Category Archives: Market Reports

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.

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.

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.

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

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.

this week in Charleston real estate

This week in Charleston real estate

this week in Charleston real estateThis week’s edition of This week in Charleston real estate is one day late for a pretty good reason. My wife and I sold our home and closed on our new home this past Friday so it’s been pretty hectic personally and professionally. At any rate, the weekly statistics still end as of Sunday to remain consistent with every edition.

Speaking of closed sales, not only did our transactions count as 2 of the sales but lots of other buyers and sellers were busy too. For the month of May, there have now been 1418 home sales compared to 1318 home sales last May. All in all, another very good month.

For those of you who like the little snapshot of the market every week, there are 5492 active listings of Charleston homes for sale as of THIS morning in the Charleston MLS. Future activity continues to look strong with well over 3500 homes under contract including 2752 contingent and 795 pending.

This week in Charleston real estate:

  • 416 new listings came on the market.
  • 482 homes had a price adjustment.
  • 357 homes went under contract.
  • 398 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.

this week in Charleston real estate

This week in Charleston real estate

this week in Charleston real estateHappy Memorial Day and thank you to those who served and gave the ultimate sacrifice.

Once again it was a big week in the Charleston real estate market and we’re heading into the final four business days of the month with a lot of momentum to have another blockbuster month. As of this morning, 961 closings have been reported to the Charleston MLS and we’re only 357 short of matching last year’s total of 1318. When you look at 350 Charleston home sales last week, it’s a no-brainer to not expect sales to total in the high 400’s or low 500’s for the last week of May.

For those of you who like the current numbers as of this morning in the Charleston MLS, there are 5546 active homes for sale in Charleston and 2830 contingent and 820 pending.

This week in Charleston real estate:

  • 503 new listings came on the market.
  • 425 homes had a price adjustment.
  • 391 homes went under contract.
  • 350 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.

this week in Charleston real estate

This week in Charleston real estate

this week in Charleston real estateThe Charleston housing market has been just about as consistent as Rory McIlroy hitting 300 + yard drives down the center of the fairway. Every week the statistics seem to be exactly what the previous week’s statistics were. And as Martha would say, that’s a good thing.

The number of homes that are available for sale in Charleston edged up slightly and as of this morning there are 5485 Charleston homes for sale. Inventory remains tight in the most popular areas and neighborhoods of Charleston. But buyers are finding homes to make an offer on and as of this morning, homes under contract remain well over 3500 with 2838 contingent and 802 pending.

This week in Charleston real estate:

  • 536 new listings came on the market.
  • 447 homes had a price adjustment.
  • 386 homes went under contract.
  • 311 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.

15 April Charleston market report

Charleston Real Estate Market Report, April 2015

15 April Charleston market reportThe Charleston housing market continues to be red hot in April with home sales significantly higher than 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, home sales are up 19.28 percent over last year.
  • While sales are up sharply, the operative word for this market is sustainability because prices are not getting out of control and are only modestly higher.
  • Inventory remains tight especially in the most popular areas and neighborhoods of Charleston.
  • The absorption rate continues to indicate that it is a sellers market rather than a buyers market.

Monthly Home Sales

15 april monthly home sales

Monthly Home Inventory

15 april monthly home inventory

Monthly Absorption Rate

15 april monthly absorption rate

Yearly Comparison

15 april 12 month comparison

this week in Charleston real estate

This week in Charleston real estate

this week in Charleston real estateI’ll show my age a little bit by saying that the Charleston real estate market has been kind of like a broken record. Back in the day when music was listened to on a record player rather than digitally, if your vinyl album was scratched, the same thing kept playing over and over again and that’s exactly what we’re seeing in the Charleston housing market, lots of new listings, homes going under contract and home sales every week.

With over 500 new listings coming on the market consistently, the number of homes for sale in Charleston finally edged up a little to 5425 as of this morning in the Charleston MLS. Homes under contract remain over 3500 with 2820 contingent and 771 pending.

This week in Charleston real estate:

  • 529 new listings came on the market.
  • 459 homes had a price adjustment.
  • 372 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.