Today we will discuss the current market conditions in Charleston. Given all the great things going on in Charleston, it's easy to understand that the real estate market continues to thrive. It's quite possible that we will sell over 15,000 homes this year, making it the third busiest year in our history.
Prices have recovered nicely from the recession and we seem to be back to that nice and steady 5% appreciation rate per year. Because it's been a while since we've seen these price levels, it seems like prices are rising even faster than they are. However, it's a pace that's quite sustainable.
Credit is much tighter than it was back in 2005 or 2007. You can get a loan now, but you have to jump through several hoops to make it happen.
Areas around the downtown peninsula have recovered the best. These include Mount Pleasant, the most popular area, James and John's Island, and West Ash. North Charleston and Daniel Island are doing well also. Summerville and Goose Creek are really coming along in price point; they are the furthest from the beaches and downtown, so these two areas better reflect the prices see in most areas of the U.S. You can buy a great new home with hardwood floors and granite countertops in Summerville or Goose Creek for less than $100 per square foot.
We are up almost 16% in the number of transactions for the same period of time in 2014. Year-over-year, we are also setting records for the number of contingents. Median sales price is around $232K, which is only up a modest 4.4% when compared to 2014. It's worth mentioning that these price increases are modest and sustainable.
For the entire area of Charleston, there is less than 4 months of inventory. However, 19 of our 32 MLS areas are in a seller's market, which leaves 11 of those areas in a buyer's market.
If you have any questions about today's video or the market in a specific area, give us a call or send us an email. We would be happy to help you!
If you have any questions about today's video or the market in a specific area, give us a call or send us an email. We would be happy to help you!
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