Terry & Tim's Insight on the Real Estate Market
January 2021 Update
Happy 2021! Quick recap of last year… With almost 9% in annual appreciation and 17% more transactions than the previous year, 2020 was the best year on record since 1998.
As a buyer, even though it’s a seller’s market, the market is not overpriced and we’re right in line with where we’re supposed to be. The biggest constraint that we’ll see in 2021 is inventory. When a well-priced property comes on the market, it sells quickly, which can be frustrating to buyers. This is why it’s important to be prepared, and that’s something that we can help you with.
If you’re interested in buying or selling a home, just give us a call! We would love to talk to you.
Are You Ready?
Are you thinking about buying or selling? Not sure if now is the time? That’s why we do our monthly market updates! We use our 20+ years of local real estate experience combined with our market analysis tools to uncover trends in the real estate market. Our honest approach will tell it like it is so you have the knowledge to guide you in your buying and selling decisions.
December 2020 Update
We are getting so close to wrapping up 2020 and it has been been a record-setting year for the Charleston real estate market. There were 15% more sales this year than last year and values have increased an average of 8.4% throughout the area. The number of available properties for sale continues to decline to record lows so it remains to be a very competitive market.
It has been a GREAT year for the real estate market. If you’re interested in knowing what your home value is, just give us a call! We would love to talk to you.
November 2020 Update
While the temperatures may be down a little, the real estate market continues to rise! The number of closings in October were up over 50% compared to October last year.
As inventory continues to dwindle we are now at less than 2,800 properties available in the area, whereas a few months ago we were well over 3000. We also continue to see high demand, which is helping to drive sales prices up. Many submarkets are now seeing double digit increases for the year, including Daniel Island which is at 10.6%! Don’t wait until the new year to put your home on the market, if the timing works for you… Now is the time!
October 13, 2020 Update
September was another incredible month in the Charleston real estate market!
We were up 47% in the total number of transactions compared to September 2019 and the average sales price was up by almost 10%. The best advice that we can give for buyers to compete in this market is to BE PREPARED! Properties are going so fast and getting pre-qualified before making an offer is an easy step that can help give a seller that extra confidence to pick your offer over another.
September 16, 2020 Update
We have started to see a seasonal slow down, but YTD, the total number of transactions are up 5.8% and the median sales price is up 6.2%. One number that is not up is the number of properties for sale. We still have less than 3,500 properties for sale in all of Charleston. This is a great thing if you’re a seller! Demand is high and supply is low.
August 25, 2020 Update
Since April, we have seen record setting levels of activity in the local real estate market. With extremely low inventory, homes are going under contract quickly and values continue to rise!
Although we’re seeing great numbers right now, there are a few things in the coming weeks and months that could impact the real estate market: the starting of the school year, hurricane season and the election.
August 12, 2020 Update
There are 3 numbers that you should always be aware of when looking to buy or sell.
1. Number of recent sales
2. How many competing properties that are available
3. Sales prices in your neighborhood
Tim explains all of these in more detail in our video shown above. If you want to learn more about these numbers in your neighborhood, give us a call!