Moluf said “You can’t sell out of an empty cart” – Charleston Inventory is scarce Y’all – 20 Second Huddle – RESIDENTIALLY SPEAKING – Fast Break Residential Real Estate Stats by Seay Development.
The year to date stats chart broken down by MLS area and the months of inventory chart(areastrength.pdf) chart are attached.
YTD we have sold almost 11.500 units.
That’s about 800 more than last year at this time.
That’s a 7.6% increase in the number of transactions.
YTD our median sales price is at $220k.
That’s over $13k more than this time last year.
That’s a 6.5% increase in the median sales price.
What’s most striking though is how some specific MLS areas are up much more than those overall numbers.
They are noted in green on the chart.
There are also a small number of areas that have underperformed.
They are noted in red on the chart.
Some of the areas that are seeing a drop in sales activity are areas that have a lack of inventory.
One of the numbers that jumps out on the YTD chart, is the comparison of Oct 2013 versus Oct 2014.
We had a 17% increase in closed sales for October!
Based on the large number of properties that have been going under contract recently, I suspect this will continue through the fall.
The months of inventory chart looks very good for the overall region.
We are now currently at about 4.5 MOI or Months of Inventory.
That’s a pretty good sellers market.
16 specific MLS areas have less than 4.5 MOI.
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PDF of this activity here:
Strength of Residential Charleston Real Estate Market as of 11-11-14