Charleston, SC Real Estate Market Update: October 2017 Edition
The Real Estate Market (in General)
Our real estate market continues to perform well. Year to date, we are up 3.3% over the same period from 2016 in number of transactions. In 2017 we may possibly sell over 18,000 homes for the first time in history! A few MLS areas are actually down in sales numbers simply due to lack of inventory, no one wants to leave!!
Year to date, we are up 4.1% in median sales price over the same period from 2016. Median sales price is now around $254,000. There are a few specific MLS areas, like James Island, where the median sales price is up over 10% over 2016 prices.
New construction abounds all over the Tri-county area. Johns Island, Summerville and Goose Creek have a lot of new construction projects going up.
Trulia reported that Charleston is the U.S. City where the best deals are for new construction: Our new construction prices have the smallest price gap compared to resale prices!
However, the "leading" sub-markets (Mount Pleasant and Daniel Island, higher than average priced homes) are showings signs of a slowdown. The graph above shows the median Days on Market curves for different sub-markets.
Mount Pleasant went from 20 days on market in December 2015 to 30 days last month. Daniel Island went from 6 days on market in January this year, to 20 days on market last month.
This could be a sign of a shift in the market, which we all knew was coming at some point.
Conclusions for Sellers:
If you are planning on selling in the next 12 months, this Winter/Spring may be the best chance you get to maximize your equity. Don't delay your decision! Call us on 843-900-0155 to schedule a no-obligation listing consultation.