An update to the Charleston, SC Real Estate Market

Posted by Mike Ciucci on Friday, April 30th, 2010 at 9:34am.

Here are some random thoughts on the market.  Instead of just keeping them to myself, I wanted to share.  Sorry for the short, rambling thoughts...

Good news:
First quarter 2010 statistics:
MLS sold units are up 10.3%
1591 homes

New listings are up 5.3%
Active inventory (homes on the market) 3/31 is down 6.4% (great!)
9,036 – lowest in 4 years
Supply and demand ratio improving
Still needs to be half – 15 months supply
Won’t happen for awhile – REOs and Short Sales

Prices
National media positive for Charleston
Lifestyle, new jobs
First quarter compared to 2009
Average sales price - $275,000 – up 9.1%
Median sales price - $189,000 – up 4.7%

On surface, positive news but let’s understand the numbers
Not address to address appreciation … impacted by
some exceptional values in the high end
Some investors returning to the market

75% (3 of every homes sold) under $300,000
Average price per square foot of the homes that have sold
2009 - $135/sq. ft.
First quarter 2010 - $128/sq. ft.
Average and median prices have increased but watch price per square foot

Days on market – 119
For homes over $1 m – 200

Homes that sell are within 94% of their list price at the time of contract
For homes over $1 m – within 88%

Make it a great week/weekend!

  Mike Ciucci Realtor

Mike Ciucci specializes in the Charleston SC real estate market.  He has been a Charleston realtor for over 15 years, focusing on quality and attention to detail his clients have come to expect.

Mike Ciucci
Carolina One Real Estate

Phone: 843.608.8378
Email: mike@buyingcharlestonrealestate.com

www.BuyingCharlestonRealEstate.com

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