Supply & Demand – The Charleston, SC Real Estate Market – July 2016
The following table shows the Active (homes currently for sale on MLS - supply) and Pending (homes currently under contract on MLS – demand) for the Charleston SC Area. (click on the table to view a larger version).
1. Lines 2 and 3 show that there are a lot of overpriced listings on the market. Watch for many price reductions at the end of the summer.
2. Lines 4 and 5 show that buyers are focused on the low prices offered by short sales and foreclosures. However, the amount of distressed sales is so low that they are becoming almost irrelevant.
3. Line 6 shows that the prices in Summerville/Goose Creek are very appealing to buyers. They are willing to travel a little longer to get more “bang for their buck”. However, prices are rising, as inventory is low.
4. Line 7 shows that buyers prefer newer homes to older homes (obvious).
5. Line 8 shows that buyers are enamored with new construction. And there are many new communities to choose from.
6. Line 9 shows that there may be some issues in the condo market (not too bad right now)
7. Line 10 shows that agents are going out of their way to NOT show listings with low commissions. Sellers who believe they are saving on commissions are most probably shooting themselves in the foot.
We hope you find this informative and interesting, as we feel that keeping up with the market and anticipating trends is one of our responsibilities as Realtors, so we can provide sound advice to our clients.
If you are thinking of buying, selling or investing in real estate, please call/text 843-900-0155 to get started. It would be an honor to serve you.
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