We’ve got the latest numbers for the Charleston real estate market and we wanted to share them with you today. So far in 2016, 19,000 homes have been listed on the market and 14,000 of those have sold. A large percentage have sold, but there will always be homes that don’t sell for a variety of reasons. Whether it’s because they are priced too high, they’re unable to accommodate showings, or they simply go too long without an offer, not every home will sell.
This year, the median price in Charleston is $239,000, a 5.7% jump from last year’s median price. Our average sale price is also up by around 4.5% to $320,000.
Last year, we had about a five-month supply of inventory at this time. Right now, our supply is at 3.6 months. What we mean by this is that if no more new homes came on the market after now, it would take 3.6 months to sell all the homes on the market at the current rate homes are selling. Anything below five to six months is considered a seller’s market, so that’s what we are in right now in Charleston.
I do want to caution you that in this fourth quarter, we have seen a growing trend of buyers becoming a little reluctant to pay full price. However, a lot of people are taking their homes off the market right now before the holidays, so you have a window of opportunity to sell high now.
If your home is eligible to be shown during the holidays, I recommend you get it on the market right now. You can get ahead of the January rush that will come and get your home under contract while there is less competition and more serious buyers.
We are in a tremendous market for home sellers. If you have any questions for us or you’re thinking or buying or selling, give us a call or send us an email. We would be happy to come out to your home and give you a complimentary home valuation to show you what you could really sell for this holiday season. We look forward to hearing from you soon.