Here is an excerpt from the informative and entertaining blog of Kristin Walker, one of our Charleston Peninsula experts. She does her research and she knows her stuff!
“In the past few months I have noticed a selection of homes and condos on the Charleston Peninsula come on the market, then go under contract in 45 days or less. These are not just bank-owned ones which are obviously priced to sell – rather they include a wide variety of styles, price ranges and locations. So what does this tell me and you? That all the places that have been sitting on the market for a VERY LONG TIME, have been sitting there for a reason – undesirable price, location or condition (or any combination thereof). And more importantly, that when something comes up that is beautiful, well-priced and/or in high demand (or any combination thereof), it goes quickly. So does this answer the burning question on everyone’s minds?
Have we hit the bottom of the real estate market in Charleston?
The answer is: It all depends. If you consider the bottom only related to prices, then no, we haven’t hit the bottom yet. If you factor in activity and competition as well, then I’d say the bottom was last winter.”
Want to see the list of properties that recently went under contract in 45 days or less? Go to her Kristin’s Blog to check them out!