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Junes Charleston Real Estate Market Update
June 04, 2020 at 5:26pm | Jonathan Crompton
May has come and gone, much like this year in a blink of an eye! The Charleston Real Estate Market took a little bit of a hit, though not enough to knock it down! We saw some record numbers which I will get into below!
Average Sales Price:
For the Month of May we saw a little dip in the Average Price, which was still staying strong at $366,027 and was only down, considering ALL going on,
1.5%. Again this is over last May, where we went into the month with no shutdown for 8 weeks!
Average days on market:
The average days a home is sitting on the market is roughly 52 days which is up 0% over this time last year in May . The Trend is continuing with the homes not sitting on market for a long time, now there are homes that do not sell in this time period, so if your home is on the market past this time frame it is ok, it goes 6 months
something may be off...
Average months of inventory:
For the entire Charleston area we have currently 2.8Months of inventory, which is down, AGAIN, another 34.9%!
I was expecting more homes to come on the market once the Stay Home order was lifted, though we did not see it rise. This is now the trend as we have been seeing a decrease in inventory since Jan!
New listings on market:
New homes that hit the market in May were 2,404 which was again down, though this time only 7.5% from
May of last year. We did see more listings come on, though with buyer demand it is not increasing our Months of Supply, which is still on a decline.
Homes under contract:
Wow is all I can say. We saw a record in contracts written in May for the Charleston area. There were 2,507 contracts on properties,
single family alone, which was up an incredible 28.5% since May last year.
Closed homes in April were also DOWN with 1,483, which we should have expected with the contracts written in April and again all that is going on..
It was down 22.2% which is not as bad as we may have expected, though expected from March numbers.
SO what does this all mean!
With the reopening of our economy we may be seeing just pent up buying from the previous months. May should have been down much more than it was with closings though performed better than we thought. If June is on par with the contracts written in
May, then we know that there still is a healthy buying market, though with inventory not budging in an upward direction we can see more multiple offers and should see higher sales...Until next time!
If you have questions and I know you will, feel free to reach out to me via email, text or call! I am happy to answer your questions. Stay safe and be mindful of everything!