Charleston SC Real Estate Market Update - October 2015 Edition
The U.S. Market shows strong trends - NAR reports the strongest year after the recession. The attached graph shows monthly sales for the country:
In Charleston, our real estate market continues to be very strong in terms of buying activity.
Year to date we are up by 15.8% in terms of number of transactions and up by 4.4% on median sales price over 2014. We may sell over 15,000 homes this year and the median sales price will go up to over $230,000.
Demand is still exceeding supply, as shown in the Months of Inventory Graph below (6 months denotes a "neutral" market), so prices are climbing.
Each week we are setting records for the number of properties that go under contract compared to the same week from previous years. We are seeing the typical seasonal slow down that occurs each Fall and continues until about February. But compared to previous years, this is the busiest we’ve ever been this time of year. It’s good to see the price increases occurring at a reasonable pace.
Interest rates are still very low and that is allowing buyers to buy more home than they would if the rates were higher. The announcement of the new Volvo plant (which will employ about 4,000 people) seems to have been a big positive for the area. Of course, Boeing still brings in a lot of people, and it is continuing to expand their Charleston footprint.
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