RAGIN’ Charleston Real Estate Update – RESIDENTIALLY SPEAKING by Seay Development, David Seay
The real estate market in Charleston rages on but is by no means out of control. Through July, we are up 6.2% in terms of number of transactions over this same 2013 period and will sell close to 14k homes this year.
Our median sales price is at an all time high of $222k and is up 8% over this same period from 2013. Buying activity is still very strong. Last week, we had over 300 properties go under contract. We haven’t had that happen this late in the year since 2005.
Mt Pleasant, James Island, and West Ashley are still the most popular suburbs because of their proximity to the beach and downtown. Buyers can easily end up in bidding wars in Mt Pleasant because of the high demand and lower inventory.
Summerville and Goose Creek are a little slower to recover because of their location, but there are signs that things are improving there as well. Short sales and foreclosures are becoming harder to find. They still exist, but there aren’t many banks willing to comply with a short sale in this market and the foreclosures seem a little picked over.