Charleston Area Market Statistics Through May 2016
We are in the thick of an exciting period of home buying and selling, often with quick multiple offers that are near, at or even above asking price, depending on the factors of the home and submarket in question. It was widely predicted that we would see healthy sales activity during the second quarter of 2016, and the market has not disappointed.
New Listings were up 3.9 percent to 2,212. Pending Sales increased 26.0 percent to 1,960. Inventory shrank 22.3 percent to 5,230 units. Prices moved higher as Median Sales Price was up 4.0 percent to $244,305. Days on Market decreased 7.9 percent to 58 days. Months Supply of Inventory was down 34.0 percent to 3.5 months, indicating that demand increased relative to supply.
Although inventory is still being stretched thin in many areas, low mortgage rates coupled with higher wages have built a relatively sturdy housing marketplace. How long that can continue without fresh supply remains an important question, but conditions are seemingly good enough for serious buyers. With the current slow state of new construction for non-rental households, the road ahead could be tricky if demand remains high.- According to Charleston Trident Association of Realtors