Charleston Real Estate Entering Slower Season, But Still Well Above Average
September and October generally represent the beginning of a decline in activity in the Charleston real estate market. We see it every year. Last week, we saw the first signs of a slowdown after a spectacular year. Number of properties under contract dropped from well over 300 per week to 255 last week (September 4th – September 10th). This was the first sub-300 week we have had since the beginning of the year. Although this is a substantial drop, this is still great activity for this time of year and we may still see some 300+ weeks ahead yet before winter sets in.
Yes, activity is down, but it’s not all bad news. The main areas that saw the sharpest decline were the Hanahan, Goose Creek and Monks Corner areas. Activity was cut nearly in half in these locations in the beginning of September, but Mount Pleasant, James Island and West Ashley all continued where they left off; very busy. These areas have been hot all year and continue to outperform, even going into September.
Overall inventory numbers are healthy for the majority of the Charleston real estate market, although we are starting to see a mixed bag in some areas. 19 of the 32 MLS areas in Charleston are in a sellers market, while 11 of them are in a buyers market. Mount Pleasant, Hanahan, James Island, Johns Island, Daniel Island, West Ashley, and historic downtown Charleston are all in healthy sellers markets with well below 6 months of inventory. Although most of the barrier island homes are in a buyers market with greater inventory, there were 30 island homes under contract last week which is high for this time of year, so we will have to keep an eye on those numbers.
Looking at the big picture, the Charleston real estate market overall has had a great year. We had the highest median sales price ever on record this year which is currently sitting at $232k. This represents a modest, but sustainable 4.4% appreciation compared to 2014.
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