This is a quick snapshot of how the Charleston real estate market did last week based an analysis of residential properties going under contract in the Charleston MLS .
Entire Charleston Area
336 residential properties went under contract last week including 273 single family homes with a median list price of $235k. Of those properties, 7 were listed for over $1 million. Island homes continue to sell well with 33 total under contract ranging in price from $170k to $2.9 million. There were 56 condo/town homes under contract, 33 of those were listed between $100k-200k. There are still a few shortsales and foreclosures, but those seem to be isolated predominantly to the north areas and continue to remain at very low levels (only 7% of what’s under contract).
James Island saw a slight slow down in transactions last week with 15 properties under contract. Contingent properties ranged in price from $182k to $600k with a median price sitting at $259k. The median price per square foot dropped slightly from $178/sqft a week earlier, to $175/sqft last week.
Transactions in West Ashley were slowing down in the beginning of the month, but have since recovered as of last week. 32 single family homes were under contract with a list price ranging from $135k to $499k with a median list price of $237k.
The north area continues to be consistent in terms of transactions over the past 3 weeks. There were 18 single family homes listed last week between $48k and $400k bringing the median list price to $153k. Park Circle continues to drive sales in that area and has been a hot spot for sometime now.
East of the Cooper has been on fire all year in terms of prices, transactions and time on the market. Last week was no different. There were 40 single family homes under contract ranging in price from $183k to $970k. The median list price checks in at $488k and brings square footage to $200/sqft.
The Charleston peninsula has seen a slowdown in transactions and home prices over the past month in a half. There were just 4 properties under contract ranging from $173k to $1.2 million. 3 of the 4 homes were located south of the crosstown. There seems to be a shift away from the historic downtown peninsula towards more affordable island homes adjacent to the city such as James Island and homes East of the Cooper.
Summerville and Ladson
The Summerville area had another very strong week with 68 homes under contract. Properties had a median list price of $195k with 6 properties listed over $300k. Price per squarefoot checked in at $99/sqft.
Hanahan, Goose Creek, and Monks Corner
There were 71 total combined homes under contract for this area last week which is up moderately from the week before, but nothing out of the ordinary. The median list price came out to $189k and median square footage was $105/sqft. 20% of what’s under contract in this area is new construction.
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