Posted By Alan Donald @ May 31st 2016 1:45pm In: Charleston Real Estate

Charleston Real Estate Market Update - June 2016 Edition

(click graphs to enlarge)

This year's real estate market continues to outperform 2015.

Last year was the first time we ever experienced over 400 properties going under contract in one week, and it happened only 4 times in the whole year. This has already happened 8 times this year and we are only halfway through!

Median Sales Price Charleston SC
June 2016

Median sales price is up by 5.3% year-to-date over the same period last year, but look at the graph (click to enlarge) to see what they've done in the last 10 years! Median sales price is now up to $237,000 for the whole MLS area.

If we look closer there are 9 specific MLS areas where median sales price is up more than 10%.

Closed Sales By Type Charleston

Sales Volume: There is a 7.1% rise in the number of transactions year to date from the same time last year, which means demand is high (see graph). This year we are on track to sell over 16,000 homes and it could possibly be one of the top 2 best selling years ever.

Distressed sales (foreclosures and short sales are no longer significant (see chart of closed sales by type).

Absorption Residential Real Estate
Charleston SC June 2016 Absorption: Demand is high and supply is not keeping up. Because there is less than 4 months of inventory (MOI) overall, we are currently in a clear sellers market. One third of our MLS areas have less than 3.5 months of inventory, clearly in a strong sellers' market.

Buyers in many areas are experiencing multiple offers and may have to pay full price or above. Some of the "hottest" areas in Charleston include James Island, West Ashley and Hanahan. Mount Pleasant and Daniel Island under $500K are also undersupplied.  However, between $600K and $1M we have recently seen a decrease in showings. 

Although the median price in Mount Pleasant is approaching @200 per square foot approaching $200/sq.ft., it continues to be the most popular area in Charleston.

Price conscious buyer can find great new homes with hardwood floors and granite counters can be found for around $100 per square foot in the Summerville and Goose Creek areas.

Charleston is growing fast with Boeing, Volvo and digital/software companies continuing to bring in new employees all the time. Blackbaud just announced it's expanding. building new headquarters on Daniel Island and hiring another 300 people.

No wonder - Charleston SC a wonderful place to live!



Looking to Buy? Our team provides real estate services to all kinds of buyers: From first time home buyers, to move-up buyers, downsizing retirees, out-of-town 2nd home buyers, rehabbers and investors. We've got the expertise, local market knowledge and the appropriate contacts in this market to help our clients experience a wonderful real estate transaction. Call us today on 843-900-0155 to schedule a Buyer Consultation!

Looking to Sell? Our team combines experience and state-of-the-art marketing to promote our listings and get them sold for top market price in the least amount of time. Call 843-900-0155 Or click link to get a quick, online ESTIMATE OF CURRENT VALUE for your home.

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