Happy July! First off, I hope you had a great 4th of July! It is such a great holiday when you consider the abundance of opportunity this country has to offer!
Now to the recap of the Real Estate Market in Charleston in June!
Average Sales Price:
For the Month of May we saw a little dip in the Average Price, which was still staying strong at $391,179 and has JUMPED 5.3%! This is pretty incredible if you think of the Charleston market as a whole. It is increasing most likely due to the fact that we are running out of houses to sell with the demand so high!
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 June. Again, real estate is hyper local, so this is a broad stroke of everything in the Tri County area. IF you are curious about your home, your price range etc... I can give you a deeper dive.
Average months of inventory:
For the entire Charleston area we have currently 2.4 Months of inventory, which is continuing the slide down which is something I do not think we can sustain for long. We are down nearly 44.2% which is almost HALF the inventory we had this time last June.
New listings on market:
New homes that hit the market in May were 2,2.58 which was up for the first time in a few months by 2.5%. Though as you will see we are still not putting enough homes on the market to contend with the demand from buyers.
Homes under contract:
Again, another month that is putting a record month of homes under contract. There were 2,525 homes that went pending. TO put this into perspective this is up 44.3% compared to last June! We are Down almost the same as in inventory, and again with less homes coming on the market compared to the demand is just making things move quickly.
Closed Homes: Closed homes for June were up, as they should be with the contracts written the month before with 2,021 which was up 4.6% which makes me think we will see some more closings this month. I am also seeing new construction having little issues selling their inventory homes as well as to be built, which will have a lag in timing.
SO what does this all mean!
Well we are in a very favorable sellers market. With inventory continuing to dwindle, with demand at all times high....prices only have one way to go...or at a minimum remain stable. Couple that with some of the lowest interest rates...great time to be a seller. That begs the question? Where are the sellers? I think most people due to inventory are not putting their homes on market for fear of not knowing where they will go. If that is you, let me know as I have several clients who are in the same boat. Also remember you can control the closing date and reject any offer that you do not wish to take!
Until next time!
Jonathan Crompton
Keller
Williams Real Estate
Phone: (843) 296-8337
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