Greetings,
Here we are with only 2 months left in 2017. Can you believe it? As I am writing this, it is unseasonably warm in Charleston today with a high expected to be 84 degrees. The fall weather is missing, but maybe it will catch up to us in the coming weeks. At least by Turkey Day!!!
The real estate market had previously been on fire but has slowed down quite a bit. I have seen a lot of price reductions and houses are starting to stay on the MLS longer. What do you think is going to happen in the future? Have we hit the top? Nobody really knows what tomorrow, or next year, will hold but here's the latest local tri-county statistics:
Market Reports
Residential Real Estate Sales and Prices Level Out in Charleston Region
"CHARLESTON, SC—(October 11, 2017) According to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR) 1,422 homes sold in September in the region at a median price of $256,335, reflective of a 13% decline in sales and 6% growth in median sales price as compared to last September, when 1,627 homes sold at a median price of $242,878.
The year-to-date pace of growth in sales and median price tightened slightly again but still show healthy levels of increases over last year. 14,142 homes have sold in the region at a median price of $250,000 thus far in 2017. Sales volume has increased about 3% compared to 2016, with homes selling for about 4% more than they did at this point last year.
“While the beginning of Fall typically marks a slower pace of market activity, we may also be seeing the initial shift of the market. However, it’s important to focus on the larger data provided in the year-to-date figures. 3% growth in sales volume and 4% growth in median price is actually right where we’d like to see gains—those are very sustainable levels of growth” said 2017 CTAR President Dave Sansom. “Over the past two years, we’ve seen monumental growth in our market as both our population and job markets have increased rapidly. We knew that wouldn’t continue forever, and that at some point the market would begin to level out” said Sansom.
5,267 homes were listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of the month, down 17% from 2016 levels.
August Adjustment
Preliminary data showed 1,694 homes sold in August in the region at a median price of $244,867. Adjusted numbers now show 1,706 sales at a median price $245,000.
Berkeley County
382 properties sold at a median price of $221,795 in Berkeley County in September. Year-to-date, single-family home sales have increased about 5% in the County, with buyers paying about 5% more than they did a year ago. Condo and townhome sales have increased 26% with a 12% increase in price.
There are currently 1,100 residential properties for sale in Berkeley County—939 single-family homes and 161 condos/townhomes.
Find Berkeley County area reports here.
Charleston County
697 properties sold at a median price of $328,450 in Charleston County in September. Year-to-date, single-family home sales volume has grown about 0.5% in the County, with buyers paying about 7% more than they did a year ago. Condo and townhome sales have increased 8% with a 5% increase in price.
There are currently 2,824 residential properties for sale in Charleston County—2,186 single-family homes and 638 condos/townhomes.
Find Charleston County area reports here.
Dorchester County
286 properties sold at a median price of $225,000 in Dorchester County in September. Year-to-date, single-family home sales have increased just under 1% in the County, with buyers paying about 7% more than they did a year ago. Condo and townhome sales have increased 5% with a 3% increase in price.
There are currently 752 residential properties for sale in Dorchester County—700 single-family homes and 52 condos/townhomes.
Find Dorchester County area reports here."
As Always, thank you for your business and your referrals. I work hard to make sure I exceed every clients expectation. I sell real estate as it is a passion and I am very fortunate to have a job that I love and get to meet new people on a daily basis. Please let me know if I can be of assistance to you or anybody you know.
Have a great November!
Kelly
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