With temperatures in the upper 90s, Charlestonians are feeling the summer heat this week, and the Charleston Real Estate Market is just as hot!! 1,457 homes sold in May in the tri-county area according to data released today by the Charleston Trident Association of Realtors® (CTAR). Year-to-date, sales volume has increased 19%, with 6,209 homes sold, compared to last year’s 5,201. Statistics for the whole tri-county area are strong, with Year-to-date median price is growing at a very sustainable 2%, at $220,000 compared to last year’s $215,000.“Home prices in our region are growing at a steady, consistent pace, which is an excellent indicator of the health of our market, long-term” said 2015 CTAR President, Matt DeAntonio. “With a constant influx of new residents moving to the Charleston area every day, the next few months should be incredibly busy for us” said DeAntonio.
Inventory remains a major concern for many micro-markets in the area, with the number of listing YTD in the historic peninsula down nearly 20%. While closed sales are up 9%, YTD days on the market are down 21% showing high demand and strong absorption rate. Months of Inventory, which measures the amount of time all listings would take to get sold, is a good indicator of how our market is doing. General wisdom says that 0-4 months of inventory is a sellers market, 5-7 months is a balanced market, and 8-12 months is a buyers market. Current numbers show most of Charleston is in a strong sellers market, with 15 areas under the 4 months of inventory mark. West Ashley and James Island are both at 2.5 Months of Inventory. Downtown Charleston above the crosstown which includes Hampton Park Terrace, Wagener Terrace, and other areas is clocking it at an astounding 2 months of inventory. Overall the tri-county area is at 4.1 months of inventory.
Summer typically should bring a slight decrease in activity based on historical averages, but we will keep watching the market and update you on more statistics as they become available. Stay tuned in July for our full quarterly market update which will show averages and more details on each neighborhood!!
Success stories from Micro Markets Around the Area:
Bayview Acres, Mount Pleasant – 1136 Harborgate, $545,000 , sold in under 1 week
Byrnes Down, West Ashley – 4 Campbell, $285,000 – sold in 2 days
Ansonborough, Downtown Charleston – 41 Society, $1,240,000 – sold in 2 days