Tag: charleston real estate update

Halfway through 2016, residential real estate markets are performing as predicted at the beginning of the year. Sales and prices have been going up in most areas, while the number of homes for sale and total months’ supply of inventory have been going down. Meanwhile, many sellers have been getting a higher percentage of their asking price, and supply continues to struggle to meet demand. The message may be repetitive, but it is largely positive.

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

Inventory Keeps Charleston Residential Real Estate Market Tight; Prices And Sales Continue To Grow

1,088 homes sold in February in the region at a median price of $236,484 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In February 2015, 1,012 homes sold at a median price of $212,500. This data reflects a 7.5% increase in sales volume and 11% growth in median price, comparing last February to this February.

Year-to-date figures show 2,054 homes sold in 2016 at a median price of $227,750 in the region. Comparing 2015 figures to 2016 thus far, year-to-date sales volume has increased 7.6% and median price has grown by 7.7%.

Inventory has declined by 21% over the last 12-month period, with 5,055 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of March 10.

National home ownership percentage is actually the lowest since 1993.  Rental prices continue to grow which causes people to think twice about committing to a 12 month lease. The number of homeowners this year will also be determined by mortgage rates and lending practices.

 Charleston Area Market Statistics through April 2015