Charleston Real Estate Statistics Through September 2013

Charleston’s real estate market has maintained its momentum throughout 2013. With the September MLS statistics now available, here are some of the trends we’re seeing:

• Compared to last year, there’s a 25% increase in closed sales, a 36% increase in closed volume, and an 8% increase in median sales price.
• In comparing today’s numbers to 2011, we’re seeing a 38% increase in closed sales, a 59% increase in closed volume, and a 15.6% increase in median sales price.
• Year To Date (the first 9 months of this year), there have been 9,562 closed sales with a median price of $208,000 (the average sales price is $288,228). The closed sales volume has been almost $2.8 billion.
• In the under $500,000 price point, there is a larger demand for homes than the current supply. The absorption rate is 3-4 months, meaning that if no new listings were to come onto the real estate market, it would only take 3-4 months for the current inventory to sell out. This absorption rate shows a very strong sellers’ market since a 5-7 month inventory is usually considered balanced (a buyers’ market is considered 8-12 months of supply).

With the very active Charleston real estate market we’re seeing, please let us know in advance when you’re ready to make an appointment to see homes. That way, we can have plenty of time to confirm our appointments with each seller and make sure we get to view every home on your list. Also, it’s usually a good idea to have some back up options in case your top picks go under contract or get into multiple offer situations. If you have any questions at all, we’re happy to help! Just send us an email, or give us a call!