"Hey Mike, how's the market been lately?" I get this question asked almost every day I encounter someone I know out in public. I can equivocally say without a doubt, that "It depends". It depends on which micro-market you're referring to in Charleston, and whether you are a seller, or a buyer.
Hello all, I'd like to post a quick update on our real estate market here in beautiful Charleston, South Carolina. We are seeing some changes, and there are talks of the market cooling off, and I wanted to respond to that.
The real estate market has been on fire for a number of years in Charleston. Year-over-year of increased home values and closings. A low inventory of homes on the market, which equates to less choices for buyers, which increases demand, and in turn- home prices rise. It's been great for sellers, and troublesome for buyers. Is it healthy for this type of market to continue indefinitely? Of course not. And with any healthy real estate market- there should be some sort of cooling off period. So are we experiencing a cooling off period, now?
I'll let you decide after looking at the statistics, below. I don't see this as too much of a pullback, really. While some areas show things are cooling, other areas are thriving. Is it even really enough to be called a "cooling off"? I'm not so sure. It looks area specific to me. In the Tri-County area, closed homes are down 2.2% vs. last year at this time. Not a whole lot. However, I will say that this number is not increasing as much as it has been. Home values have continued to increase year-over-year. The same is true for this year, just not at the same increased rate.
The market is still going strong despite closed sales being down a tick from last year - closed sales increases will eventually follow a written sales spike that we're seeing recently. I realize this doesn't apply evenly to all price ranges and parts of town, but take a look at the stats below and make an informed decision whether buying or selling!
Posted by Mike Ciucci on