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.

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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.

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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

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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.

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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.

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this week in Charleston real estate

This week in Charleston real estate

this week in Charleston real estateWelcome to the annual vacation edition of This Week in Charleston real estate.  We’ll make it quick and to the point so that I can get out early to the beach and stick my toes in the sand, after all, life is good … at the beach.

Inventory is trending up. As of this morning in the Charleston MLS, there are now 5693 Charleston homes for sale which is the high for the year. The number of homes under contract slipped slightly below 3500 for the first time in a while with 2631 contingent and 822 pending.

But don’t worry about June sales because they will be stellar. With two full business days to go in the month, there have been 1347 closings reported compared to last year’s total of 1456. I’m going to have to adjust the range of the monthly sales chart to accommodate monthly sales topping 1500.

This week in Charleston real estate:

  • 476 new listings came on the market.
  • 481 homes had a price adjustment.
  • 358 homes went under contract.
  • 396 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.

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this week in Charleston real estate

This week in Charleston real estate

this week in Charleston real estateThe next generation has arrived. In golf, the 4 major titles are now held by Jordan and Rory, both in their twenties. Now for a brief word on the US Open and Chambers Bay, what was the USGA thinking? Bad for putting and worse for spectators both on the course and watching Fox.

But since this is a real estate blog, let’s get back to the subject at hand. The millennials are finally even buying real estate although not quite in the same percentages as either their parents or grandparents but they’re still young. It’s a positive trend.

The number of Charleston homes for sale is finally increasing and stands at 5630 active listings as of this morning in the Charleston MLS. We’re certainly a long way from the 6000 plus we saw pretty consistently last year and it’s still more of a sellers market than a buyers market but it will be interesting to see how things shake out during summer vacations and the back to school season. Sales should still be strong over the next few months and June is poised to be huge with 955 sales already reported and the biggest part of the month still to come. Homes under contract which predict future activity continue to be over 3500 but just slightly with 2658 contingent and 846 pending.

This week in Charleston real estate:

  • 507 new listings came on the market.
  • 489 homes had a price adjustment.
  • 350 homes went under contract.
  • 343 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.

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this week in Charleston real estate

This week in Charleston real estate

this week in Charleston real estateWith so much activity in the Charleston real estate market, many new homeowners are hearing the phrase, “Welcome to the neighborhood” as they get acquainted with their new neighbors.

On a personal note, my wife and I are very pleased with our new home on a nice street with lots of friendly neighbors. Here’s hoping that if and when you move you’ll find a similarly enjoyable experience (other than the packing, moving and unpacking part).

For those of you keeping track, there are 5554 active listings of Charleston homes for sale as of this morning in the Charleston MLS. June should be an enormous month for closings as it always is. There have already been over 600 home sales so far this month and as is usual, many more closings get scheduled toward the end of the month. Plus builders like to close homes under construction during the last month of each quarter.

Homes under contract remain steady at over 3500 with 2691 contingent and 837 pending.

This week in Charleston real estate:

  • 506 new listings came on the market.
  • 437 homes had a price adjustment.
  • 372 homes went under contract.
  • 337 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.

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15 May Charleston market report

Charleston Real Estate Market Report, May 2015

15 May Charleston market reportCharleston May home sales topped last year by almost 12 percent and are almost 18 percent higher year to date compared to last year.

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

Highlights:

  • Year to date, Charleston home sales are almost 18 percent higher compared to last year.
  • The absorption rate is under 4 months of inventory and is nearly 3 percent for homes selling for less than $300,000 which favors sellers strongly over buyers.
  • Charleston home prices are up nicely year over year especially for those homes selling for less than $300,000. Prices are slightly down year over year for mid priced homes selling between $300,000 and $600,000 along with luxury Charleston real estate selling for$600,000 and higher.
  • Prices are not increasing too fast or too high to keep buyers from being able to purchase homes. The price increases while welcome continue to be sustainable.
  • Take note of the number of sales of luxury Charleston real estate this month. The 154 sales in May were the highest number of sales in that market segment for many years.

Monthly Home Sales

15 may monthly home sales

Monthly Home Inventory

15 may monthly home inventory

Monthly Absorption Rate

15 may monthly absorption rate

Yearly Comparison

15 may 12 month comparison

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this week in Charleston real estate

This week in Charleston real estate

this week in Charleston real estateNo, the market is not slowing down at all. There are so many reasons that the Charleston real estate market is performing as well as it is; Charleston is not only a desirable place to live with a good economy and corresponding job growth but interest rates continue to be attractive despite the slight increase we’ve seen over the past few months. (The 30 year fixed is right at 4 percent).

As of this morning in the Charleston MLS, there are 5509 active listings of Charleston homes for sale. One thing we’ve noticed this year is that despite lots of new listings each week, buyer demand has kept that number fairly steady during the spring selling season. Future activity continues to look bright with over 3500 homes under contract including 2696 contingent and 816 pending. June should be a huge month for closings as always.

This week in Charleston real estate:

  • 462 new listings came on the market.
  • 470 homes had a price adjustment.
  • 344 homes went under contract.
  • 399 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.

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