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...
First quarter 2010 statistics:
MLS sold units are up 10.3%
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
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 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.