The Charleston Housing Market - A Look at the Numbers

The Charleston Real Estate market is doing better than most people realize. We all hear about the number of sales taking place and assume the market is in full recovery. It is true...the market is recovering yet it is amazing to see the actual numbers in this recent turnaround.

It is always good to look at the market numbers to determine the trends of the market. It is common for people to make bold statements about a certain area, yet never give numbers to back up their statements.

We are one of the leading Charleston Century 21 offices and we feel the consumer needs to understand the market so they can make informed buying or selling decisions.

Charleston Real Estate Numbers:

• Supply for homes is down 16.5%
• Supply for condos is down 22.4%
• Supply for homes between $100,000 - $150,000 is down 30.9%
• Supply for condos between $250,000 and $350,000 9s down 28.2%
• Supply for 3 bedroom homes is down 17%
• Supply for 3 bedroom condos is down 26%

The numbers speak for themselves. For those that follow the , you have to know that prices are likely to rise and there is a possibility that they could rise much more than we expected. I am not saying that we are going to see another real estate BOOM in Charleston like we have in the past, but these numbers are something to pay attention to. We all understand the Law of Supply and Demand, and if we apply that simple concept here, then we should be confident that the worst is behind us.

Some additional Charleston numbers that we need to know:

• The time  it takes to sell a home in Charleston has declined by 19.9%
• The time it takes to sell a condo in Charleston is down 25.2%

At Century 21 Expert Advisors, we monitor the real estate market in all three counties of Charleston, SC,  and report them to the public. The information comes direct from the Charleston MLS which is the source for all official statistics.

For those thinking of selling a property, it is getting back to a "seller's market". Of course, the prices are not like they were 7 years ago when everything was on fire, yet at least we are able to get a more fair asking price for our homes and condos today.

The next thing that we need to keep our eyes on is the new construction market. Building permit applications in Charleston have increased, which tells us the developers are about to build a lot of homes to provide more supply. When supply goes down, builders ramp up so they can cash in on the recovery.

We have been asked by many property owners if there are qualified buyers willing to purchase. We think the answer is obvious now just by looking at the above numbers.

Based on our latest findings, we feel homes for sale in Charleston will continue on the current trend, ending the year with record lows in supply. The same applies to the condo market.

I hope you find this information helpful. Remember, Century Expert Advisors is the authority in the Charleston Real Estate market. We hope we can earn your business soon. Contact us at www.C21CharlestonRealEstate.com or by phone at (843) 871-1710.