Category: Market Statistics

As we hit the mid-year mark, we are starting to notice a reoccurring trend – low inventory and steadily increasing home sales. In addition to this, we are currently seeing a slight rise in days on market (up 8.5% from this time last year), which is most likely due to schools being out for the summer causing buyers to wait to make those large purchase. That being said, markets across the country are starting to level off, meaning more wiggle room for buyers which is always a good sign. As long as the weather works in our favor, we anticipate a healthy real estate market for the Charleston area.

Closed Sales +3.0% | Median Sales Price +4.0% | Months Supply -2.6%

Market Statistics by Area

Spring has SPRUNG and eager buyers are out in full force this season. With beautiful weather and new listings up 4.2%, it’s no wonder competition is fierce for well-priced homes in the Charleston area. Although inventory is still a factor, sellers are poised to make quite a profit in the coming months. With the the national unemployment rate dropping to 3.6% during April 2019 (the lowest level since 1969) we anticipate a positive affect on the real estate market.

Closed Sales -2.6% | Median Sales Price 0.0% | Months Supply 0.0%

Market Statistics by Area

Despite mixed weather patterns across much of the U.S. in the first quarter, prices in the Charleston,SC market moved higher as the Median Sales Price was up 5.8 percent. Many home buyers and sellers are sighing in relief as the Federal Reserve announced there will be no further interest rate hikes planned for 2019. This is great news for the area and we anticipate increasing numbers reflected not only in home sales, but in terms of mortgage rates as well, which typically follow suit.

Closed Sales -9.1% | Median Sales Price + 5.8% | Months Supply -2.6%

Market Statistics by Area

Despite early predictions of a housing market slump, February numbers indicate a resilient market, even with inclement weather in other parts of the country deterring some buyers. While it is too early to predict how the rest of the year will pan out, we do anticipate an active market as the weather gets better and more buyers flock to the city to find their forever homes.

Closed Sales +9.4% |  Median Sales Price + 2.9% | Months Supply -5.4%

Market Statistics by Area

January brought out a new crop of buyers with a renewed enthusiasm in a new calendar year. Sales totals may still inevitably start slow in the first half of the year due to ongoing inventory concerns. Despite home affordability continuing to be an issue, early signs suggest the market is beginning to improve, with more homes coming on the market just in time for the summer months.

Closed Sales -16% |  Median Sales Price + 2.7% | Months Supply 0%

Market Statistics by Area

The facts of residential real estate have remained consistent in 2018. In year-over year comparisons, inventory is lower in most locales, and yet homes sales continue to rise. Although the Federal Reserve’s latest rate hike deterred some buyers at the end of 2018, 2019 looks a little more promising with the Fed Reserve indicating half the amount of hikes, thus in theory creating a more balanced market. With unemployment rates low and wages starting to increase, we are hopeful inventory will increase, although, the biggest concern continues to be affordability.

2017 vs. 2018 Quick Stats:  Closed Sales -4.8% |  Median Sales Price +5.1% | Days On Market -6.8%

Market Statistics by Area

New residential real estate activity has been relatively slow in the first quarter of 2018, yet housing is proving its resiliency in a consistently improving economy.  Some markets have had increases in signed contracts, but the vast majority of the nation continues to experience fewer closed sales and lower inventory compared to last year at this time. Despite there being fewer homes for sale, buyer demand has remained strong enough to keep prices on the rise, which should continue for the foreseeable future.

Market Statistics by Area

The three most prominent national market trends for residential real estate are the ongoing lack of abundant inventory, the steadily upward movement of home prices and year-over-year declines in home sales. Sales declines are a natural result of there being fewer homes for sale, but higher prices often indicate higher demand leading to competitive bidding. Markets are poised for increased supply, so there is hope that more sellers will take advantage of what appears to be a ready and willing buyer base.

Market Statistics by Area

Last year, U.S. consumers seemed to be operating with a renewed but cautious optimism. The stock market was strong, wages were edging upwards and home buying activity was extremely competitive. Not much has changed in 2018 in terms of those measures, yet there is a sort of seasoned prudence mixed into the high emotions that go with a major expense like a home purchase. We are now several years deep into a period of rising prices and low inventory. Those in the market to buy a home have caught on. As sellers attempt take advantage of rising prices, expect buyers to be more selective

Closed Sales + 7.6% |  Median Sales Price +7.5% | Inventory -16.7%

Charleston Area Market Stats

Charleston Area Market Stats show the number of homes for sale, days on market and months of supply were all down in year-over-year comparisons in a majority of the country for the entirety of 2017, as was housing affordability. And although total sales volumes were mixed, prices were consistently up in most markets. Buyers may not benefit from higher prices, but sellers do, and there should be more listing activity by more confident sellers in 2018. At least that would be the most viable prediction for an economic landscape pointing toward improved conditions for sellers.

Unemployment rates have remained low throughout 2017, and wages have shown improvement, though not always to levels that match home price increases. Yet housing demand remained incredibly strong in 2017, even in the face of higher mortgage rates that are likely to increase further in 2018. Home building and selling professionals are both cautiously optimistic for the year ahead. Housing and economic indicators give reason for this optimism, with or without new federal tax legislation.

Closed Sales + .5% |  Median Sales Price +10.1% | Inventory -18.9%

Charleston Area Market Stats