Q1 2019 | Charleston Area Market Update

Tax season is over and the Real Estate Selling season is in full swing for 2019. Our general observations are one of a normalizing market this spring with price per square foot generally flat or only slightly up across the greater Charleston market. A few standout sales downtown have driven up our statistics significantly in these micro-markets, with South Of Broad showing the biggest jump from $604/sf to $769/sf year over year for first quarter sales. This is indicative of several trends including some high priced pied-à-terre’s closing as well as a few very high dollar transactions which influence averages. The important question of flooding continues to linger in buyers minds downtown and we believe has negatively affected values and days on market for some areas. 

Buyers are finding they have more choices and more negotiation room as they makedecisions on properties that are on market longer. With days on market relatively flat year over year, we are seeing less urgency among buyers who feel they have time to wait for a price reduction to come through before making an offer. Neighborhoods which in years past have had very competitive multiple offer situations are finding listings, even some well priced ones are taking longer to sell.  

Most predominantly perhaps market-wide is the trend toward well priced move-in-ready homes selling quickly, as opposed to discounted “fixer-uppers” With construction costs at an all time high, the market is rewarding sellers who have invested in renovations recently and kept their properties in very good condition prior to hitting the market. While downtown has a dearth of new construction, the highest prices per square foot are seen in the fullyrenovated homes located on “high and dry” streets.  

As you consider a potential sale of your home it is important to engage with the right realtor who can give professional and honest market preparation tips to make your home asattractive as possible. Painting, staging, repairs and landscaping are all critical to get right so that you hit the market with the best possible results. As a buyer it is important toconsider many factors but most importantly is choosing a full time professional agent who can guide you through asking the questions you don’t know you need to ask.  

Please reach out to me if I can be of assistance to you in anyway as we continue to progress through 2019.