–Drew Grossklaus, Sales Director/BIC East Cooper
Last month I wrote about numbers fatigue, discussing all of the different data that is being thrown at us these days. In that article, I stressed the importance of knowing and understanding real estate numbers. In looking at the recent third quarter home sales in Charleston, many statistics stood out when I looked at the trends so far this year.
It goes without saying that this has been one of the most unusual years in history. It would seem this would lead to remarkable trends in the real estate market, but the trends that have emerged are not what experts initially anticipated. The Charleston Trident Area overall has seen sales increase year over year by 10%. That number will grow by years end, as right now the pending sales are up by nearly 21%. In addition, the average sales price during this year is up by nearly 10%. In a year where a downward trend would be most likely, Charleston real estate saw quite the opposite.
The most dramatic statistics in the Charleston area is the lack of inventory. The inventory of homes for sale in the Charleston Trident Area is down 46% from last year. Home inventory in the $100K to $200K range is down an amazing 65%. The lower inventory and continued demand are truly staggering and have led to the month’s supply of inventory being down by 56%.
Statistics show that the market is clearly favorable to sellers. Even though it is advantageous, this does not mean that a property should be overpriced when it is initially put on the market. However, it does give credence to more aggressive sales prices and the possibility of quicker sales. If someone is looking to buy it may mean having to pay more or face multiple offers for the same property.
While diving into these numbers may lead to generalizations, it is important to remember that every home has different factors that will change the buying or selling situation. William Means Real Estate agents study local and national trends to help their clients make wise decisions while also analyzing a client’s specific situation. During these times, it is paramount to work with a knowledgeable agent, and a trusted firm, to guide you through your next real estate transaction.