Mid-Year Real Estate Market Update for Charleston, SC July 2015
Our real estate market is very hot! Demand is high and supply is still tight, making this a "Seller's" market for most areas within the Charleston Metro.
Year-to-date transactions are up 17.5% from 6,432 to 7,560 residential units. We will most likely sell over 14,000 homes in 2015, which will make it the busiest year since 2006, and the 3rd best year ever in Charleston!
Our Median Sales Price is up 3.3% from $223,000 to $230,000, the highest median sales price ever achieved in Charleston! (the median sales price back in 2007 was $210,000). See chart.
Some significant changes in "market momentum" for the different areas: Charleston Peninsula (Outside of the Crosstown), West Ashley and James Island have become the "hottest" sub-markets in terms of low inventory and high demand. We are seeing multiple offers in many instances in those areas. The "resort areas" like Sullivans Island, Kiawah Island, Seabrook Island and Wild Dunes continue to be the weakest markets in the Charleston Area, although IOP has seen a recent flurry of sales activity compared to last year.
Source: Charleston Real Estate Stats
Mount Pleasant and Daniel Island continue to experience strong demand, although for the first time in many months we have seen homes staying a little longer on the market, and small price reductions becoming more common. It appears that sellers became too "bullish" and we are experiencing a little pushback from buyers, so sellers may have to adjust their desired prices if they wish to sell their homes before the end of the summer.... By the way, more than half of the properties under contract in Mount Pleasant are new construction.
Other areas like Summerville, North Charleston and Goose Creek are also experiencing strong markets. Johns Island, IOP, Hanahan and North Charleston/Summerville Outside I-526 experienced the highest Year-Over-Tear increases in units sold for single family detached homes.
For condos and townhomes activity was also higher this year compared to last year. The highest activity increase happened in Goose Creek, and generally speaking, prices for attached homes are a little more negotiable than for detached homes.
Since real estate is "hyper-local", different neighborhoods behave slightly different within a specific area. For detailed neighborhood information, or to receive a monthly neighborhood update, please send us an email at email@example.com or call 843-900-0155.
For a quick, online estimate of the market value of your home visit: http://charlestonscrealestateprices.com
Please contact us if you have any questions or comments.