September Market Update
September numbers are out for the Charleston real estate market, and they confirm what I am personally experiencing in my business.
The total number of homes for sale in September was 2871. 1753 new listings were taken, and 1348 homes were sold. Most homes are selling at (or very close) to the list price, and homes in our area are selling relatively quickly, with a median of 10 days on the market.
There is still a large gap between the current inventory in our market and the amount of inventory that we need for a balanced market. Right now, we have just short of 2 months worth of inventory, but experts say we need 5-6 months of inventory for a balanced market.
What does this mean?
Sellers, I need you!
With demand continuing to greatly outpace supply in this area, we are still in a “sellers’ market”. This is especially apparent in Mt. Pleasant, where we are seeing climbing median sales prices and a low number of days on the market. In the entire Charleston MLS, the median sales price for single family homes is $435,000; for Mt. Pleasant, it’s up to $1,122,950. The median number of days on the market in Mt. Pleasant is only 3.
With inventory so low, new construction has been a saving grace for many of my clients. New construction homes represent nearly 30% of pending contracts in our MLS and can be a great option. Builders are also offering more incentives than they have in the previous couple of years too, making new construction even more attractive for many buyers.
New construction is one of my passions, so please let me know how I can be a resource for you if you are looking to buy new.
As a seller, you need to even more aware of new construction as competition in your immediate area. It’s very important that you’re working with an agent who knows how to help you prepare and market your home to be competitive versus new construction in order to get top dollar in this market.
Although the data shows homes closing at nearly full list price (99.2%), I have personally had success negotiating concessions for my buyers to help with closing costs or to use towards interest rate buy-downs.
What questions do you have about selling or buying a home in the Charleston real estate market? Please let me know how I can help you.
