED under $100k. 34 from $100k-$200k. 12 from $200k-$300k. 9 from $300k-$475k. 5 from $565k-$765k. 1 at $1.2M. 14 Mt P. 1 BANK OWNED FORECLOSURES or SHORT SALES. 4 new construction.

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Graph No. 2 - Months of Inventory