In addition to New Years’ Resolutions the start of the year is rife with the predictions of REALTORS and consumers alike regarding Pricing Trends ~ Market Activity ~ Bubble Bursting Theories etc. … Should I sell; should I buy, discussions are taking place in nearly every Coffee Shop in the Lowcountry.
Well the early numbers for 2017 are in and our Charleston Area Market continues to experience robust home sales! Let’s take a look at some key indicators (stats provided by CTAR – Charleston Trident Association of REALTORS) for the first two months of 2017 namely Median Prices and Total Homes Sold vs the same period in 2016.
YTD - A total number of 2297 homes (including condos/townhomes) have sold in the Tri-County Region vs 2072 during the same period in 2016. This represents an increase of 10.9%.
YTD – The median home price for the area has reached $240,000 representing an increase of 5.3% over the 2016 median price for the same period of $228,000.
Housing prices have continued to climb affected in large part by; 1) continued Low inventory levels (in some area less than 2 months of inventory exist) 2) continued strong buyer activity driven by the economic growth and desirability of Charleston Area living.
The city was just named the #1 City in the World and the #1 City in the USA by readers of Travel and Leisure! The VOLVO manufacturing facility is now accepting applications and is anticipated to employ 2,000 people in their first decade. The remodeling of the airport is finished and by all accounts it is fantastic! They have a Caviar and Bananas, Golden Bear Grill, Charleston Beer Works to name just a few. Top Chef finally had its season in Charleston and it was a huge success. The culinary life is thriving here.
So Sellers – Is it a good time to SELL? I would say absolutely, however if you are planning to sell and then buy in the Charleston Area be aware … Competition can be fierce and therefore you need to understand the market on both sides of the fence. Multiple Bid Situations for properties – particularly in the Mt. Pleasant area are becoming the norm.
The competition aside, I am pleased to report that most homeowners who purchased at the peak of the market in 2006 have regained the home value lost since the downturn. Home valuation in many areas is now exceeding the peak values attained 10+ years ago. In fact the Median Sales price in Year 2007 was $210,000 vs our current $240,000 price! Follow this link to find out how much your Charleston AREA home is worth. You may be pleasantly surprised and please don’t rely on a computer generated Guesstimate !!