2015 was an impressive year for the Charleston real estate market. Activity records were broken and the median home sales price in Charleston rose to its highest level ever. However, what’s more stunning is that so far, 2016 has been even busier than this same time a year ago.
Buying activity got off to a fast start and has been very strong these first couple weeks of 2016. Last year, there were a total of 1,322 properties under contract through week 5. This year we are already at 1,390. If this trend continues we could see records shattered again this spring.
What’s encouraging is that we are seeing robust activity across the board in all Charleston MLS areas. Mt. Pleasant, North Charleston, Hanahan/Summerville, and West Ashley are all off to a great start. The Charleston peninsula, which slowed down after last spring, has rallied showing an uptick in activity over the past couple weeks as well.
Island homes are selling well. There were 77 under contract just in the last 2 weeks, 6 of those being listed over $1 million. New construction continues to be a big hit among buyers and represents a significant portion of what’s under contract. Inventory numbers are climbing which is good. The Charleston real estate market is need of new listings.
Don’t Wait Until Spring
If you are thinking about selling your home, listing sooner than later maybe advantageous. Buyers have learned to shop around before the seasonal spring activity heats up to avoid bidding wars with other buyers. Those who list their home earlier can tap into the off-season buyer’s market who typically want to close quickly and with cash.
If you are thinking about selling your Charleston home or just have questions about the buying or selling process, contact me directly to discuss your options or visit our sister site CharlestonListing.com for free home valuation based on current market conditions in Charleston not a broad national average like Zillow or Trulia.
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