Charleston, SC Real Estate Market Update March 14, 2010

Aug 14th 2010

Posted By: Brian Beatty @ 9:15am In: Market Update

The official February tally is in, and it showed that we (the market) sold 521 homes in the Charleston MLS. That's 20% more than this time last year and about the same percentage increase over January. The sales number is growing, showing more than 575 homes sold in the past 30 days as of 3/14/2010. We now have 2003 pending sales in the MLS, a number near the 3 year high of 2200 set last Summer.

What does this mean for you? Homes are selling; it's all about price. Traffic is substantially higher. While your property hasn't sold yet, we are seeing a large number of cash buyers, investors and first time home buyers making up the bulk of our market. The median sales price is up due to more medium to high end purchases - this does NOT mean that prices are rising.

However, for the first time in three years, the light seems to be getting brighter (at the end of the tunnel) instead of the flicker off/on we've seen for three years. We still have a long way to go with record foreclosures, the pulling out of the mortgage market by the fed, the end of the tax credit, and the general caution in the market. Offsetting that some? At least for Charleston, there seems to be the making of an economic surge which will take another 12-24 months to gain full steam.

In the meantime, we continue to add new marketing mechanisms to our online strategy and support associates on our team to make certain that every lead, call, prospect or inquiry on your home is handled in minutes to hours, not days to weeks, like many of our competitors.

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