Jul 14, 2021

An Inside Look At The Charleston Real Estate Market

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Drew Grossklaus, Sales Director/BIC East Cooper

It is amazing to look back and think about what the first half of last year was like compared to this year. In the first half of 2020, we were in the throes of a global pandemic that would signify one of the most unique times in modern human history. No one truly had an answer of what lay ahead of us. Although the global pandemic of COVID-19 continues, modern science has brought vaccinations and a better understanding of the coronavirus.

William Means Real Estate had dramatic changes at the midway point of both 2020 and 2021. In the first half of last year, sales for William Means reached $108 million dollars with an average home sales price of $853,000. Because of the pandemic, we did not know what the housing market would look like moving forward. However, to our surprise, demand and sales increased dramatically in the second half of the year.

Many of our clients who had held off on listing their homes due to the pandemic were now ready to put their homes on the market. The pent-up demand that would normally be seen was enhanced by the pandemic, leading to clients wanting to leave higher populated cities, companies and workers being given the ability to work from anywhere and the continued popularity of Charleston being a highly desirable place to live.

The strong demand of our clients to live in Charleston continued the staggering upward trend in the first half of 2021. Record sales numbers were achieved with more than $250 million in sales for the first half of the year, resulting in an increase of more than 131%. The average home sales price for William Means was $1.114 million, an increase of more than 30%. While growth was seen in many local real estate brokerages, William Means had the highest growth of any firm in Charleston with sales totaling at least $150 million. We also achieved the status of the top firm for luxury home purchases in Charleston, ranking as the number one boutique firm in sales of homes at $3 million, $4 million and $5 million.

The success of William Means in the first half of 2021 can be attributed to the core mission and values of our company. Our agents are dedicated to always putting our client’s needs before the sale of a home. The frenzied demand meant that sellers really needed to trust that the company and agent they chose to work with understood the ever-evolving market. William Means agents worked diligently to understand and stay on top of the market and home values for their seller clients.

Our agents also transferred their knowledge of dealing with multiple offers, home repair issues and financing concerns. Our clients understood that often the most work an agent does is not to ratify the contract, but to get the contract to the closing table. William Means buyer clients were made aware of circumstances that needed to be addressed in contracts to order to achieve securing a home in a high demand, low inventory market. While the client always makes the ultimate decision, being informed of different scenarios and circumstances all lead them to make the best decision for their home purchase.

All of us at William Means owe a tremendous “thank you” to our loyal clients and those that entrust us with one of the largest purchases and sales of their lifetime. The drastic changes in the first half of 2020 to 2021 have been unprecedented, but our continued success shows us that our core mission and values serve us well through all times.

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