this week in Charleston real estate

This week in Charleston real estate

this week in Charleston real estateIt’s been rainy here in Charleston and that isn’t at all unusual considering that it’s August and the rains always seem to come just as soon as the kids go back to school. And considering the drought affecting the West, it’s probably not good to complain either so I won’t (but it is rather difficult to mow your lawn with all the moisture preventing a nice cut).

And I’ve always said that the 2 best reasons to NOT live in Charleston are August and September.

But there are many, many very good reasons to live in Charleston and many people are doing exactly that.

As of this morning in the Charleston MLS, there are 5658 active listings of Charleston homes for sale. Homes under contract number just over 3000 with 2399 contingent and 875 pending. That’s all pretty much unchanged from last week.

This week in Charleston real estate:

  • 404 new listings came on the market.
  • 493 homes had a price adjustment.
  • 334 homes went under contract.
  • 318 homes were reported as sold this week in the Charleston MLS.

Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.

Pin It
this week in Charleston real estate

This week in Charleston real estate

this week in Charleston real estateIt’s back to school week in the Charleston area and that means two things, summer is unofficially over and road traffic will be busier. Actually summer still has a ways to go before it’s really over and traffic is generally busy anytime of year but it is what it is when you live in one of the most popular places in the country.

And that is but one of the many reasons that the Charleston real estate market has done so well for quite some time. And as Martha might say, that’s a good thing.

For those of you who are keeping track, the number of Charleston homes for sale numbers 5699 as of this morning in the Charleston MLS. Homes under contract remain steady at just over 3000 with 2392 contingent and 874 pending. August should be another very good month for home sales.

This week in Charleston real estate:

  • 420 new listings came on the market.
  • 511 homes had a price adjustment.
  • 346 homes went under contract.
  • 289 homes were reported as sold this week in the Charleston MLS.

Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.

Pin It
15 july charleston market report

Charleston Real Estate Market Report, July 2015

15 july charleston market reportIt shouldn’t surprise anyone to see that Charleston July home sales top last year by over 20.5 percent and in a nice turnaround from last month, home prices were higher this month too. Year to date, home sales in Charleston are now 18.39 percent higher than at this time last year.

Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.

Highlights:

  • Coming off inexplicably lower average home prices in June, home prices in July rebounded nicely with the median price up over 10 percent and the average price higher by over 7 percent. More than likely, prices in June 2014 must have been quite strong making the year over year comparison hard to top.
  • Home sales continue to be amazing with 20 percent sales gains almost the new normal. If current trends continue, there is no doubt that 2015 will come in as the best year for sales since 2006.
  • Inventory continues to climb steadily but remains significantly below levels from recent years. The usual seasonal decline that we generally see at this time of year has not started yet.
  • The absorption rate has had less than 4 months supply of homes for 5 consecutive months. It clearly indicates a solid sellers market for homes selling for $600,000 and less and just slightly favors buyers looking to purchase luxury Charleston real estate selling for $600,000 and higher.
  • For those of you who asked if we could report on the price per square foot, I wish we could. Unfortunately the data is simply not reliable when 1 home was listed at 2 square feet and sold for over $300,000 making the price per square foot a hefty $150,000 per square foot rather than the likely $150 it probably was and subsequently distorting the average. That 2 square foot home gives new meaning to the concept of a “Tiny House”.

Monthly Home Sales

15 july monthly home sales

Monthly Home Inventory

15 july monthly home inventory

Monthly Absorption Rate

15 july monthly absorption rate

Yearly Comparison

15 july 12 month comparison

Pin It
this week in Charleston real estate

This week in Charleston real estate

this week in Charleston real estateThis past weekend was the SC sales tax holiday which is primarily designed to help parents save money on back to school purchases. It’s a big shopping event and it’s much more than just back to school shopping when you look at some of the items that are available to be purchased with no sales tax (years ago I purchased a tuxedo shirt that qualified).

It’s more than likely that many new (and existing) homeowners (like us) took advantage of the savings to purchase new bedding, linens and other items for their home rather than their child’s dorm room.

Hopefully many people who are planning on buying a Charleston home in the near future didn’t spend their down payment. :)

Inventory continues to increase just slightly and there are 5753 active listings of Charleston homes for sale as of this morning in the Charleston MLS. Homes under contract remain steady at just over 3000 with 2364 contingent and 835 pending.

This week in Charleston real estate:

  • 451 new listings came on the market.
  • 490 homes had a price adjustment.
  • 326 homes went under contract.
  • 318 homes were reported as sold this week in the Charleston MLS.

Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.

Pin It
this week in Charleston real estate

This week in Charleston real estate

this week in Charleston real estateIt’s a shame that there isn’t a summer holiday weekend in August that would fit nicely between the 4th of July and Labor Day. But since my birthday falls on a Wednesday this year which isn’t all that great a day to party, I can celebrate by including either the weekend before or after and make a week long event out of it. What do you do to celebrate your birthday, just your actual birthday, a full birthday week or perhaps even a birthday month.

And now after that little bit of irreverence, let’s get back to what’s happening in the Charleston real estate market.

July home sales once again were terrific. There have been 1600 home sales already reported easily topping the 1404 from last year and regular readers will already know that lots of additional closings will get reported today and throughout this coming week.

For those of you who keep track, there are 5699 active listings of Charleston homes for sale as of this morning in the Charleston MLS. Homes under contract total 3211 with 2381 contingent and 830 pending.

This week in Charleston real estate:

  • 456 new listings came on the market.
  • 517 homes had a price adjustment.
  • 385 homes went under contract.
  • 464 homes were reported as sold this week in the Charleston MLS.

Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.

Pin It
this week in Charleston real estate

This week in Charleston real estate

this week in Charleston real estateThe Charleston real estate market is beginning to show signs of slowing down recently and it could be nothing more than the typical vacation season or it could be that it just got a little ahead of itself with the amazing amount of activity that we’ve seen for quite a while now.

A couple of examples. I still look at what’s happening in my old neighborhood and I’m seeing homes that used to go under contract pretty quickly now beginning to languish unsold on the market. Secondly, take note of the number of active listings growing week after week which means that buyer demand is slipping while new sellers continue list their homes for sale at about the same pace as before. The result is that all the inventory is no longer being completely absorbed.

As of this morning in the Charleston MLS, there are now 5774 Charleston homes for sale. Homes under contract total 3273 with 2929 contingent and 844 pending. The immediate future looks bright with 1141 homes already reported closed for July and a full 5 day business week ahead to top last years total of 1404. August is always a strong month with last minute back to school buying so the question remains how will the end of the year wrap up.

This week in Charleston real estate:

  • 496 new listings came on the market.
  • 537 homes had a price adjustment.
  • 342 homes went under contract.
  • 384 homes were reported as sold this week in the Charleston MLS.

Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.

Pin It
this week in Charleston real estate

This week in Charleston real estate

this week in Charleston real estateA rare Monday at The Open so of course many of us will be glued to the action rather than working this morning but I’ll do a little bit of work before watching by quickly recapping what happened during the past week in Charleston real estate.

We’re watching inventory climb a little bit as sellers have been outnumbering buyers during the June – July vacation season before we get into the back to school season. As of this morning in the Charleston MLS, there are 5715 available homes for sale. The number of homes under contract continues to drift closer to 3000 with 2455 contingent and 834 pending.

This week in Charleston real estate:

  • 496 new listings came on the market.
  • 537 homes had a price adjustment.
  • 342 homes went under contract.
  • 384 homes were reported as sold this week in the Charleston MLS.

Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.

Pin It
15 June Charleston market report

Charleston Real Estate Market Report, June 2015

15 June Charleston market reportThe Charleston real estate market is as hot as the temperatures have been as Charleston June home sales continue to be higher year over year and were 15.5 percent higher this year compared to last year.

Year to date, home sales in Charleston are 17.5 percent higher than at this time last year.

Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.

Highlights:

  • Let’s talk home prices for just a moment. Some of you may be as surprised as I am that the average price was down slightly year over year (but note that the median price was higher). I have no explanation or even a guess since prices are generally a basis of supply and demand and demand is easily outstripping supply. It is possible that prices last June were amazingly strong and therefore very difficult to beat.
  • Now as to homes selling for less than $300,000 showing nice price increases on both a median and average basis but prices have been flat to down for homes selling between $300k and $600k as well as homes selling for $600k and higher, regular reader John G offered a possible explanation that I want to thank him for and share with you. Is the reduction in average prices for homes in the 300-600 and over 600 range a function of homes moving from band to band. IE: 295k homes now selling for $310k. As prices move up and prices cross boundaries, doesn’t that pull down average prices as there are more homes entering the data set at the lower end of a given range. Thanks, John! That seems to be exactly right (and maybe you can come up with an explanation about this month’s average price being down for ALL homes).
  • Inventory is increasing but at a moderate pace and remains sharply lower than last year.
  • The absorption rate is incredibly low and in some of the most popular neighborhoods and areas could probably be measured in HOURS rather than months.

Monthly Home Sales

15 june monthly home sales

Monthly Home Inventory

15 june monthly home inventory

Monthly Absorption Rate

15 june monthly absorption rate

Yearly Comparison

15 june 12 month comparison

Pin It
this week in Charleston real estate

This week in Charleston real estate

this week in Charleston real estateIt’s summertime in The Lowcountry and the temperature is hot and so is the Charleston real estate market.

Despite the heat, there is no let up as sellers continue to list their homes for sale and buyers are snatching them up almost as fast as they come on the market but not quite as rapidly as during the spring selling season.

Active listings have been edging up and as of this morning in the Charleston MLS, there are 5638 Charleston homes for sale. Homes under contract have dipped slightly below 3500 with 2536 contingent and 832 pending. Future activity continues to look positive.

This week in Charleston real estate:

  • 453 new listings came on the market.
  • 469 homes had a price adjustment.
  • 357 homes went under contract.
  • 298 homes were reported as sold this week in the Charleston MLS.

Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.

Pin It
this week in Charleston real estate

This week in Charleston real estate

this week in Charleston real estateI hope everyone enjoyed the 4th of July holiday weekend but the bad news on this Monday morning is that it’s now time to get back to work.

With the first half of the year now in the books, the Charleston real estate market enjoyed a spectacular spring selling season. June topped all expectations with 1669 closings already reported to the Charleston MLS and I wouldn’t be surprised to see a few more late closings from last month get reported today and later this week. That is an almost 15 percent increase in home sales over last year.

The number of Charleston homes available for sale as of this morning in the Charleston MLS stands at 5656. Typical for this time of year, homes under contract have begun to decline from over 3500 that we’ve seen most of this spring and there are currently 2490 contingent and 882 pending.

This week in Charleston real estate:

  • 420 new listings came on the market.
  • 482 homes had a price adjustment.
  • 315 homes went under contract.
  • 467 homes were reported as sold this week in the Charleston MLS.

Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.

Pin It