Charleston Area Market Statistics Through March 2016
National housing trends, like the steady rise in home prices and decline in inventory, should certainly be observed with care, but tracking wider economic conditions is also necessary. Employment figures are positive, wages are going up and employers are hiring. Buyers want to get into the market, but unlike the rising-price sales environment of ten years ago, people are not diving headlong into risky mortgages or uncomfortable situations. This carefulness should be celebrated, not feared.
The Charleston market is definitely booming. New Listings were up 8.6 percent. Pending Sales increased 24.8. But overall Inventory shrank 20.2 percent. Demand is present but an abundance of choice is not. Prices moved higher as Median Sales Price was up 5.6 percent and Days on Market decreased 10.8 percent. Months Supply of Inventory was down 32.7 percent to 3.5 months.
Consumers seem to be holding for the right deal, even in the face of extremely low mortgage rates. As seller and builder confidence increases, we should see more activity in Q2 2016. The second quarter tends to rank as the best time to list a home for sale. – According to Charleston Trident Association of Realtors