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February Charleston Real Estate Market Update
February 12, 2021 at 3:15pm | Jonathan Crompton
6 more weeks of winter though that is ok because Love is in the air!
Hopefully with all that being said we will soon see a Spring bounce in inventory! There is so much pent up buyer demand that we are starting to see more multiple offers, now they are not new to our market though seeing 14 or so offers on a property is
starting to become the norm....also people buying WAY over asking price is as well...
I am working with several sellers who would have their home on the open market though due to the lack of inventory are unsure where they are going to go, so I do think and know, there are sellers that are willing to sell.
SO the Saga continues...
To the Update!
Average Sales Price:
January reported the HIGHEST average sales price the area has ever seen. The average price in January was $458K which was up an astonishing 25.3% over the same time period of last year.
It has been climbing up since the Summer of 2020, we will most likely see this trend as we have low inventory and with homes selling over asking price its just going to push it up. Not to mention the new construction is pushing the pricing
with many neighborhoods due to demand as well as supplies.
Average days on market:
As days go by they continue to decline....again...and again... Our Average Days on Market for a home are at 41 days, which is down 28.1% from this time frame last year. This has held the same since November, which maybe it means it bottomed out...though if we do not see more listings come on it may go down. If you are selling your home it should take up to 2 months to sell, depending on
area, condition and most importantly Price. Average months of inventory: Buyer demand is fueling this as well as less people apt to put their home on the market. As I
mentioned we are seeing multiple offers with homes that are on the market for 24 hours or less.. We are currently sitting on 1.1 Months of Inventory, which is down 67.6% from last year.
The key is to unlock the sellers who are interested in moving, though not committed to putting their home on the market for lack of destination...also most sellers are not taking contingencies and to buy a home with out the contingency
of your home selling or closing is keeping these sellers out the game due to risk of earnest money etc..
New listings on market:
This is huge, though may not seem with the inventory levels so low. We had a big leap in New Listings hitting the market at this time of year. In Janurary we saw 1,867 new listings hit the market, which was down 11.3%, which is not the direction we are hoping for. Again ton of people I speak with are thinking or willing to sell though without other inventory for them to choose from are in a holding pattern.
Homes under contract:
Traditionally January and February are slow with contracts due to people recovering from Holidays and people with kids are less apt to move in the middle of a school year if possible. With the way homes are going people are
making moves based on supply and interest rates and so this year is starting out alsmost 33% better than 2020 started January saw 2,096 Homes go pending which was up another 32.6%.
January had a great moth in closings, which means December was a great month for contracts. The fact that December is really about 2 full weeks as most people when the holidays hit take off and step back, does not
seem to have been the case this last December. In January we saw 1,425 Homes go to the Closing table which was up 22.3% since last year.
SO what does this all mean!
Well it means as long as we see compressed inventory, we will continue to see pricing rise. The demand from in town buyers is high, though the out of town buyers, a good portion of them cash, are able to buy from a
far because even with pricing climbing in the Tri County area, it is still cheaper for people coming from other parts of the country.
Also with rates staying low, it is keeping the buyer demand high due to the fact that buying a home has not been more affordable, even with the prices climbing.
If you are in Charleston and want to make this place your home, now is a great time as aside from an economic crash, I do not see much change coming to our Real Estate market. I could be wrong, though thats why
we look back each month and see where we were and where we are going!
Got questions just reach out I am happy to answer them even if you have someone you may end up working with!