The Charleston real estate market continues its historical run as activity remains at all time highs. Last week we saw our second busiest week on record with 421 properties under contract. 2 weeks before that we saw the busiest week ever in Charleston history with 439 properties under contract. Many buyers have depleted the short sale inventory which has dropped 5.6% just since February. With only 2.1% remaining in active inventory, the short sale market in Charleston has essentially come to an end.
Prices in Summerville and Goose Creek remain appealing for buyers while Mount Pleasant, James Island and North Charleston all saw strong sales over the last 3 months. During that same period homes under contract had a median build year of 2005 while those that remain in active inventory (not under contract) have a median build year of 2000. This shows us that buyers have been enamored with new construction and prefer to buy newer when possible.
Looking ahead to the future, we can use the last few months of MLS data to give us an estimate about future prices. The chart below is an attempt to look at where prices are going in the immediate future. It compares the last 2 months of sales to what is currently under contract(AC/P). What is currently under contract seems to represent roughly the next 2 months of sales. It assumes that those properties under contract will sell for 95% of their current LIST price.
Overall the future price predictions for the Charleston real estate market look very promising. The only areas that are projected to drop are areas 51 and 52. These areas tend to be skewed simply due to the smaller sample size and wider range of prices within the MLS area. Taking everything into account the Charleston real estate market is looking stronger than ever. Activity has been persistent and at an all time high while inventory remains healthy which has kept prices from getting out of control.
If you are thinking about selling your Charleston home or are just curious what your home is worth check out our sister site: www.CharlestonListing.
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