What trends can we expect for the Charleston Real Estate Market in 2015?
As we closed out 2014 the Charleston real estate market was at record levels for buying activity. Seasonal sales usually start declining around October and continue to drop off through January and February, however 2014 ended with a flourish. There were 13,561 total sales for the year which represents a 7.4% increase compared to 2013. The median sales price in the Charleston area gained 5.7 % overall. Specific areas around the Holy City did exceedingly well adding 10-12% to the median sales price as you can see below. So what does this mean for the Charleston real estate market in 2015?
To get a better understanding of the Charleston real estate market’s history we use a compounded growth trend line that is based on regression analysis. This data dates back to 1991 and gives us a visual representation of where the market is compared to the calculated average appreciation rate. If we compare where we were in 2006 with 2014, we can see that the Charleston area has just now regained its value that it lost before the housing bubble burst. You may also notice that we are still well below the trend line which is a strong indicator for further appreciation both in the short term and the long term.
This last chart demonstrates how activity in the Charleston real estate market has depleted the inventory while demand continues to rise. This is another strong indicator that the growth we had in 2014 will be sustainable going into 2015. So far, the Charleston real estate market in 2015 looks to be more of where we left off in 2014 which is great news for homeowners looking to sell.
With so many people regaining the value they lost this year, the Charleston real estate market in 2015 will no doubt be an active one. Many homewoners have been patiently waiting for the market to return from its slump so they can sell. This spring could prove to be a pivotal season for sellers, but also a competitive one with so many homes hitting or exceeding pre-recession values. If you are thinking about selling or have questions about how long the process takes, the price you’ll get or where to begin feel free to contact me anytime to talk about real estate: (843) 437-8386 or shoot me an email [email protected].
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