SALES PRICE
The Median sales Price at the end of June in the Charleston MLS was $425,000 and the average sales price $646,792
The Median sale price in the Charleston market continues to stay in a tight band between $400k and $425k where it has been for most of the last 24+ months. In June, the Median Sale Price matched it’s all time high of approximately $425,000 – has remained at that level for three consecutive months.
The seasonal surge in median is trending about 3% above last year’s seasonal surge, suggesting that the current pricing in our market has a solid base for additional price gains.
WRIITEN SALES
Written sales market-wide finished +3% in June of ’24 versus June of ’23, the first year-over-year increase in 2024. This is an indicator of future sales.
Last week saw 281 properties go under contract market-wide.
The orange line represents ratified contracts by week last year…the green line is this year…and the blue line is the 15 year average for each week.
Follow the green line below.
| Using a median gives you the middle point of the data that is less likely to be skewed, Most experts believe it is best for tracking data Longterm. |
PRICE PER SQFT
While the median sales price is remaining in a tight band, The Average Sold Dollar per sqft remains at an all-time high, well above one year ago, indicating that consumers are getting a smaller house for the money and that homes are continuing to appreciate despite a stable median Sale Price
INVENTORY
2,113 New listings came on the market in June 2024 which is a 6.1 % increase over June of 2023 and year to date, there is a16.6% increase of new listings over 2023.
Active Inventory stands at approximately 3,800 listings in mid July.
While this level of inventory is a significant increase over the 1,035 listing “floor” that we set in February of 2022, we still need roughly 4,300 additional listings market wide to achieve a balanced market (5 months of inventory)
The gap between the number of listings available for sale and the number of listings needed to maintain a balanced market is substantial. see chart below.
NEW CONSTRUCTION SALES
New construction represents 42% of all pending contracts in the MLS and new construction comprises about 38% of the closings.
DISTRESSED PROPERTIES
Foreclosures and Short Sales continue to hold at a combined 0.9% of all available listings currently. They are still at extremely low levels.
OVER-MILLION MARKET
We are at roughly double the monthly pre-pandemic sales levels of $1MM+ properties. This market segment remains surprisingly robust.
These statistics reflect the entire Charleston Metro area, but real estate is hyper-local and can vary by area and neighborhood. If you would like information about your neighborhood and home, please don’t hesitate to contact me!
843-343-8239
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Real Estate Matters in Charleston SC - Gena Glaze 