Charleston in the past 100 Days - August 2016
The secret about Charleston is out - we live in paradise! A city overflowing with unique culture; food inspired by chefs from around the globe; beaches that both excite and bring a sense of peace at the same time, simply a place filled with beauty only mother nature can surpass. Communities specifically designed to highlight life outdoors with an increasing job market, and booming tourist industry - we can truly say there is no place like home!
If you paid attention to any tourist magazine over the past 5 years you obviously know our little town has been honored with titles like:
• The friendliest city (Charleston)
• The #1 tourist Destination (Charleston)
• The All American City (Mount Pleasant)
• #1 Tennis town (Daniel Island & Mount Pleasant)
With various events like the Food and Wine festival; Piccolo Spoleto; Charleston Fashion week; etc you are bound to find something that speaks directly to your heart. For us in the real estate industry, we love making communities worth living in; to encourage growth while respecting environment; and ensuring any new development continues to preserve our history, culture, and classic visuals.
With Charleston’s Housing Market experiencing one of its best summers in recent years, it’s time we look forward to where the market is headed. With the help of a stronger economy & low-interest rates, the low country is surely in a Seller’s Market. A seller’s market adds the healthy inventory necessary to keep an ever developing housing market running. With over 7,883 on market houses sold in the past 100 days, most of them over $300,000 - we are crushing national records!
Even in the specialty market of million dollar homes, we have seen sales of over 223 homes in the past 100 days. The recent upswing in the market is beginning to remind us of the 2006 boom, minus the dangerous practice of subprime loans. Now that buyers are able to obtain mortgages with great rates and investors groups are able to fill the void - The market it strong.
With prices increasing and days on market decreasing, homeowners are finding now is the best time to sell. Within the past 100 days, we are averaging 58 days on market with a Tri-county single family average of $250,000. When comparing this year’s numbers to last year’s numbers we see an 8% increase in median price and a 7% increase in sales volume.
Another unknown real estate market, not represented in the numbers above, is what’s called “off market properties”, properties that were sold before they even hit the market. With Charleston rated as the number 2 market to invest (Forbes), we are seeing a record number of investors knocking at our doors asking for properties every day. The secret is out, Charleston is the #1 City in the world!
For more information about the housing market contact us here at Charleston Global Property Shop