– Drew Grossklaus, Sales Director/BIC East Cooper
As restrictions for businesses begin to lift in South Carolina many are wondering about the effect on real estate in Charleston, including monthly trends and what will come during the rest of 2020. The most recent numbers show that April sales were down 10% versus last year. While no decline is good, given what transpired during March with the pandemic, that percentage doesn’t look so alarming. As expected, statistics also show that the number of new listings dropped 26% from the previous year. This is likely due to homeowner concerns and wanting to delay listing their home for sale because of the virus. Inventory numbers are down 24% and they have been down from the start of the year.
Given this data, what is expected for the coming months? Restrictions limited demand and the ability for out-of-town buyers to travel into the state, and even some of our local buyers decided to wait to see what was going to happen. I predict pent-up demand coming to the housing market over the next few months. I think more local buyers will now be ready to view homes. Out-of-town buyers will now have the drive and ability to travel to Charleston and see homes in person.
We have seen tremendous growth in our website viewers from populous areas of the Northeast, Atlanta, and Charlotte. We have many clients who are now looking to leave those populous areas and relocate to Charleston or have a second residence in the area. We also have clients who are preparing to list their homes as sanctions are lifted. Sellers are now ready with proper safety protocols in place to have agents and buyers come in and look at their homes.
My belief is that the desire to live in Charleston will continue to be strong as we move forward after this pandemic. More than ever before, both buyers and sellers need to work with a knowledgeable agent and company to best advise them in these unique times. With inventory down, buyers should be prepared to move quickly and be ready with thoughtful and well-structured offers. Sellers should utilize a real estate company that is thoughtfully marketing their property and advising to achieve the seller’s goals in this evolving market. As real estate in Charleston steps back into the spotlight, William Means is the company to help our clients achieve these goals.