–Drew Grossklaus, Sales Director/BIC East Cooper
Each year, it seems that time goes by faster and faster and that was especially the case for 2019. This year was unusual when it came to luxury real estate trends in Charleston. Below is a breakdown of 2019 trends for our firm at William Means Real Estate.
- January & February: Large number of sales at the beginning of the year.
- March, April & May: Less activity and less sales than in previous years.
- July & August: Less activity as is to be expected in the Charleston heat.
- September, October & November: Increased sales during the Fall months.
At the beginning of the year, I had predicted that home list prices would need to be reduced about ten percent as the market would see an adjustment. This trend was true for 2019, as prices decreased and Buyers had more leverage than Sellers. We also found that this trend resulted in a greater number of our clients determining not to list their properties because of lowering valuations. The demand was still there, but Buyers were holding out for better deals and waiting to see if other inventory entered the market. Due to the market favoring Buyers, there was lower inventory than usual throughout the year.
Even with the adjusting market, William Means achieved more than $200 million in sales resulting in our second highest sales year ever. Our success in 2019 is a testament to having the top agents, employees, and international affiliation in Charleston. In changing and competitive markets like the greater Charleston area, working with a professional real estate agent at a top real estate company is essential to having a smooth home buying or selling experience. At William Means we are continuously studying market trends, planning for the future and determining how to best meet the needs of our clients.
As the year comes to a close, we give thanks to our clients who have helped us achieve so much. We will continue to offer the highest level of real estate services in Charleston and go above and beyond our clients’ expectations. We are thankful for an amazing 2019 and look forward to continued success in 2020.