Friends and clients,
Summer is here and the weather in Charleston is beautiful, 91 degrees and sunny, perfect beach weather! Since you previously indicated an interest in real estate in the Charleston area, I wanted to take a moment to bring you up-to-speed on how residential real estate in Charleston is doing in 2016.
Year-to-date sales have remained quite strong versus the same period in 2015, up 9% as buyer demand continues to be robust, and the average sales value also continues to increase, up 4.3% year-over-year. While Sellers are controlling the market, Buyers continue to fight headwinds as inventory levels continue to decline rather significantly versus last year: Months Supply of Inventory, a key metric that measures the number of homes available for sale against actual sales is down 32.5% year-over-year, from 5.2 months to 3.5 months.
The combination of these factors means buyers have to be prepared to move quickly when they are searching for a home, and they also have to be prepared to see competition from other buyers in the form of multiple offers being submitted on properties. As inventory remains tight and demand is high, prices will continue to rise.
In my personal opinion, these dynamics are not likely to change any time soon, as buyer interest in the Charleston area will continue to be strong for the foreseeable future, and it would appear that owners of property are comfortable remaining where they are, which means inventory levels will not see any significant relief. New development activity will continue to increase on the the outskirts of the Charleston area, but for those seeking to be close to the Peninsula or beaches, your options for new housing product will remain slim.
Here is an excerpt from the Charleston Trident Realtors Association:
"CHARLESTON, SC— (July 11, 2016) 1,919 homes sold during June in the region at a median price of $250,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In June 2015, 1,705 homes sold at a median price of $240,000. This data reflects a 12.5% increase in sales volume and 4.2% growth in median price, comparing last June to this June.
Year-to-date figures show 8,648 homes sold in 2016 at a median price of $239,000 in the region. Comparing 2015 figures to 2016 thus far, year-to-date sales volume has increased 8.9% and median price has grown by 8.3%.
Inventory has declined by 12.5% over the last 12-month period, with 5,433 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of July 11.
What this means for you: Prices will continue to climb, which means the purchasing power that you have will continue to decline.
As a buyer, you will have the maximum purchasing leverage for yourself at the present time when you consider the combination of current interest rates, and the expected trend for continued increases in home prices. If nothing else you should be getting pre-approved by a mortgage lender and actively identifying properties of interest. If you need local lender referrals, please let me know as I have some great lenders identified that have done excellent work on behalf of previous clients.
If you need to update your search parameters, or just get an update on your search results, you can search all the properties in the Charleston area by clicking right here: CHARLESTON HOMES
As for Sellers, Charleston remains a strong sellers market, and assuming the economy remains stable, I don't see this dynamic changing in the near-future.
Your home will sell for its maximum price in 2016. Not many homes are for sale in Charleston – inventory is very tight.
As you know, home prices in many Charleston area neighborhoods have gone up considerably in 2016, and there’s a strong chance your home is one of them.
I recommend you check the current market value of your home.
I pay to get access to all the local MLS data and you can get it for free on my website.
CLICK HERE >>> Get an INSTANT PRICE UPDATE on your home
(You get access to real local MLS data for determining current value - it’s free for you)
Enter your property address and you’ll get a recommended selling price range for your home based on the recent sales of your neighbors.
You may be very surprised at your price – it’s likely to have gone up!
Now this website tool is just an estimate. However, if you’re serious about selling your home, I can give you a very accurate asking price.
Call me at 843.779.6054 or reply to this email with details of your home.
Tell me about your kitchen, bathrooms, home improvements, and all the things you love.
I know what a buyer will pay for it today.
And of course if you’re not interested in selling your home, rest easy knowing we are in a healthy real estate market with appreciating prices.
If I can ever be of service to you buying or selling a home, I’m here.
Have a wonderful week.
Your local Charleston area Realtor,
Vito Boscaino
Mobile: 843.779.6054 / 614.571.9054
Email: vitoboscaino@gmail.com
http://www.HomesAndCondosCharleston.com