Future Price Prediction
Active inventory continues to hold steady at around 5k units. However, under contract units is up to a very high level of over 4k units. The median list price of the active inventory continues to rise. Short sales and foreclosures now make up less than 3% of all active inventory.
The future prices chart ((click on the table to view larger version) continues to look excellent. This chart shows future price predictions by MLS area based on recent sales vs. pending properties, assuming pending properties sell for 95% of list price.
It shows that in every area (except for North Charleston and Daniel Island) prices are supposed to rise in the next 2 months.
This chart shows the 15th and 85th percentile for recent single family home sales.
P15 is the 15th percentile and only about 15% of homes sold for less than this.
P85 is the 85th percentile and only about 15% of homes sold from more than this.
For example, in MLS area 41, P15 is $338k.
Only 15% of recent MLS sales have been below this number. So it's very hard to find a home for less than $338,000 for a buyer in Mount Pleasant area 41. It's possible, but competition from other buyers will be steep, which may result in multiple offers.
In MLS area 41, P85 is $627k. Only 15% of recent MLS sales have been higher than this in area 41. This means it will be difficult for a seller to sell a home for more $627.000 in MLS area 41, because there just aren't that many buyers for homes at that price in that area.
For a more LOCALIZED (NEIGHBORHOOD) market analysis, please contact us on 843-900-0155.