Here’s a glimpse into the Charleston real estate market year to date. These MLS stats compare the market this year to 2015, and numbers are pulled as of June 30 for all areas in the MLS:
- Closed home sales have increased by 8.7%.
- Median sales price is up by 5.73% (was $225,000 in 2015 and is now $237,900). Keep in mind that this is for the entire MLS, so individual areas will vary.
- New listings have gone up 4.4%. This means there are actually more listings to choose from now compared to a year ago even though most areas of Charleston are seeing a shortage of homes for sale compared to the demand.
- The absorption rate for the entire MLS has decreased by 19.96%. This absorption rate shows us how long the current inventory would last if no new listings were to come onto the market. This rate is measured in months. Last year we had a 5.11 month absorption rate, but now that’s tightened to 4.09 months. This low supply compared with a high demand makes Charleston such a strong sellers’ market. (A balanced market would have a 6-7 month supply, and a buyers’ market would have 8 or more months.)
How Does Charleston’s Real Estate Market Benefit Sellers?
Simply put, Charleston is experiencing the best sellers’ market we’ve seen in years. We’re seeing new record highs for prices in certain neighborhoods. Homes are selling quickly. Perhaps best of all is that most buyers now understand the sense of urgency – that prices are going up, that now is a good time to invest, and that the best listings go quickly in a market that has low inventory levels.
If you’re considering selling your home, contact the Keadle Group for a free market evaluation. We would love to talk with you about how much your home is worth as well as how we can market your home to sell for the highest possible price!
What Buyers Need to Know in our Sellers’ Market
Charleston is estimated to see 20,000 new jobs by the end of 2017, which should further decrease our inventory and absorption rate. In response, residential builders are working throughout the tri-county area to bring more home options. If you’d like to learn about your new construction options, please contact us. Often, builders only show a few of their listings in the MLS for a certain neighborhood, so we’re happy to help make sure you’re seeing all of your options. If you’re looking to expand your options and have a 6 month timeframe to work with, this can be a great route to consider!
Or, if you’re looking for a new home that’s move-in ready or simply an older, more established home, please talk with us about your time frame. We can make sure that you’re seeing new listings when they hit the market since the best homes tend to go quickly. We can also recommend a trusted mortgage lender in Charleston so that we have a pre-approval letter to accompany your offer to purchase. Please contact us to get started!