IS IT STILL A BUYER'S MARKET?
Published February 8, 2013
The Charleston/Mount Pleasant and surrounding area currently has less than 5,700 homes listed 'for sale' on the MLS, which compares to over 10,000 homes listed for sale in 2008. This number reflects a three month supply of inventory of listings south of IOP Connector in Mount Pleasant, and a 4.5 month supply north of IOP Connector. According to the economists, we have entered a 'neutral market' as we begin the 2013 selling season.
Generally speaking, median home prices rose 5% year over year from 2011. The 2012 market brought us 43 weeks with over 200 home sales per week. It is projected that this market may soon surpass 300 sales per week for 2013.
Nearly 2/3 of the properties under contract are short sales, foreclosures or new construction. This leaves 33% of the market for resales.
Despite the 30% loss of value since 2006, the Charleston real estate market has gained an average of 34% in price appreciation from 2000-2010.