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Charleston Real Estate Market Update for August
August 10, 2020 at 12:22pm | Jonathan Crompton
Aaaaaaand its August!
Is it just me or is this year flying by?
Summer has not been the summer my family intended, been to the beach once here in Charleston...not downtown dinners....no summertime local concerts with the fam...different from years past. I hope you have made the most of your summer with all going on!
Average Sales Price:
For the Month of July we saw an insane increase in the average sales price for our Tri County area! It is sitting currently at $419,388 and has JUMPED 18.8% since July of Last year! This
to me is something we should not see next month. This type of increase may look promising to sellers, though the reality is, it is out of wack with normal appreciation and if continues the market will not be able to sustain it. Still
if you bought last July you technically should have some great equity in your home.
Average days on market:
Again, it is still taking less then 2 months to sell your property on average, well for July it was 51 days which is down 1.9% over this time last year
in July. I keep saying it is hyper local, which is still true, so depending on where you live in the Tri County the average days could be different then the market as a whole.
Average months of inventory:
For the entire Charleston area we have currently 2.2 Months of inventory, which again makes me feel like I am repeating the same thing over and over.
This is something again, that we cannot sustain for a long time as eventually we will run out of homes! We are down 47.6% which is almost
HALF the inventory we had this time last July.
New listings on market:
New homes that hit the market in July were 2,562 which was up an amazing 17.6%. The
increase in new listings has been critical to our sales for this summer as we are still out pacing the contracts written compared to new homes coming available. I am personally seeing multiple offers in all price ranges though more recently
in the 600s and up!
Homes under contract:
So far we have had a summer of records, we keep putting more homes under contract then we do for sale. There were 2,613 homes that went pending, which is up 50.3% compared to last June! We have never seen a month in contracts during July like this. If you take in the case that the interest rates are at their lowest points again, I believe it is driving those who can buy to
Closed homes for July were up AGAIN, as they should be with the contracts written the month before with 2,390 closed homes and it was up 31%! This
is telling me that less and less contracts are falling apart due to the amount written and closed from the month before.
SO what does this all mean!
Summer of 2020 shattered previous records set and not by a little. What will happen in the coming months will be interesting to pay attention to. With the uncertainty of schools, second peak, second shut down, election...etc... I think we
will see more seller hesitancy and inventory to continue to shrink.
Typically August is the month we start to see a decrease in inventory due to school year, end of summer vacations etc.. I will continue to keep you informed on what I am seeing and paying attention to the numbers as they tell a story if you
If you have questions on what to do about selling or buying a home, feel free to reach out to me and I am happy to assist in answering your questions!