Charleston Real Estate Facts
Ok here are a few tid bits of information you might find interesting. Did you know that there were a total of 219 properties went under contract last week. That's the 3rd time this year over 200. Only 7th time since 1/1/09 over 200. There were 5 residential listings over $1M list price went under contract last week. There are 983 $1M+ residential listings available,WOW! 184 Single family homes went under contract last wk at median list price of $179k(ouch) at $103/sqft. Med yr built 1998. 148 active listings in small South of Broad area downtown Charleston. That's almost 2 years of inventory! 6 months inventory is healthy.
1371 active listings in Mt. Pleasant. The supply is far too great with 11 months of inventory. Again 6 months would be ideal. Active median list price in Mt. Pleasant $197/sqft. Buyers are purchasing there at list price of $147/sqft. 232 homes went under contract last wk in Charleston. Most since late 2007. Only 6th time in over 2.5 yrs over 200 in 1 week. Detached homes account for 80% of market going under contract this shows condo market is very weak.....
Now, let's talk about supply and demand. Supply and demand controls everything. We have too much supply. Almost 10k residential active listings. What would be a healthy inventory? Well, 6 months of inventory is considered healthy. We sold about 8k residential units in 2009 and about 8800 units in 2008. So, 6 months of inventory would be somewhere between 4000-4400. There are two markets out there right now. One market is extremely well priced and makes up about 15-20% of the inventory. The other 80-85% is overpriced and is doing more harm than good. Sellers need to price them correctly or it's a waste of everyone's time. They have to compete with the bank owned properties, new construction, and short sales, not to mention the ones that have equity and can be aggressive. If they don't sell it quickly, they will have to reduce the price just to keep up with the market. So where does this leave us well in my opinion if you are a buyer take your time there is a lot to choose from. If you are looking to have a larger home maybe you should consider an addition or remodel. So give us a call and lets put together a plan that works. Weather you need a new home or have to sell, looking for a change, we can help!!