For the past few years, we’ve watched Charleston’s real estate market thrive with strong median price increases and diminishing DOM (Days On Market). However, in the past month, our market has kicked up a noticeable notch in regards to buyer activity. Many people are calling this the strongest real estate market Charleston has ever seen.
There are currently more than 3,600 homes under contract. So far this year, there have been 3,174 properties closed. Each of the past 2 weeks has had 400+ homes go under contract, and one of these was the 2nd busiest week in MLS history.
For buyers, this translates to a very fast paced market. For example, there was a new listing on James Island this past week that had 26 showings in 1 day (the most showings I've ever seen). If you’re planning a trip to Charleston to see homes and we’re lining up showings a week out, know that many of the homes will already be under contract by the time that date arrives. It’s important to have backups in mind and to continue to keep an eye on new listings that hit the market until that date that we go to see homes (and we’ll be doing the same on our end).
If you already live in Charleston and are simply waiting for the right home to purchase, contact us when you find a new listing that looks like it could be the one. You can also tell us your specific criteria so that we can keep an eye on “pocket listings” or homes that are not yet showing up in the MLS so that we can get a jump start on these listings before they become available to the public. In these cases, we can usually schedule showings before the home is listed, but know that the sellers might still need to do some organizing or cleaning before the home is ready for professional photos.
In sharing this info, I don’t want to seem pushy or for you to feel stressed or rushed. However, I think it’s important for buyers to understand how strong our local market has become so that we can be prepared and make the best use of our time together. If you have a date in mind for seeing homes, please go ahead and let us know so that we can put it in our calendars and keep an eye on new listings that fit what you’re looking for as the date approaches. It’s also important to have pre-approval from a lender before we make an offer so that we can include a pre-approval letter in with the offer. This letter alone can be a seller’s deciding factor in a multiple offer situation. If you need recommendations for a trustworthy lender, just let us know.
Although agents like a strong market, when it becomes this fast paced it puts a lot of pressure on us to secure that top choice of homes for our client. We keep our ears perked for new listings before they hit the market, so when buyers are ready to make an offer we can provide as many options as possible. If there’s a certain area, neighborhood, or home feature that you’re looking for, please let us know so that we can be on the lookout for your perfect match!