Charleston SC Real Estate Market Analysis:
Foreclosures No Longer Relevant!
Our real estate market continues to set records each week for buying activity for this time of the year. We always have a seasonal slow down starting some time in October and usually lasting through February. While we have slowed down from the incredible pace that we experienced this Summer, we are still far ahead of past years for this time of year.
We are up 14% in terms of number of transactions over 2014 YTD, and will likely surpass 15,000 residential units sold by the end of 2015.That will be our 3rd busiest year ever!
Low mortgage rates continue to encourage buyers to move forward.
Median sales price is up about 5.2% and is pretty stable right now around $230,000-$235,000.
New construction makes up about 40% of what we currently have under contract. And much higher than that in specific areas like Goose Creek, Johns Island, and North Mt Pleasant.
Short sale and foreclosure percentages are now low enough that they are not really relevant anymore.
Most of the areas in Charleston are under-supplied ("seller's market"). See MOI chart. Prices are going up.
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