Charleston SC Real Estate Shows Strong Sales Activity YTD

Posted By Alan Donald @ Oct 12th 2016 9:48am In: Charleston Real Estate

Charleston SC Real Estate Stats - Oct. 2016

The Charleston Area continues to show a strong performance compared to 2015. Year-to-date, we are up 10.5% in number of transactions (we will close well over 16,000 transactions this year - it will either be the best or the 2nd best year ever in our history). However, real estate is hyper-local: Not all areas of the Charleston SC Metro are behaving equally!

Click image to enlarge chart.

Charleston SC Real Estate Stats YTD 2016 Q4

Our Median Price is up to $244,000, a 5.1% increase over 2015. That's an all time high, but still slightly below the trend line on the 1991-2015 chart (see below - click to enlarge). Which leads us to believe that there is still more appreciation to come.

These MLS areas look robust in both number of transactions and median sales price: 12, 23, 26, 41, 42, 72, 73 and 74

Area 77 (Daniel Island) is looking poorly in both categories.

Areas 11-12, and 71-74 are all in the top 8 on the Months of Inventory (Absorption - supply vs. demand) chart (see below, click to enlarge)

There are actually 18 MLS areas with less than 4 months of inventory hose are all strong seller's markets.

The rural areas and the resort islands are still over-supplied and behaving as buyer's markets.

Bottom line

For buyers:

If interested in property on the barrier islands, take advantage of excess supply - THIS IS THE TIME to buy!
In the "hotter" areas: Be well prepared to act quickly and deal with possible multiple offers

For sellers:

In high supply areas: Be prepared to lower your price aggressively and negotiate with any offer. Time is not on your side until supply gets balanced with demand.
In "hotter" areas. It's an IDEAL time to sell for top market price! But prepare your home the best way possible. Only the best groomed people get invited to the prom.

For professional, experienced advice on buying, selling and investing in real estate give us a call on 843-900-0155. Most of our business comes from past clients and people who know us. We value long-term-relationships.

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