Charleston Real Estate Activity August 14th-20th
Last week the Charleston real estate market saw some fluctuations in buying activity, but overall the numbers are still well above average with 302 homes under contract. Our area is beginning to see a seasonal slowdown take place which we have been expecting. Foreclosures no longer make up a significant portion of our market, however demand for new construction seems to be creeping upward every week and now makes up 36% of what’s under contract.
Where are people buying homes in Charleston? And what kind?
Mount Pleasant, Summerville and West Ashley all had relatively good weeks and have been hot all year. Hanahan, Goose Creek and Monks Corner have been consistent, but underwhelming and last week was no different. The Charleston peninsula had an especially slow week with only 2 homes under contract which has been a trend since this spring. It seems people have been shopping around areas adjacent to the peninsula, like East of the Cooper or James and Johns Island to find more square footage for the money.
Through last week, 80% of what’s under contract in the Charleston real estate market are single family homes with a median list price of $249k which comes out to $131 sqft. Out of those on the market, 7 homes are listed above $1 million. 10.5% of what is under contract are island homes with over half of those being listed on either Johns or James Island. Condo and townhome sales have remained somewhat consistent over the past few weeks and they make up over 17% of what’s under contract.
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