What’s Up Charleston Real Estate?
If you are looking to buy, sell or invest in the Charleston real estate market, here are the latest 2013 Year End Market Statistics that you need to take a look at. Some highlights from Carolina One for the year:
- Closed Homes are up 22% over last year and up 39% over 2011. Closed Volume is up 31.5% over 2012 and up 57.1% over 2011! Along with the Median and Average Sales Prices being up 8%-9% over last year. If you’d like information for a particular market, let me know. I have the breakdowns available for review.
- Our Charleston market areas are up across the board (with a few exceptions) for number of homes sold, Median Sales Price and Avg Price/SqFt.
- We (Carolina One) are #1 on Residential Closed Sides with 7,124 (28.5%) on the “Scoreboard”. We are #1 with Current Active Listings.
- According to our market’s Absorption Rate, we are showing a strong sales over the past 3 months. For many areas, it is reflecting a Sellers Market of less than a 5 month supply of homes on the market.
- Our Housing Appreciation charts show the past 10 years of Listings Taken and a direct comparison to the Homes Sold each year, along with the Avg and Median Sales Prices for each year. We are reporting that the market is shifting, from Sellers Market to Buyers Market. (I told you it was time to buy!)
- Finally, from a Supply and Demand perspective, we see that in the Tri-County areas below $500,000, there is more demand than supply, with generally a 3-4 month absorption rate. I can break this down by MLS areas – for example, Mt. Pleasant (41-42) has more demand for homes below $700,000 than there are active listings for, with a 2-3 month absorption rate for those. (Have a property to sell in that area and in that price range? Contact me now!)
Lastly, my friends at Lucey Mortgage in Mount Pleasant have a quick tip for prospective buyers. According to them, it’s important to know your credit score as you’re probably looking at a minimum score of 640 to obtain a mortgage right now.
“Before homebuyers sign a purchase contract or apply for financing, they should take the time to have their credit profile checked out. Often, there are steps they can take to help correct and improve their credit score.” – Lucey Mortgage
Do you want more information? I have the breakdowns! Contact me and let’s buy and sell together.