Real Estate Market Update January - May 2016
It has been an amazing year for real estate activity in the Charleston, SC area. We are up 7.1% in number of transactions year-to-date over the same period in 2015. And our median sales price went up by 5.3% to $237,000 during the same period.
But growth has not been uniform across all the MLS areas in Charleston: There are a number of areas where the # of transactions is down from 2015. We may be able to explain this: This can be explained by the fact 2015 was a fabulous year in terms of volume, which is hard to beat. Also, inventory is very low, which may cause a reduction in the number of transactions.
Only a handful areas are down in median price.
James Island is a notable exception. But also notice that James Island heads the list on the MOI chart.
We now have 19 MLS areas with less than 5 months of inventory.