August 2019 Charleston Real Estate Market Update
In general, the trends that we have seen so far this year are continuing, which means that there are fewer homes for sale and the prices are inching up. The lack of available homes is particularly evident in the lower price range, where there are most of the buyers who are looking to get into the market. Interest rates are low which is good but the lack of affordable housing is starting to impact the market.
Here is a brief summary of the numbers from the August Charleston Market: and what they mean for anyone thinking of buying or selling.
New Listings - 2,184 (down 0.9%% from 8/18)
Rending Sales - 1,893 (up 25% from 8/18)
Closed Sales - 1,800 (down 4.6% from 8/18)
Days On Market - 54 (up 17.4% from 8/18)
Median Sales Price - $285,000 (up 9.4% from 8/18)
Percent of Asking Price Received -96.2% (- 0.6% from 8/18)
Months Supply of Inventory -3.5 (down 12.5%% from 8/18)
The number of new listings in the Charleston area has remained almost constant in August, and the inventory of available homes has dropped to 3.5 months. This is, of course, not great news for buyers. The number of pending sales is up 25% from last year at this time, which again could be a benefit of the drop in interest rates. Along with this good absorption rate, the slow down in the rate of new listings coming on to the market will keep us in a seller’s market. The median sales price has gone up and the percentage of asking price received has stayed been hovering at around 96%. The month's supply of inventory has been edging downward, which means that it is a good time to sell your home. The home type that is most in-demand in our area is a 4 bedroom home priced between $200,000 and $300,000. For more information on key indicators of a healthy housing market, click here.
Here at Jeff Cook Real Estate, we have many more eager buyers wanting to purchase. If you are thinking of selling your home, now is a great time to give us a call to list your home. Call-855-HEY-JEFF today.
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